Promulgated Title Insurance Rates Florida Calculator

Florida Promulgated Title Insurance Rate Calculator

Estimated Owner's Policy Premium:

$0.00

*This estimate is based on the Florida Department of Financial Services (DFS) promulgated rates. Additional fees such as search fees, exam fees, and endorsements are not included.

function calculateFLTitleRate() { var price = parseFloat(document.getElementById('purchasePrice').value); var resultArea = document.getElementById('fl-result-area'); var output = document.getElementById('premiumOutput'); if (isNaN(price) || price $5.75 per $1,000 if (price $5.00 per $1,000 else if (price $2.50 per $1,000 else if (price $2.25 per $1,000 else if (price $2.00 per $1,000 else { premium = (100000 / 1000 * 5.75) + (900000 / 1000 * 5.00) + (4000000 / 1000 * 2.50) + (5000000 / 1000 * 2.25) + ((price – 10000000) / 1000 * 2.00); } // Minimum premium is $100 if (premium < 100) { premium = 100; } output.innerHTML = "$" + premium.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2}); resultArea.style.display = 'block'; }

Understanding Florida Promulgated Title Insurance Rates

In the state of Florida, title insurance rates are unique because they are "promulgated." This means the minimum premium rates for title insurance are set by the state government through the Florida Department of Financial Services. Unlike many other states where title agencies can set their own competitive pricing for the insurance premium itself, Florida law mandates a standard rate scale that all insurers must follow.

How Florida Title Rates are Calculated

The premium is calculated based on the purchase price of the property (for an Owner's Policy) or the loan amount (for a Lender's Policy). The calculation follows a tiered structure:

• Up to $100,000: $5.75 per thousand dollars.
• $100,001 to $1,000,000: $5.00 per thousand dollars.
• $1,000,001 to $5,000,000: $2.50 per thousand dollars.
• $5,000,001 to $10,000,000: $2.25 per thousand dollars.
• Over $10,000,000: $2.00 per thousand dollars.

Example Calculation

If you are purchasing a home in Florida for $350,000, the promulgated rate calculation would look like this:

1. First $100,000: (100 * $5.75) = $575.00
2. Remaining $250,000: (250 * $5.00) = $1,250.00
3. Total Estimated Premium: $1,825.00

Owner's vs. Lender's Policies

When purchasing a property with a mortgage, both an Owner's Policy and a Lender's Policy are typically required. In Florida, when these are issued at the same time, it is called a "Simultaneous Issue." The Owner's Policy is charged at the full promulgated rate, while the Lender's Policy is usually issued for a nominal fee (often as low as $25.00), provided the loan amount does not exceed the purchase price.

Additional Costs to Consider

While the insurance premium is fixed by law, the total "closing costs" related to title will vary. Title agencies charge additional fees for services such as:

• Title Search & Examination Fees: The cost of researching the property history.
• Settlement or Closing Fees: The fee for the agent to conduct the actual closing.
• Endorsements: Specific add-ons to the policy (e.g., Florida Form 9, ARM endorsements).
• Government Recording Fees: Fees paid to the county to record the deed and mortgage.

When shopping for title services in Florida, you aren't shopping for a cheaper premium (since it is promulgated), but you are shopping for lower service fees and higher quality expertise.