What is the minimum title premium for a $10,000 owner's title policy?

The minimum title premium for a $10,000 owner's title policy is established by the Florida Department of Financial Services. According to their regulations, the premium for title insurance is tiered based on the amount of coverage. For a policy covering $10,000, the minimum premium that is set is $100. This figure reflects the baseline cost for the issuance of title insurance policies for properties of this valuation, taking into account the costs associated with underwriting the risk and providing necessary services associated with title searches and insurances.

Understanding the tiered structure of title premiums is critical for both homeowners seeking title insurance and those working within the title insurance industry, as it helps to set expectations regarding costs based on property value. In this case, as the policy amount increases, so does the premium, but the minimum for smaller amounts such as $10,000 is specifically fixed at $100.