What is the reissue rate on Florida title insurance?

A lower premium schedule in the same rule that sets the original rate, Fla. Admin. Code R. 69O-186.003, for a policy on property whose owner or seller was already insured. It is not a discount an agency gives; it is the rule’s own rate, and every agency charges it. On a $500,000 purchase the owner’s policy is $1,530 at the reissue rate against $2,575 at the original rate.

Up to the difference between the two schedules: $1,045 on a $500,000 purchase, where the previous policy insured at least the price. Less where it insured less, because the price above the old policy’s amount is charged at the original rate: $645 on the same sale where the previous policy insured $300,000. The calculator above works the split for your figures.

Where the owner’s or the seller’s own title was insured and the policy can be produced, and the new policy is dated less than three years after it; or on a refinance, where the lender’s policy is on property insured by an owner’s policy that insured the same borrower. The conditions are set out on this page, in the rule’s terms.

The reissue rate reaches only as far as the old policy did. Fla. Admin. Code R. 69O-186.003(2)(c) puts any new insurance above the previous policy’s amount at the original rate, in the aggregate: it is charged at the bands it falls in once the whole amount is counted. On a $500,000 purchase where the previous policy insured $300,000, the first $300,000 is $930 at the reissue rate and the $200,000 above it is $1,000 at the original rate: $1,930 in all.

On the policy itself: the amount of insurance is on its Schedule A. On a purchase it is the seller’s owner’s policy, from when they bought, and the amount is usually what they paid. On a refinance it is your own owner’s policy. The seller’s closing statement from that purchase shows the premium that was paid, but the policy is what the rule asks for.

Whichever side pays for the owner’s policy. That is local custom, and it differs by county: where the seller pays, a seller who bought within the last few years and can find their policy pays less at closing; where the buyer pays, the buyer does, on the strength of the seller’s policy. The purchase contract can put the premium on either side.

Yes, to the lender’s policy, where the property is insured by an owner’s policy that insured the same borrower. The calculator rates it on the new loan, and the amount of your own owner’s policy is the previous policy’s amount. On a purchase the lender’s policy is issued alongside the owner’s and priced as a simultaneous issue, so the reissue rate is the owner’s policy’s question.

The rule asks for a previous owner’s policy that both the agent and the underwriter keep a copy of, so the policy has to be found. Ask the seller, or the agency or attorney that closed their purchase; where that agency or underwriter was ours, we can look. Without it, the original rate applies.

Only within limits. The premium comes off a schedule the Office of Insurance Regulation promulgates by rule, so every agency starts from the same figure for the same coverage. Fla. Stat. § 626.9541(1)(h)3.b. does not prohibit “a rebate or abatement of … that portion of the premium that is not required to be retained by the insurer pursuant to s. 627.782(1), or any other agent charge or fee to the person responsible for paying the premium, charge, or fee,” but under 3.c. “in no event” may any of it “be paid directly or indirectly for the referral of title insurance business.” What otherwise differs between agencies is the settlement fee, the search and the work.