In Ohio we have both a refinance rate and a reissue rate. The refinance rate is used in refinance situations for loan policies. The reissue rate is used for owner's policies. If a seller had an owner's policy, and supplies a copy to the agent, the new owner can get their owner's policy at the reissue rate. It can also be used when an insured lender acquires the property through foreclosure, or other means.
They are very similar; the rates are 70% of the original premium for both, but the minimums are different.
Best,
Robert A. Franco
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