Title Industry Update – New Rates for Title Insurance in New Jersey!
The NJ Depart of Banking and Insurance has authorized a “Title Rate Simplification”, which will become effective for all NEW Title Applications made on or after March 1st, 2009. The existing “Basic Rate” and “Reissue Rate” are being merged into one new rate called the “Standard Rate”. This new “Standard Rate” will be used in all circumstances where an Owner’s Title Policy is issued. The new “Standard Rate” will be lower than the old “Basic Rate” and will be higher than the old “Reissue Rate”. Title Companies may not offer the Reissue Rate as of March 1st. The new Rate is a "one size fits all".. It may help to level the playing field for all title companies and combat anti competitive measures of the past few years, whereby some companies were actively offering Reissue Rate for all applications, regardless of qualifications.