These rate reductions take effect immediately and according to New York Superintendent Howard Mills, “"These title insurance rate reductions will save consumers hundreds of dollars when they close on the purchase of a new home. New Yorkers have been paying too much for title insurance for too long because internal industry practices, rather than market forces, were driving the product's price."
The following companies will have to reduce their rates:
Fidelity National Financial Group
First American Title Group
LandAmerica Financial Group, Inc.
Stewart Title Companies
Washington Title Insurance Company
This is great news for homebuyers in New York, especially for those who are buying more expensive homes. A few hundred dollars in savings is not a fortune but does help those that are putting all their financial resources into purchasing a home.
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