What Does Title Insurance Cost?
Before we answer the question ‘What does title insurance cost?’, let’s do a crash course on title insurance.
Title insurance is a way to protect yourself and any future heirs from potential loss financially when it comes to the title of a property. A title insurance policy helps cover any legal-related expenses in cases where there’s a defect in the property’s title. Defects on the title of a property are something that an average person cannot see. That’s where the title experts come in!
Title Insurance Is Your Friend
We know your plate is full when purchasing a home/property. But trust us when we say that buying title insurance is one fee you’ll never regret paying during the process. The peace of mind alone is priceless! And title insurance is only a one-time fee. Not monthly, not annually. Just once and done. But it covers you and the property for the length of ownership.
Purchasing title insurance is not the most fun part of homebuying, but it is necessary. With that, let’s finally find out how much title insurance costs.
What Is the Cost of Title Insurance?
Essentially, the cost is based on the purchase price of your home. It is also based on which state you are purchasing the property. So, pricing technically varies.
As an example, the average homeowner’s title insurance policy on a $200,000 property in California is around $830. That’s it! Think of the potential financial loss and headache that an $830 title insurance policy could save you down the line with your home.
Standard title insurance policies cost a homebuyer an average of 0.5% of the home’s purchase price.
Our amazing team at Madison Settlement Services works hard to ensure that you and the title of your property is completely covered. As we know, stuff happens in life. Don’t forego the one-time cost of title insurance. Its value will never diminish.