Please be advised that the North Carolina Title Insurance Rating Bureau (NCTIRB) has filed with the North Carolina Department of Insurance a new comprehensive rate structure to be effective March 1, 2020.
The purpose of the comprehensive rate structure is to simplify title insurance rates in North Carolina principally by eliminating special rates to parties other than homeowners, effectively creating a revenue neutral filing. The Bureau was assisted by Demotech, Inc., an actuarial consulting and financial analysis firm in developing these rates.
The North Carolina title insurance rates are applicable to underwriters who adopt them and apply to any title insurance policy issued that insures property situated in North Carolina, regardless of where the title insurance policy is processed.
Members should note that these filed rates are comprehensive and encompass all the authorized premiums for title insurance in North Carolina. These rates are subject to the regulation of the NC Department of Insurance.
The minimum premium for Regular Rates and Reissue Rates shall be $51.00
Regular Title Insurance Rates for a Loan and/or an Owner’s Policy (Per Thousand)
|Up to $100,000||$2.54|
|100,001 to 500,000||1.98|
|500,001 to 2,000,000||1.29|
|2,000,001 to 7,000,000||0.99|
|7,000,001 and above||0.69|
ALTA Homeowner's Policy of Title Insurance and ALTA Expanded Coverage Residential Loan Policy
The ALTA Homeowner’s Policy of Title Insurance and ALTA Expanded Coverage Residential Loan Policy are available for qualifying improved one-to-four family residences at the applicable Rate plus an additional 20% of the Regular Rates.
Simultaneous Issue of Owner's and Loan Policies
In all loan transactions, one or more Loan Policies may be issued simultaneously with an Owner's policy covering Identical Property for a single premium, plus a Simultaneous Issue Premium charge of $26.00 for each Loan Policy issued.
When a Prior Policy has been issued on Identical Property within fifteen (15) years, the Rate shall be 50% of the Regular Rate up to the amount of the Prior Policy.
Regular Rates shall apply to coverage amounts in excess of the Prior Policy amount.
Closing Services Insurance
The Premium for Closing Services Insurance is as follows:
|Rate Per Thousand|
|Up to $100,000||$0.63|
|100,001 - 500,000, add||$0.12|
|500,001 and above, add||$0.00|
Commitment for Title Insurance Policy
The Premium for the issuance of a Commitment is $15.00.
For Residential Transactions only, an Endorsement Premium in the amount of $21.00 shall be charged for each of the following ALTA Endorsements:
- ALTA Endorsement 5 (Planned Unit Development)
- ALTA Endorsement 8.1 (Environmental Protection)
- ALTA Endorsement 9 (Restrictions, Encroachments, Minerals)
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