Carson City, NV - July 10, 2014
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.
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.
people do not realize that they have a choice when it comes to the selection of
a title agency and insurer.
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.”
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.
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
does title insurance work?
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.
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.
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.