For many Texans, title insurance has become an obligatory step on the pathway to homeownership. Therefore, it’s important that the title insurance market be competitive to keep prices at the lowest possible level while still maintaining a high quality of service. In a recent poll, 72 percent of Texans supported choice and competition in title insurance.
Heavy Regulation, High Profits, and Wasteful Spending
Texas has the most restrictive regulation of title rates and forms (policies) in the nation, allowing no opportunity for insurers to innovate with their products or lower rates to compete for business directly from the consumer. Texas should introduce competition into the title insurance market by moving to a file-and-use system.