The only time you can get an outright “discount” on title insurance is if it is being reissued, meaning that you previously had a title policy. In Florida, the requirements to obtain the reissue or reduced rate for your title insurance are pretty straight forward.
You only need your prior title policy for the identical land involved in the current transaction, so long as you are the person on title. You are entitled to the reissue rate whether the new transaction is insured by the prior insurer or a new insurer. For a sale/purchase the policy must be within 3 years to date. For a refinance the policy never expires for a discount.
Title Insurance Reissue Rates
The Florida Administrative Code sets the premium for title insurance policies issued within 3 years of a previous policy (for sales/purchase) at:
- $3.30 per thousand for policies up to $100,000
- $3.00 per thousand for policies over $100,000 and up to $1 million
- $2.00 per thousand for policies over $1 million and up to $10 million
- $1.50 per thousand for policies over $10 million
In order to qualify for these rates, the title agent must include proof of the previous title insurance policy. Failure to include the proof of prior coverage within 3 years could result in the title insurance agent and agency being found to have violated Subsection 627.780(1), Florida Statutes, for quoting, charging, collecting or accepting a premium for title insurance that is other than the premium implemented by the Florida Administrative Code.
At Title Junction we care about helping you stay informed throughout your real estate transaction. Have questions? Give us a call at 239.415.6574.
In case you missed it, check out our last Title Junction post: Ways to Hold Real Estate Title