Title Insurance

6 Save money by comparing rates Under California law, every title insurer, underwritten title company (agent for one or more title insurance companies), and controlled escrow company must file its schedule of rates, forms, and rate modifications with the Insurance Commissioner. Since each company’s loss experience and expenses differ, the rates will differ as well, so you can save money by comparing rates. Competing title insurers and underwritten title companies may offer different costs or services for title insurance required. You may choose one company for escrow services and another for title insurance. The person who pays for the policy selects the title insurance company. Be sure that any title company you select meets your standards and those of your lender. Ultimately, the choice of which title insurance company to select is yours. You may want to contact more than one title insurer or underwritten title company to compare costs and services. You can visit our website at www.insurance.ca.gov for a list of California Department of Insurance licensed title insurers and underwritten title companies. Discounts Title insurance companies may offer discounts for title insurance and escrow, such as: • for first-time buyers, • a “short-term rate” for a property that has been resold within the last five years, • concurrent rate if the company is providing both the owner’s and the lender’s title insurance policies in the transaction, • a subdivision bulk rate for homes being purchased in a new subdivision, • refinancing discounts, and • short-term financing rates and other discounts that may be available. The availability of discounts, the amount of the discounts and the applicability of the discounts may vary by company. Be sure to ask the company or its title marketing representative what discounts are available.