Title insurance rate quietly increased
AUSTIN — Texans started paying more for title insurance last week because of a price hike quietly approved in March by the state insurance commissioner.
The 3.8 percent increase is the first in 22 years and will generate an estimated $53 million more per year for Texas title companies and their underwriters, the Austin American-Statesman reported.
Data submitted by the industry and the loss of business it suffered during the housing downturn justified the increase, said Aaron Day, Texas Land Title Association lobbyist.