Title insurance is not required by law but is usually required by lenders; and is always a good idea for homeowners. Even when a title search is conducted, title insurance is necessary in case there are defects in title that arise in the future that were not or could not have been identified at the time of closing.
You can shop around find your own title insurance company or you can ask your real estate attorney who they prefer to work with.
What is the price of title insurance?
Title Insurance rates are regulated by the Superintendent of Insurance; so rates should be extremely similar between companies. The price of title insurance will vary based on the type of property, the purchase price and loan amount.
One of the companies we work with, CATIC Title, has a calculator on their website which will give live quotes for title insurance policies. You will need the following information to get your title insurance quote:
- Purchase Price, if it’s a purchase
- Loan Amount
- The type of property it is
- Whether you are doing a purchase or a refinance
- the town the property is in
Please visit the link below to access the CATIC Title New York Policy Premium Rate Calculator