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The Owner’s Policy is $5.75 for each $1,000 of coverage so an Owner’s Policy for $100,000 would cost $575.00. And this one-time premium protects the owner for as long as he or she owns the property. It even protects the owner against claims after they sell the property.
The rate for the Loan (Mortgagee) Policy will be the same as the Owner’s Policy, unless it is issued simultaneously with the owner’s policy, and is for less than the sales price. Then the Loan Policy is discounted to a mere $25.00. If the loan amount exceeds the purchase price of the house, such as in the case of a VA loan, there is an additional premium.
Your lender may also require additional endorsements to the policy. The ones most common are the ALTA 8.1 Endorsement which protects the lender in the event that there are any environmental liens placed on the property (Cost: $50.00), and the Florida Form 9 (which cost 10% of the total of title insurance premiums). If the property is in a Planned Unit Development, or a Condominium or a Mobile Home, the lender will require the endorsement specific for that type of property. The cost for those endorsements are $50.00 each.
When you ask for a title insurance quote, be sure to check that you are getting a quote for the lender’s policy and the required endorsements, otherwise those charges may be added later.