Florida residents are apparently paying too much for title insurance, a one-time expense when you purchase a home or property.
The state sets the official rate for title insurance and a new study says Floridians are paying about one third more than the national average.
Bob Lotane at the Office of insurance Regulation says they’ll be reviewing those prices to see if rates should be lowered.
“The actual amounts don’t seem like a lot. You pay $5.75 per thousand for this coverage. And it is important to have it. But you know, in today’s climate, with taxes, with insurance rates being so high, anything that people can save on. We want to make sure that they’re getting all the bang they can for their buck, so we’re going do the study and adjust things as we see fit.”
The state commissioned three studies of title insurance rates and all three concluded that Floridians are paying more than people in neighboring states.
Those studies also showed title insurance is a profit center for the industry, paying out only three cents in claims for every dollar of premium collected.