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Old 04-19-2007, 03:24 AM
appollo appollo is offline
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Title Insurance

Does anyone have any information on why the cost of title insurance is so high? Any discussion here of title insurance scams?

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Old 04-30-2007, 11:29 PM
BekahLeigh BekahLeigh is offline
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Re: Title Insurance

I run a title company in Florida and I can tell you that title insurance is not a scam. Our title premiums are regulated by the state. We have a minimum amount we can charge and it is based on the sales price/loan amount. Most title companies, in my area at least, charge only the minimum. Our settlement fee and title exam fees are based on what's usual and customary. Of course some title companies charge a lot more because they can.

Title insurance premiums are high in Florida, however, if you go to Alabama or Georgia they are a lot less. Each state regulates their rates and have guidelines.

I know title insurance seems like a waste at a closing, however, if your property is one of the small % that end up with title issues, paying $750 or so isn't much compared to a claim to the amount you paid for your house. It does protect the consumer and the lenders involved.

Also in the state of Florida for example the title company can keep no more than 70% of the title insurance premiums, the rest has to go to the underwriter. In Alabama the max is 85% I believe. Again, it varies from state to state.


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