Jul
21
Cuts in Title Insurance Rates Sought
July 21, 2006 |
The Los Angeles Times reported Thursday July 20, 2006:
California Insurance Commissioner John Giramendi plans to unveil regulations that could save homeowners an estimated $1 Million a year by slashing premiums they pay for property title insurance.
The article went on to describe the regulation would force companies to cut rates an average of 23% on title insurance needed to close property sales. Rates on title insurance for loan re-fis would drop 16%.
Title Insurance is required by lenders to guarantee that there are no other ownership claims on the title such as tax liens, utility or other easements on property. The title insurance is generally based on a percentage of the house sale price or the re-fi amount.
The price cuts could take effect by March 1, 2007, pending final approval by the Office of Administrative Law
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