TITLE INSURANCE RATE SERVICES ASSOCIATION | “TIRSA”

In New York State, title insurance is regulated by the Department of Financial Services (or “DFS”). Rates are set by a consortium of title insurance underwriters authorized by the DFS known as the “Title Insurance Rate Services Association” (or “TIRSA”). This association submits changes in title insurance rates and other applicable industry service charges to the Superintendent of the NYS DFS for approval. If approved, the association publishes the updated rates in a rate manual available to all licensed insurers and their agents across the state.

New York State is broken down into two insurance zones by TIRSA: “Zone 1” includes the following counties: Allegany, Broome, Cattaraugus, Cayuga, Chautauqua, Chemung, Chenango, Clinton, Cortland, Delaware, Erie, Essex, Franklin, Fulton, Genesee, Hamilton, Herkimer, Jefferson, Lewis, Livingston, Madison, Monroe, Montgomery, Niagara, Oneida, Onondaga, Ontario, Orleans, Oswego, Otsego, St. Lawrence, Saratoga, Schenectady, Schoharie, Schuyler, Seneca, Steuben, Tioga, Tompkins, Warren, Washington, Wayne, Wyoming, and Yates; “Zone 2” includes these counties: Albany, Bronx, Columbia, Dutchess, Greene, Kings, Nassau, New York, Orange, Putnam, Queens, Rensselaer, Richmond, Rockland, Suffolk, Sullivan, Ulster, and Westchester.

Don’t let anyone fool you! There are slight differences in title premium rates across the state (which we will explain further below) BUT there should not be significant differences in base premium cost quoted by title agencies. The main differnces in cost mostly have to do with “ancillary” service charges, or those fees charged by agencies for services related to title insurance production and closing, but not directly related to underwriting the policy itself.

That said, there are differences in premium rates between the two zones: Zone 2 rates are a bit higher, but they also include the cost of title and tax search for at least one tax lot (additional charges may apply for multiple tax lots).

There may be additional “ancillary” costs related to the title insurance and settlement process billed in Zone 2 that are not commonly billed in Zone 1. The premium rates for Zone 1 are a bit lower, but title search costs (billed separately to the Seller in most cases) can be higher.

BASIC RATE BREAKDOWN

Here is a basic breakdown of how title insurance rates are calculated for an Owner’s Policy of title insurance:

Base premium for the first $35,000 or less: $338.00 (as of 10/31/2024)

Rate per each additional $1,000 of consideration:

• • • $35,001 – $50,000: $7.52
    • $50,001 – $100,000: $4.69
    • $100,001 – $500,000: $3.78
    • $500,001 – $1,000,000: $3.38
    • $1,000,001 – $5,000,000: $3.09
    • $5,000,001 – $10,000,000: $2.81
    • $10,000,001 – $15,000,000: $2.62
    • $15,000,001 and up: $2.36

Example:

Using the rate table above, let’s look at a simple rate scenario for a home price of $55,000:

• First we apply the base premium up to $35,000 which is $338.00;
• Next, we calculate the applicable rate for the next highest tier per the rate table above: ($50,000 – $35,000 = $15,000 / $1,000 = 15 * $7.52 = $112.80);
• Since our purchase price puts us into the third tier, we have to calculate the remaining difference on the next highest rate tier:  ($55,000 – $50,000 = $5,000 / $1,000 = 5 * $4.69 = $18.76);
• Lastly, we add the subtotals for each rate tier to get our total base premium: $338.00 + $112.80 + $18.75 = $469.56, rounded to nearest whole: $470.00 in premium due.

INDUSTRY RATE CALCULATORS

Our title professionals would be happy to guide you through a quote for title insurance specific to your transaction; however, we have provided the online calculator for each of our national underwriters below for your convenience.

• Access the Old Republic National Title Insurance Rate Calculator here.
• Access the Fidelity National Title Insurance Calculator here. (Rates also for Chicago Title Insurance Company, Commonwealth Land Title Insurance Company, and National Title Insurance Company of New York.)
• Access the WFG National Tilte Insurance Company Rate Calculator here.

Title Insurance Products Offered by Vanguard Research & Title Services Regulated Under TIRSA: 

• Standard ALTA Owner’s Policy
• Standard ALTA Loan Policy
  • Refinance Loan Policy
  • Collateral Loan Policy
• Owner’s & Loan Policies for Equity Buyouts
• Simultaneous Loan & Owner’s Policy Issuance
• Leashold Interest Policy
• TIRSA Owner’s Extended Protection Policy (TOEPP)
• Mortgage Foreclosure Guarantee
• Recorded Document Certificate

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Other Insured Products not regulated under TIRSA:

• Guaranteed Abstract of Title
• Guaranteed Real Property Tax Search
• Non-commitment Title Examination Report

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Ancillary Products Commonly Requested with Title Insurance:

• Bankruptcy search;
• Patriot Act search;
• Corporate Good Standing certificate;
• Property reports;
• Recording services;