When it comes to title insurance, a lot of clients want to know about cost first and foremost. But the answer to the question of “how much does title insurance cost?” can be complicated, as rates can differ from state to state and even within certain states. In this article, we are going to discuss how title insurance costs can differ between states.
State Differences
Commercial title insurance costs can vary significantly based on the state. The commercial title industry is highly regulated, but the regulations are not the same in every states. In many states, insurance premiums are pre-approved or set by state regulators. In some instances, it’s possible to deviate from these filed rates, but other times you have to use the filed rate by state mandate. Even more confusing is the fact that filed rates also vary widely based on the state. An insurance policy for a property in one state may cost $2500, while the same policy for the same property in another state may be twice that amount.
Regional Differences
Differences also exist between urban and rural areas, and each locality often has their own unique way of operating – which can lead to cost variances.
With the amount of variation in a given title transaction, it’s important to work with a title insurance company that is familiar with your state and locality so they can get you the best rates possible.
Title Insurance Experts
For decades, Commercial Partners Title has been working with clients on their real estate transactions in many different industries. Our team members (underwriters, title closers, escrow agents, and more) are recognized as the experts in commercial real estate transactions both in Minnesota and across the United States. No matter what the details of your transaction, we have the skills and experience needed to meet your needs. Give us a call today to chat about your next real estate transaction.