Effective May 1, 2016, title insurance premiums and endorsement costs, as recommended by the Title Insurance Rating Bureau of Pennsylvania, will increase by 12% across the board. This increase applies to both the sale and non-sale rates. For example, the title insurance premium for $250,000.00 of coverage in a purchase transaction will increase from $1,650.00 to $1,880.00. Regardless of the premium increase, title insurance is still an important aspect of a property owner’s due diligence process. The title insurance owner’s policy protects the property owner the entire time that the real estate is owned by the insured.
For more information on real estate closing and title insurance see our title agency’s website at www.TARESSETTLEMENT.com