Title insurance in Texas needs competition. Texas should eliminate its current rate setting and create a more flexible, competitive rate regulatory structure to allow consumers to shop for the best rate.
- Texas needs a more flexible, competitive regulatory structure for title insurance and to eliminate rate setting.
- Title insurance is the only line of insurance in Texas where the state sets the rate to be charged.
- Texas is one of only two states in the country that sets insurance rates for title.
- Texas has among the highest title insurance rates in the country.
- Title rates in Texas are even more excessive for larger, commercial policies and the excess charges grow at an exponential rate compared to other states studied.