Question:

Can you tell anything about the title insurance industry?

Answer:

The title insurance industry is a profitable industry in the U.S. Over $660 million have been paid to claims in 2003, according to statistics. The title insurance industry's profitability is also proven by cases of illegal title insurance practices.

Some states control title related costs and others do not. In states where title insurance premiums are set under state law, title policy may cost two times cheaper than states where the title insurance industry and market set title costs.

More about Title Insurance

Title insurance is insurance against ownership defects, liens and other. The title insurance industry and products are mainly developed and sold in the U.S. A title insurance policy is supposed to protect the lender and owner's interest in the property. Almost all residential mortgage lenders will require a lender's title policy as a condition for loaning money in order to protect their financial interest in the property.

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