Old Republic Premium Rate Calculator

by

Old Republic Title Premium Rate Calculator

New Purchase (Standard) Refinance (Reissue Rate)
Standard Owner's Policy Extended/Homeowner's Policy (+10%)

Estimated Premium Breakdown

Base Premium:

Policy Surcharge/Discount:

Total Estimated Premium:

*Disclaimer: These rates are estimates based on standard tiered title insurance schedules. Old Republic rates vary by state and specific underwriting requirements. Contact a local agent for a formal quote.*

function calculateOldRepublicRate() { var value = parseFloat(document.getElementById('propertyValue').value); var transaction = document.getElementById('transactionType').value; var policy = document.getElementById('policyType').value; var resultDiv = document.getElementById('resultsArea'); if (isNaN(value) || value <= 0) { alert("Please enter a valid property value."); return; } // Typical tiered title rate structure (Standard National Average Approximation) var premium = 0; if (value <= 50000) { premium = value * 0.0055; // $5.50 per $1000 } else if (value <= 100000) { premium = 275 + ((value – 50000) * 0.0045); } else if (value <= 500000) { premium = 500 + ((value – 100000) * 0.0035); } else if (value <= 1000000) { premium = 1900 + ((value – 500000) * 0.0025); } else { premium = 3150 + ((value – 1000000) * 0.0020); } // Set minimum premium if (premium = 0 ? "+$" : "-$") + Math.abs(adjustment).toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2}); document.getElementById('totalPremium').innerText = "$" + total.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2}); resultDiv.style.display = "block"; }

Understanding Old Republic Title Premium Rates

When purchasing a home or refinancing a mortgage, title insurance is a critical component of the closing process. Old Republic National Title Insurance Company is one of the "Big Four" title underwriters in the United States. The Old Republic premium rate is the one-time fee paid at closing to protect the owner or lender against historical claims on the property's title.

How is the Premium Calculated?

Unlike monthly insurance premiums (like health or auto), title insurance is a one-time payment. The rate is calculated based on the total liability amount, which is usually the sales price for an Owner's Policy or the loan amount for a Lender's Policy.

  • Tiered Pricing: Rates typically decrease per $1,000 of coverage as the property value increases. For example, the cost for every $1,000 of coverage is higher for the first $50,000 than it is for the amount exceeding $1,000,000.
  • State Regulations: Old Republic must file its rates with state insurance departments. In some states (like Texas or Florida), rates are promulgated by the state, meaning every company charges the same. In others, rates are competitive.
  • Policy Type: A "Standard" policy covers common risks like forgery or undisclosed heirs. An "Extended" or "Homeowner's" policy provides additional protections against boundary disputes and building permit violations, usually costing about 10% more.

Owner's vs. Lender's Policy

It is important to distinguish between the two types of coverage Old Republic provides:

  1. Owner's Policy: Protects the buyer's equity in the property. It lasts as long as you or your heirs own the property.
  2. Lender's Policy: Required by the bank to protect their lien position. This policy decreases as the loan balance is paid down and expires when the loan is paid off.

Example Calculation

If you are purchasing a home for $400,000 using a standard Old Republic rate schedule:

  • The first $100,000 might cost a base fee of $500.
  • The remaining $300,000 might be calculated at $3.50 per $1,000 ($1,050).
  • Total Estimated Premium: $1,550.

If you were refinancing that same property, you might qualify for a "Reissue Rate," which could discount the premium by 30% or more if you provide a copy of your previous title policy.

Factors That Influence the Final Cost

Beyond the base premium calculated above, your final "Title Charges" on the Closing Disclosure (CD) may include:

  • Search and Examination Fees: The cost of looking up historical records.
  • Endorsements: Specific add-ons for things like condos, ARMs, or environmental protection.
  • Escrow/Closing Fees: The service fee for the agent to conduct the signing and distribute funds.

Leave a Comment