NC Title Insurance Rate Changes Go into Effect April 1, 2016

Changes in North Carolina Title Insurances are effective April 1st of this year. If you are closing on a property, please make sure your lending partners are aware of these new rates so they can plan for it on the Loan Estimate and Closing Disclosure.

If you have any questions, contact one of the real estate attorneys at Hutchens Law Firm:

• Fayetteville at 910-864-6888
• Charlotte at 704-366-7899
• Wilmington at 910-509-7480
• Southern Pines at 910-684-8688

The North Carolina Department of Insurance has acknowledged changes to the Regular Rate for owner’s and/or lender’s policies, limited coverage policies, and Closing Service Insurance (CPLs). The minimum premium for Regular Rates (including when a reissue rate is available) is still $50.00. The new Regular Rates for a loan or owner’s policy are as follows: 

Coverage Amount | Rate per Thousand

• Up to $100,000 | $2.45 
• $100,001 to $500,000 | Add $1.91
• $500,001 to $2,000,000 | Add $1.25
• $2,000,001 to $7,000,000 | Add $0.96
• $7,000,001 and above | Add $0.66 

The simultaneous issue charge is still $25.00 and the premium for issuance of a commitment is still $15.00. The reissue rate is also the same. The premium for Closing Services Insurance (CPL) has increased. The maximum amount for a CPL is now $108.00 instead of $90.00:

Coverage Amount | Rate per Thousand

• Up to $100,000 | $0.60 
• $100,001 to $500,000 | Add $0.12
• $500,001 and above | Add $0.00

These rate changes are effective April 1, 2016.