Effective July 1, 2012 you can expect to dig a little deeper into your wallet for title insurance. Title insurance rates in the state of Pennsylvania will increase by 7%. The Pennsylvania Insurance Department has termed this change as Title Insurance Simplification And Rate Increase.
The simplification refers to the establishment of a single rate structure for home purchases, and a single rate structure for non-sale title insurance for mortgage refinancing.
There will no longer be a discount for the rate for title insurance based upon the length of time that has elapsed since the last title has been issued.
Currently there is a rate know as the reissue rate, that is 10% less than the standard rate for a buyer who is obtaining title insurance on a home where title insurance has been issued within the last ten years.
Wallingford Real Estate – Wallingford, PA 19086
