Buying or refinancing a home in El Paso County comes with closing costs, and title insurance is one of them. What most people don't realize is that there's a legitimate way to save on it. One of the only ways to actually save money at a title company is through something called a reissue rate — and Ben Gosz with Chicago Title of Colorado can help eligible customers understand how they may be able to save up to 45%.
What Is a Reissue Rate?
A reissue rate, sometimes called a reissue credit, is a discount on the title insurance premium. It is available when a property has been previously insured within a certain period of time. Because the property already has a recent title history on record, the underwriting risk is lower. That reduced risk can be passed along to the customer as a discount on the new owner's title insurance policy.
In plain terms: if a prior owner's title policy exists and the transaction qualifies, you may not have to pay the full premium again. The title company can rely on part of the prior underwriting work, and that savings is reflected in your premium.
How Much Can You Save?
Eligible customers may save up to 45% on their owner's title insurance premium. The exact savings depend on the specifics of the transaction and the prior policy. The amount is set by filed rate schedules, so it is not arbitrary — it is based on the rules filed with the state.
The key point is that a reissue rate is one of the only real ways to reduce the cost of title insurance. Unlike shopping around for a lower quoted rate, which is not always possible because title insurance rates are regulated, a reissue rate is a built-in discount for eligible transactions.
Who Is Eligible for a Reissue Rate?
Eligibility depends on a few common factors:
- The property was insured by a prior owner's title policy within a certain number of years — often around 10 years, though this can vary based on the underwriter's guidelines.
- The buyer or seller can provide a copy of the prior owner's title policy.
- The transaction meets the underwriter's requirements for issuing a reissue credit.
Common scenarios that may qualify include a refinance or a resale of a recently purchased home. If you bought the home a few years ago and are now selling or refinancing, there is a good chance a prior owner's policy exists.
How Do You Earn a Reissue Rate?
The practical steps are simple, but timing matters:
- Locate the prior owner's title policy. The seller may have a copy from their original closing. If not, the previous title company may be able to provide it.
- Provide it to your title company as early as possible. The sooner the title company has the prior policy, the sooner they can review it and determine whether the transaction qualifies.
- Let the title company review and approve it. The title company will verify the prior policy and apply the appropriate credit if the transaction meets the requirements.
Waiting until the last minute can delay the review process. Providing the prior policy early helps avoid surprises at closing.
Important: It Must Be Approved by the Title Company
A reissue rate is not automatic. It must be reviewed and approved by the title company and underwriter based on the prior policy and the details of the transaction. Not every transaction qualifies.
This is standard and required. The discount is only applied when the underwriter confirms that the prior policy is valid and the new transaction meets the eligibility guidelines. Never assume a reissue rate will apply without confirmation from your title company.
Talk to Ben Gosz at Chicago Title of Colorado
Ben Gosz, SVP Sales Executive with Chicago Title of Colorado, works with agents and buyers across El Paso County and can help you understand whether you may qualify for a reissue rate and how much you could save.
Reissue rates are one of the only genuine ways to save money on title insurance, so it's worth asking about early in the process.
Contact Ben Gosz:
Email: ben.gosz@ctt.com
Phone: 719.602.9431
Reissue rates are subject to eligibility requirements and title company approval. Savings vary by transaction and are governed by filed rate schedules. Contact Chicago Title of Colorado for details specific to your situation.