The Nevada Division of Insurance announces the launch of a new title insurance and escrow rate comparison tool online at doi.nv.gov. The purpose of this tool is to help consumers make educated title insurance decisions when they are purchasing or refinancing a house.
The rate comparison tool is the key component of a title insurance educational program designed to educate Nevada consumers about title insurance products and the consumer’s right to select a title agency and title insurer.
Most people do not realize that they have a choice when it comes to the selection of a title agency and insurer.
“I’m thrilled that the Division is able to provide such a valuable service to Nevadans,” said Insurance Commissioner Scott J. Kipper. “It is designed to both educate consumers and enhance competition in the industry.”
The rate comparison tool will allow a consumer to identify the purchase price; down payment amount; county and whether or not the house is a short sale, traditional purchase or refinance and will then display and compare the title insurance rates and escrow fees based off the information inputted.
The cost of title insurance can vary significantly between agencies and companies, often by hundreds of dollars for the same type of coverage. This is why it’s important to shop around to find title insurance that fits your needs and budget.
How does title insurance work?
When you purchase title insurance, the agent or company will search public records to document the chain of ownership of a property. If any liens or defects are found, the title company will require you to eliminate them before issuing a title policy.
Once the company believes that the property title is clean, they will issue you and your lender title insurance policies. These insurance policies protect you and your lender financially from any unknown claims or defects existing at the time of purchase.
The Division has a number of resources online at doi.nv.gov to help Nevadans who are shopping for insurance. The Title Insurance Rate Comparison Tool will allow users to search for and compare title insurance and escrow rates. Nevadans can also file a complaint online, Verify that an insurance agent, agency or company are licensed and download the Nevada Consumer’s Guide to Title Insurance.
About the Nevada Division of Insurance
The State of Nevada Division of Insurance is a division of the Nevada Department of Business and Industry. It is the state agency that protects the rights of Nevada consumers and regulates Nevada’s $11.5 billion insurance industry. It has offices in Carson City and Las Vegas. In 2013, the Division investigated more than 2,300 consumer complaints and recovered nearly $4.4 million on behalf of consumers. For more information about the Division of Insurance, visit DOI.NV.GOV.