Reissue Rates – How to Save Big on Title Insurance
Categories: About EWM, Real Estate News, Title Information
hiReissue Rates are discounts off the standard premium charged on title insurance policies and are available in Florida. In fact, Florida has a mandated Reissue Rate for buyers and borrowers in the following instances, provided that you provide the title agent with a copy of the previous owner’s title insurance policy:
(1) a mortgage refinancing;
(2) the purchase of unimproved land; and/or
(3) the purchase of a property from a seller that purchased that property within three years of your purchase
The premium discount on title insurance in these cases is approximately 40%!
The rationale for the discounted rate is simple: You shouldn’t have to pay full price for a policy when a title search and examination were recently performed and/or where the title industry has determined that the risk of claim against the title is minimal.
EWM Title routinely notifies borrowers and buyers of the availability of Reissue Rates and always offers the lower cost option when applicable. Unfortunately, not all title agents mention the existence of a Reissue Rate because the less they charge for title insurance, the less money they make on the transaction. They have a “don’t ask, don’t tell” policy. Make sure you are not paying more for title insurance than you have to.
