Unlike most other states, Texas’ title insurance system is rigidly anti-consumer. Texas sets fixed rates for title insurance and only allows for one type of coverage to be offered. This one-size, one-price approach prevents competition, driving up costs for consumers.
While title insurance prices vary widely from state to state, Texas consistently ranks among the highest titles insurance rates in the country. Texans pay hundreds of millions of dollars more for title insurance than do consumers in other states like New York, Massachusetts and New Jersey.
Because state government sets fixed rates for title insurance, title insurance companies are not allowed to offer a better price even if they wanted to. Bringing competition and flexibility to title insurance would allow companies to compete and offer a wider range of products and pricing for everyone.