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  • NVT&E Team

How Much is Title Insurance in Virginia?

Updated: Jun 8, 2023


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When you buy a piece of property, you realize that the closing costs add up quickly. After all, there are appraisal fees, inspection fees, property taxes, and title search fees - just to name a few. So when you are offered a title insurance policy to purchase at closing, you may be inclined to say no.


Before you make any decision, it is important that you understand what title insurance is - and how much it costs in Virginia.


What is Title Insurance?


Your title company will perform a thorough title search dating all the way back to the beginning of the property. This will confirm that the title to the property is free and clear - and that the person selling it actually has the right to do so.


When the search is complete, a title commitment will offer you a title insurance policy based on either a clear title - or conditions that need to be met, such as clearing up a tax lien. The premium gets paid at closing and you go home having peace of mind.


While title companies are very diligent in their search, it is possible for things to get missed. And, unfortunately, those things can threaten your right to the title. For instance, if you purchase your property but find out later that there was a large, improperly recorded judgment missed in the title search, this judgment now becomes your responsibility as it is attached to your property.


Clearing up title issues after the sale can become time-consuming, costly, and may even lead to battles in court. Without a title insurance policy, this is left up to you to handle. However, if you invested in title insurance, all you’d have to do is submit a claim and your insurance will take care of the rest.


The Cost of Title Insurance in Virginia


Cost is often a big factor when it comes to determining whether or not you want to purchase a title insurance policy. Unlike other types of insurance, the good news here is that the premium only has to be paid once.


The cost of title insurance is based on the sale price of the property. As of 2022, the rates per $1,000* are:


Up to $250,000.00 = $3.90

$250,000 to $500,000 = $3.70

$500,000 to $1,000,000 = $3.40

$1,000,000 to $2,500,000 = $2.25

$2,500,000 and greater = $2.00


(*these rates may vary based on standard and enhanced policies)


There are two different types of title insurance - a lender’s title insurance policy that protects the lender and an owner’s title insurance policy that protects you as the new owner. Each of these policies will have a premium to be paid at closing. Keep in mind that the lender’s policy is often required by the lender whereas an owner’s policy is optional (though, highly recommended).


The homebuyer is typically responsible for paying for both types of policies. Though, keep in mind that this is just standard practice and can be negotiated.


Learn More About Title Insurance


If you are buying a piece of property in Virginia and have questions about title insurance, the experts at NVT&E have answers. To learn more or to get started, contact us today at (703) 938-3200.

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