Quick Answers
- The rate is set by the state: Florida title insurance premiums are promulgated by rule, so the premium is the same no matter which title agent or attorney issues the policy.
- The formula: $5.75 per $1,000 on the first $100,000 of coverage, then $5.00 per $1,000 up to $1 million, with lower rates above that. The minimum premium is $100.
- Typical cost: An owner's policy on a $500,000 home costs $2,575.
- Lender's policy: When it is issued at the same time as the owner's policy, the lender's policy costs $25 for coverage up to the owner's policy amount.
- Reissue discount: If the seller's owner's policy was issued less than 3 years earlier, the premium drops to the reissue rate. On a $500,000 home that is $1,530 instead of $2,575.
- Who pays: It depends on county custom and the contract. In Palm Beach and Broward, the seller customarily pays for the owner's policy; in Miami-Dade, the buyer customarily does.
- Not included: Title search, examination, closing fees, and endorsements are charged separately from the premium.
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Title insurance is one of the largest single costs at a Florida closing, and one of the few that buyers and sellers can calculate exactly before they sign. That is because Florida does not let title insurers set their own prices. The premium for an owner's policy and a lender's policy comes from a rate schedule in the Florida Administrative Code, Rule 69O-186.003. This page explains that schedule in plain terms, works through real examples, covers the discounts most people miss, and includes a calculator for your own numbers. It is written by the real estate and title team at Kelley, Grant & Tanis, which closes transactions and issues title insurance throughout Florida.
Florida Title Insurance Calculator
Enter the purchase price and, if you are financing, the loan amount. The calculator applies Florida's promulgated rates, the simultaneous issue rate for the lender's policy, and the reissue rate if the seller's policy is less than 3 years old. It also estimates the transfer taxes that are paid at the same closing.
| Owner's title insurance premium | $0 |
| Lender's title insurance premium (simultaneous issue) | $0 |
| Documentary stamp tax on the deed | $0 |
| Documentary stamp tax on the mortgage note | $0 |
| Nonrecurring intangible tax on the mortgage | $0 |
| Total of the items above | $0 |
Estimate only. Excludes title search, examination, closing, endorsement, and recording fees. Who pays each item depends on the contract and county custom.
Estimates are for information only. Your closing statement will also include title search, examination, and closing fees, any endorsements your lender requires, and recording fees.
Florida's Promulgated Title Insurance Rates
The premium for an original owner's policy and an original lender's policy uses the same tiered schedule. Each tier applies only to the coverage that falls inside it, and any fraction of $100 is rounded up to the next full $100.
| Amount of coverage | Rate per $1,000 |
|---|---|
| Up to $100,000 | $5.75 |
| Over $100,000 up to $1 million | $5.00 |
| Over $1 million up to $5 million | $2.50 |
| Over $5 million up to $10 million | $2.25 |
| Over $10 million | $2.00 |
The minimum premium is $100. The owner's policy must be issued for the full insurable value of the property, which in a sale is normally the purchase price.
Worked Examples: Owner's Policy Premiums
Here is what the owner's policy costs at common Florida price points, at the original rate and at the reissue rate.
| Purchase price | Original rate premium | Reissue rate premium |
|---|---|---|
| $250,000 | $1,325 | $780 |
| $400,000 | $2,075 | $1,230 |
| $500,000 | $2,575 | $1,530 |
| $750,000 | $3,825 | $2,280 |
| $1,500,000 | $6,325 | $4,030 |
Take $500,000 as an example. The first $100,000 costs $5.75 per $1,000, which is $575. The next $400,000 costs $5.00 per $1,000, which is $2,000. The total premium is $2,575. The reissue column assumes the seller's prior owner's policy covered at least the new purchase price.
The Lender's Policy and the Simultaneous Issue Rate
If the buyer is financing, the lender will require a lender's (mortgage) policy. When the lender's policy is issued at the same time as the owner's policy on the same property, Florida's simultaneous issue rate applies: the lender's policy costs a flat $25 for coverage up to the amount of the owner's policy. Coverage above the owner's policy amount is charged at the regular rate. In practice, a buyer who finances 80 percent of the price pays $25 for the lender's policy, not thousands.
That rate only applies when both policies are issued together. A buyer who skips the owner's policy does not get the simultaneous rate on the lender's policy, and pays the full original rate on the loan amount instead. On a $400,000 loan, that is $2,075 for coverage that protects only the bank.
The Reissue Discount Most Sellers Never Ask About
Florida's reissue rates are roughly 40 percent lower than original rates: $3.30 per $1,000 on the first $100,000, $3.00 per $1,000 up to $1 million, $2.00 per $1,000 up to $10 million, and $1.50 per $1,000 above that. The reissue rate applies when a prior owner's policy insured the seller and the new policy takes effect less than 3 years after it, among a few other situations. The agent must have a copy of the prior owner's policy. Coverage above the prior policy amount is charged at the original rates.
The discount is easy to lose. If no one asks the seller for the prior policy, the closing is priced at original rates. On a $500,000 sale, that is a difference of $1,045.
What About a Refinance?
A refinance needs a new lender's policy, but Florida's substitution loan rates can reduce the premium on the existing balance. When the same borrower refinances with the same lender on the same property, the premium on the unpaid balance of the old loan is a percentage of the original rate based on the age of that loan: 30 percent if it is 3 years old or less, 40 percent at 3 to 4 years, 50 percent at 4 to 5 years, 60 percent at 5 to 10 years, and full rate after 10 years. For substitution loans of $250,000 or more, the same schedule applies with any lender. New money above the old balance is charged at the regular rate.
Other Taxes and Costs at the Same Closing
The title premium is only one line on the closing statement. These are the other costs most Florida buyers and sellers see alongside it.
| Item | How it is calculated | Example |
|---|---|---|
| Documentary stamp tax on the deed | $0.70 per $100 of the price, rounded up; $0.60 in Miami-Dade for single family homes. Customarily paid by the seller. | $3,500 on $500,000 |
| Documentary stamp tax on the mortgage note | $0.35 per $100 of the loan amount, rounded up. Paid by the borrower. | $1,400 on a $400,000 loan |
| Nonrecurring intangible tax | 2 mills ($2 per $1,000) on the mortgage amount. Paid by the borrower. | $800 on a $400,000 loan |
| Title search, examination, and closing fees | Not set by the rate rule. Must be shown separately from the premium on the closing statement. | Varies by provider |
| Endorsements | Added coverage your lender may require, such as for survey matters or condominiums. | Varies by endorsement |
Who Pays for Title Insurance in Florida
Florida law does not assign the owner's policy to the buyer or the seller. The contract decides, and the contract usually follows local custom. In Palm Beach and Broward Counties, the seller customarily pays for the owner's policy and chooses the closing agent. In Miami-Dade, the buyer customarily pays. The buyer pays for the lender's policy almost everywhere. For the county by county picture, read who pays for title insurance in Florida.
Because the premium is fixed by rule, shopping for title insurance in Florida is really shopping for the fees around it: search, examination, closing, and endorsements. Two quotes with identical premiums can differ by hundreds of dollars once those fees are added, so ask for the full closing cost, not just the premium.
The two biggest savings come from paperwork, not negotiation. Ask the seller for the prior owner's policy so the reissue rate can apply, and buy the owner's policy at the same time as the lender's policy so the lender's policy costs $25 instead of thousands.
Is Title Insurance Required in Florida?
No Florida law requires an owner's policy. A lender will require a lender's policy on a financed purchase, and that policy protects only the lender. The owner's policy is what protects the buyer's equity against forged deeds, missed liens, recording errors, and unknown heirs, for as long as the buyer owns the property. See what title insurance covers in Florida for the details.
Buying or selling in Florida?
Kelley, Grant & Tanis issues title insurance and closes residential and commercial transactions across Florida, with Jerron Kelley leading the firm's real estate and title practice. Call (561) 672-1161 or contact the firm. Related reading: West Palm Beach closing costs and attorney vs. title company for your closing.
Frequently Asked Questions
How much is title insurance in Florida?
Florida premiums are set by state rule: $5.75 per $1,000 on the first $100,000 of coverage and $5.00 per $1,000 from $100,000 to $1 million, with lower rates above that. An owner's policy on a $500,000 home costs $2,575.
Is title insurance cheaper with a different title company in Florida?
Not the premium. Florida title insurance rates are promulgated by rule, so every agent charges the same premium. Title search, examination, and closing fees are not set by the rule and can differ between providers.
How much is a lender's title policy in Florida?
When it is issued at the same time as the owner's policy, the lender's policy costs $25 for coverage up to the owner's policy amount. Issued alone, it costs the full original rate on the loan amount.
What is the reissue rate for title insurance in Florida?
It is a discounted rate of $3.30 per $1,000 on the first $100,000 and $3.00 per $1,000 up to $1 million, with lower rates above that. It generally applies when the seller's prior owner's policy was issued less than 3 years before the new policy and a copy of it is available.
Who pays for title insurance in Florida?
The contract decides, and it usually follows county custom. In Palm Beach and Broward, the seller customarily pays for the owner's policy. In Miami-Dade, the buyer customarily pays. The buyer pays for the lender's policy.
Is title insurance required in Florida?
An owner's policy is not required by law. Lenders require a lender's policy on financed purchases, but that policy protects only the lender. The owner's policy is the one that protects the buyer.
Is title insurance a one-time cost in Florida?
Yes. The premium is paid once at closing. An owner's policy stays in force for as long as the owner, or the owner's heirs, hold an interest in the property.
What closing taxes are paid along with title insurance in Florida?
Documentary stamp tax on the deed at $0.70 per $100 of the price, $0.60 in Miami-Dade for single family homes, usually paid by the seller. A financed buyer also pays $0.35 per $100 of the loan in note stamps and 2 mills of intangible tax on the mortgage amount.
Are the calculator results exact?
The premium and tax figures follow Florida's published rates, but the calculator does not include title search, examination, closing, endorsement, or recording fees. For an exact figure for your transaction, ask the closing attorney or title agent for a full quote.