How Much Does Title Insurance Really Cost?
While you might already know how important title insurance is, you might not know how much it costs. The answer: it varies, depending on the location, the type of property, and the specific title company you work with.
In Florida, Title Insurance Costs Are Set at a Specific Rate
In Florida, residential and commercial title insurance costs are set at what's called a promulgated rate calculation; a specific, pre-determined rate, set by the state. Currently, Florida has set the rates at:
- Purchases less than or equal to $100,000: $5.75/$1,000
- Purchase prices more than $100,000: $5.00/$1,000
So, for example, title insurance on a $100,000 property would be $575, while title insurance on a $500,000 property would come out to $2500.
Title Searches Are Also Required Before Getting Title Insurance
Another cost that property buyers may not be counting in is the expense of getting a title search, which is always required before getting issued a title insurance policy. A title search may cost as little as $150 for a small residential property, but could easily cost up to $1500 for a more complex commercial property transaction.