What is the re-issue rate?

Jul 14, 2021

Kiritsis Law Group 212 922 0005

By: John Kiritsis, Esq., CPA, MBA, MS, JD, LL.M

Generally, a re-issue rate would refer to a title insurance’s discounted rate, when the title was previously insured with an owner’s title insurance policy issued, within the last ten years. The re-issue rate discount, is brought about by a combination of many factors, including: federal laws, state statutes, and market forces. Basically, the re-issue rate is a homebuyer’s discount on the cost of an owner’s title insurance policy. Qualifying criteria for the re-issue rate include: ownership of property by the seller for less than 10 years, as well as, purchase of owner’s title insurance policy within a 10 year period. If qualified, a buyer can achieve a substantial reissue rate discount, that could be around 10 % in some jurisdictions. Generally, it is not necessary to use the same title insurance underwriter that issued the previous policy to the seller. The re-issue rate in a certain area, could frequently hinge on how often properties are sold in that area (turn over rate) and how common is the usage of owner title insurance policies. 

 

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