Illinois Title Insurance Calculator

Looking to estimate your title insurance costs in Illinois? Use our free calculator, updated with 2022 rates, to calculate them.

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DISCLAIMER: The fees, rates, estimates, and other content made available on any and all Elko services are not guaranteed, are provided "as is", without warranty or representation, and are intended for hypothetical, illustrative, and comparative purposes only.

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What is Title Insurance?

Title insurance is an important cost component within Closing Costs that always intrigues a first time home buyer. Title insurance in Illinois protects buyers and lenders from financial liabilities that may arise due to a title defect or a hidden lien.

Have a look at our Title Insurance explainer video to see how title insurance can protect your lender and your ownership in case of a title defect.

There are two types of Illinois title insurance policies: Lender’s Title Insurance Policy and Owner’s Title Insurance Policy.

Lenders in Illinois often require borrowers to purchase an Illinois Lender’s Title Insurance Policy which guarantees protection for Illinois lenders against issues arising out of defects on the title of an Illinois property. On the other hand, the Illinois Owner's Title Insurance Policy protects the buyer against claims and liens.

Title insurance policy premiums in Illinois show up as an itemized list of a closing cost worksheet for a buyer and seller such as a Closing Disclosure, Loan Estimate, HUD-1, or an ALTA Settlement Statement. If you're looking to get a preview of what these costs look like, use this free Illinois title insurance calculator.

Do I need an Owner's Title Policy in Illinois?

The lender's policy can safeguard the lender. However, multiple cases of unknown defects such as missing heirs, incorrect documentation, unjust court proceedings, etc. do not come in the title search. This is where the owner's policy shields the owners and protects their ownership. Hence, it is always recommended that the owner's policy be purchased along with the lender's policy.
As a general rule of thumb, it is always best to go for title insurance irrespective of the fact that it is mandated by the state or not.

How much does Title Insurance Cost in Illinois?

Illinois counties with maximum home buying and selling activities charge quite a lot in title insurance compared to other states. Most real estate transactions in Illinois take place around the Chicago area. So we will consider costs applicable in these counties.

A $300,000 property will cost around $1,920 for the owner’s title with a flat $525 as lender’s title policy, totaling $2,445.

Take note that this price does not include the cost of endorsements. Endorsements or liens on a property will cost further.

To give a perspective, these 3 use cases give you a complete idea of what to expect when closing in Illinois.

For a purchase price of a $200,000 property in Illinois with a 20% down payment ($70,000), the cost of title insurance policy and lender's policy are $1,760 and $525 respectively.
For a purchase price of a $200,000 property in Illinois bought with full cash, the cost of the title insurance owner's policy is $1,760.
For a purchase price of a $500,000 property in Illinois with a 20% down payment ($100,000), the cost of title insurance owner's policy and lender's policy are $2,380 and $525 respectively.
For a purchase price of a $500,000 property in Illinois bought with full cash, the cost of the title insurance owner's policy is $2,380.
For a purchase price of a $1,000,000 property in Illinois with a 20% down payment ($200,000), the cost of title insurance owner's policy and lender's policy are $3,510 and $525 respectively.
For a purchase price of a $1,000,000 property in Illinois bought with full cash, the cost of the title insurance owner's policy is $3,510.

How to calculate title insurance in Illinois?

There are no slabs or price brackets in Illinois, unlike in other states. The minimum owner's policy one has to pay is $1,700. This is applicable to properties ranging from $0-$170,000. After that, the policy price successively increases by $20 for every $10,000 increase in the property rate.

You are supposed to add $2 for every $1,000 increase in the property if you are buying a property worth more than $1m.

What is the Owner’s Title policy in Illinois?

The owner's policy is a legal document that shields the owners from unknown defects such as missing heirs, incorrect documentation, unjust court proceedings, and protects their ownership. The owner’s policy constitutes the major share of the title insurance cost.

What is Lender’s Title policy in Illinois?

The lender’s policy is often purchased along with the owner’s policy. It protects the lender from title defects such as a pending construction lien on the property, errors in the title, and other issues that may arise after the title has been transferred to the buyer.

What is not covered in Title Insurance in Illinois?

Title insurance may not cover the following:

Financial losses due to inadequate property inspection.
Damages due to natural calamities such as thunderstorms.
Damage due to a fire
Infestation

How long is the title policy valid in Illinois?

The title policy remains valid till the time you remain the owner of the property. Only when you decide to sell, a new policy must be made in the name of the buyer. The lender’s policy is valid till the mortgage is paid back in full.

Who regulates Title Insurance prices in Illinois?

The Department of Financial and Professional Regulation is responsible to monitor the charges levied by these title companies in the state.

Who pays for Title Insurance in Illinois?

The cost of title insurance is negotiable in Illinois however traditionally, the seller is supposed to pay for the owner's policy while the buyer pays for the lender's policy.

Is Title Insurance required in Illinois?

While the lender's policy is required in the state of Illinois, there is no legal obligation to buy the owner's policy. However, it is always advised that both policies be purchased to protect both the buyer and the lender.

Should you shop for title insurance in Illinois?

You can definitely shop for title insurance in Illinois by approaching any reputable title company. However, if you are skeptical, you can ask your agent or lender to help you out with the process.

Can you negotiate the Title Insurance fees?

Title insurance fees are not negotiable in many cases. However, buyers may ask their agents to negotiate and convince the sellers to pay the amount. In some cases, if the property is being resold in less than 5 years of time, title insurance costs could be waived off.