Understanding Title Insurance Rates for Your Real Estate Transaction
When you buy or refinance a property, securing a title insurance policy is a crucial step. It protects both the lender and the buyer from financial loss due to defects in the title of a property. These defects could include liens, encumbrances, or ownership disputes that were not discovered during the title search.
How Title Insurance Premiums Are Determined
The cost of title insurance, often referred to as the premium, is a one-time fee paid at closing. Unlike other insurance policies, it's not an ongoing expense. The rates are generally set by state regulations and are primarily based on the sales price or loan amount of the property, whichever is higher. Additionally, the type of property and the nature of the transaction (purchase vs. refinance) can influence the final premium.
Key Factors in Our Calculator:
- Sales Price: The agreed-upon price for the property. This is a primary factor in determining the base rate.
- Loan Amount: The amount of money being borrowed to finance the property. For refinances, this is the main basis for the premium. For purchases, the policy insuring the lender's interest is typically based on the loan amount, while the owner's policy is based on the sales price.
- Property Type: Whether the property is owner-occupied residential, non-owner occupied residential (like a rental), or commercial, as each carries different risk profiles and associated rates.
- Transaction Type: Whether you are purchasing a new property or refinancing an existing mortgage. Refinances often have different rate structures than purchases.
Using the Old Republic Title Insurance Rate Calculator
Our calculator is designed to give you an estimate of the title insurance rates you might expect from Old Republic Title. Simply input the relevant details of your transaction – the sales price, loan amount, property type, and transaction type – and click "Calculate Rate." The tool will then provide an estimated premium based on typical rate structures. Please note that this is an estimate, and the final quote may vary based on specific circumstances and local endorsements.
For an exact quote and to understand all the coverages and costs associated with your specific real estate transaction, it is always best to consult directly with Old Republic Title or your real estate professional.
function calculateTitleInsurance() {
var salesPrice = parseFloat(document.getElementById("salesPrice").value);
var loanAmount = parseFloat(document.getElementById("loanAmount").value);
var propertyType = parseInt(document.getElementById("propertyType").value);
var transactionType = parseInt(document.getElementById("transactionType").value);
var resultDiv = document.getElementById("result");
resultDiv.innerHTML = ""; // Clear previous results
if (isNaN(salesPrice) || isNaN(loanAmount) || salesPrice <= 0 || loanAmount <= 0) {
resultDiv.innerHTML = "Please enter valid positive numbers for Sales Price and Loan Amount.";
return;
}
var baseAmount = Math.max(salesPrice, loanAmount);
var rate = 0;
var estimatedPremium = 0;
var titleInsuranceText = "";
// Basic rate structure approximations (these are simplified and may not reflect exact published rates)
// Real-world rates involve complex tables, tiered pricing, and state-specific rules.
// This is a simplified model for demonstration.
var baseRatePerThousand = 0;
var firstBracketLimit = 0;
var secondBracketLimit = 0;
var thirdBracketLimit = 0;
var fourthBracketLimit = 0;
var firstBracketRate = 0;
var secondBracketRate = 0;
var thirdBracketRate = 0;
var fourthBracketRate = 0;
var fifthBracketRate = 0;
// Simplified tiers and rates based on common practices.
// These are illustrative and NOT actual Old Republic rates.
if (propertyType === 1) { // Owner Occupied Residential
if (transactionType === 1) { // Purchase
// Example structure:
// $0 – $50,000: $5.00 per $1,000 (min $200)
// $50,001 – $100,000: $4.00 per $1,000
// $100,001 – $250,000: $3.00 per $1,000
// $250,001 – $1,000,000: $2.50 per $1,000
// Over $1,000,000: $2.00 per $1,000
if (baseAmount <= 50000) {
estimatedPremium = Math.max(200, (baseAmount / 1000) * 5.00);
} else if (baseAmount <= 100000) {
estimatedPremium = (50000 / 1000) * 5.00 + ((baseAmount – 50000) / 1000) * 4.00;
} else if (baseAmount <= 250000) {
estimatedPremium = (50000 / 1000) * 5.00 + (50000 / 1000) * 4.00 + ((baseAmount – 100000) / 1000) * 3.00;
} else if (baseAmount <= 1000000) {
estimatedPremium = (50000 / 1000) * 5.00 + (50000 / 1000) * 4.00 + (150000 / 1000) * 3.00 + ((baseAmount – 250000) / 1000) * 2.50;
} else {
estimatedPremium = (50000 / 1000) * 5.00 + (50000 / 1000) * 4.00 + (150000 / 1000) * 3.00 + (750000 / 1000) * 2.50 + ((baseAmount – 1000000) / 1000) * 2.00;
}
titleInsuranceText = "Owner Occupied Residential – Purchase";
} else { // Refinance
// Refinance rates are often lower than purchase rates for the same loan amount.
// Example structure:
// $0 – $50,000: $4.00 per $1,000 (min $150)
// $50,001 – $100,000: $3.00 per $1,000
// $100,001 – $250,000: $2.50 per $1,000
// Over $250,000: $2.00 per $1,000
if (baseAmount <= 50000) {
estimatedPremium = Math.max(150, (baseAmount / 1000) * 4.00);
} else if (baseAmount <= 100000) {
estimatedPremium = (50000 / 1000) * 4.00 + ((baseAmount – 50000) / 1000) * 3.00;
} else if (baseAmount <= 250000) {
estimatedPremium = (50000 / 1000) * 4.00 + (50000 / 1000) * 3.00 + ((baseAmount – 100000) / 1000) * 2.50;
} else {
estimatedPremium = (50000 / 1000) * 4.00 + (50000 / 1000) * 3.00 + (150000 / 1000) * 2.50 + ((baseAmount – 250000) / 1000) * 2.00;
}
titleInsuranceText = "Owner Occupied Residential – Refinance";
}
} else if (propertyType === 2) { // Non-Owner Occupied Residential
// Generally higher rates than owner-occupied.
// Example structure:
// $0 – $50,000: $5.50 per $1,000 (min $250)
// $50,001 – $100,000: $4.50 per $1,000
// $100,001 – $250,000: $3.50 per $1,000
// $250,001 – $1,000,000: $3.00 per $1,000
// Over $1,000,000: $2.50 per $1,000
if (transactionType === 1) { // Purchase
if (baseAmount <= 50000) {
estimatedPremium = Math.max(250, (baseAmount / 1000) * 5.50);
} else if (baseAmount <= 100000) {
estimatedPremium = (50000 / 1000) * 5.50 + ((baseAmount – 50000) / 1000) * 4.50;
} else if (baseAmount <= 250000) {
estimatedPremium = (50000 / 1000) * 5.50 + (50000 / 1000) * 4.50 + ((baseAmount – 100000) / 1000) * 3.50;
} else if (baseAmount <= 1000000) {
estimatedPremium = (50000 / 1000) * 5.50 + (50000 / 1000) * 4.50 + (150000 / 1000) * 3.50 + ((baseAmount – 250000) / 1000) * 3.00;
} else {
estimatedPremium = (50000 / 1000) * 5.50 + (50000 / 1000) * 4.50 + (150000 / 1000) * 3.50 + (750000 / 1000) * 3.00 + ((baseAmount – 1000000) / 1000) * 2.50;
}
titleInsuranceText = "Non-Owner Occupied Residential – Purchase";
} else { // Refinance
// Refinance for non-owner occupied can be similar or slightly higher than purchase.
if (baseAmount <= 50000) {
estimatedPremium = Math.max(200, (baseAmount / 1000) * 4.50);
} else if (baseAmount <= 100000) {
estimatedPremium = (50000 / 1000) * 4.50 + ((baseAmount – 50000) / 1000) * 3.50;
} else if (baseAmount <= 250000) {
estimatedPremium = (50000 / 1000) * 4.50 + (50000 / 1000) * 3.50 + ((baseAmount – 100000) / 1000) * 3.00;
} else {
estimatedPremium = (50000 / 1000) * 4.50 + (50000 / 1000) * 3.50 + (150000 / 1000) * 3.00 + ((baseAmount – 250000) / 1000) * 2.50;
}
titleInsuranceText = "Non-Owner Occupied Residential – Refinance";
}
} else { // Commercial
// Commercial rates are highly variable and often need custom quotes.
// This is a very rough estimation.
// Example structure:
// $0 – $100,000: $7.00 per $1,000 (min $300)
// $100,001 – $500,000: $6.00 per $1,000
// $500,001 – $1,000,000: $5.00 per $1,000
// Over $1,000,000: $4.00 per $1,000
if (baseAmount <= 100000) {
estimatedPremium = Math.max(300, (baseAmount / 1000) * 7.00);
} else if (baseAmount <= 500000) {
estimatedPremium = (100000 / 1000) * 7.00 + ((baseAmount – 100000) / 1000) * 6.00;
} else if (baseAmount <= 1000000) {
estimatedPremium = (100000 / 1000) * 7.00 + (400000 / 1000) * 6.00 + ((baseAmount – 500000) / 1000) * 5.00;
} else {
estimatedPremium = (100000 / 1000) * 7.00 + (400000 / 1000) * 6.00 + (500000 / 1000) * 5.00 + ((baseAmount – 1000000) / 1000) * 4.00;
}
titleInsuranceText = "Commercial";
}
// Ensure minimum premiums are met where applicable
if (propertyType === 1 && transactionType === 1 && baseAmount <= 50000 && estimatedPremium < 200) estimatedPremium = 200;
if (propertyType === 1 && transactionType === 2 && baseAmount <= 50000 && estimatedPremium < 150) estimatedPremium = 150;
if (propertyType === 2 && transactionType === 1 && baseAmount <= 50000 && estimatedPremium < 250) estimatedPremium = 250;
if (propertyType === 2 && transactionType === 2 && baseAmount <= 50000 && estimatedPremium < 200) estimatedPremium = 200;
if (propertyType === 3 && baseAmount <= 100000 && estimatedPremium < 300) estimatedPremium = 300;
resultDiv.innerHTML = `
Estimated Title Insurance Premium
Transaction Type: ${titleInsuranceText}
Base Amount Used for Calculation: $${baseAmount.toLocaleString('en-US', { minimumFractionDigits: 0, maximumFractionDigits: 0 })}
Estimated Premium: $${estimatedPremium.toLocaleString('en-US', { minimumFractionDigits: 2, maximumFractionDigits: 2 })}
Note: This is an estimated premium based on simplified rate structures. Actual rates may vary. Consult Old Republic Title for an official quote.
`;
}
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padding: 20px;
border-radius: 8px;
max-width: 600px;
margin: 20px auto;
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