The Commissioner of Insurance has ordered a decrease in title insurance rates statewide. The 10% reduction will take effect later this year. Read the order (PDF).
Cassie Brown, the state insurance commissioner, said the reduction will save Texas consumers an estimated $238 million a year in title premiums. “Every time a Texan buys a home, they will spend less on closing costs. This move supports housing affordability and will keep more money in homebuyers’ pockets,” Brown said.
Title insurance rates in Texas are set by the commissioner. All title companies charge the same rate for a policy and costs are based on the property’s sale value.