Effective May 1st 2016 the Title Insurance Rating Bureau of Pennsylvania (TIRBOP) will institute a new title insurance rate manual for the Commonwealth of Pennsylvania. PA Title Insurance rates are going up a tad and will impact all transactions closing after May 1st. The last increase in PA Title Insurance rates was July 1 of 2012.
Generally the increase is 12% across the board.
An example on the increase is as follows:
Current Rate on a Purchase for $200,000 = $1,400.00
New Rate as of May 1st, 2016 for $200,000 = $1,595.00
Represents a $195.00 increase in this example.
Current Rate on Purchase for $750,000 = $3,900.00
New Rate as of May 1st, 2016 for $750,000 = $4,4450.00
Represents a $545.00 increase.
*As of May 1st any PA Title Company licensed to do business in the commonwealth will reflect said increases.
More information to come as it is released and we will be sure to post the new PA Title Insurance Rating Manual as soon as it is available.