Numlock News: June 22, 2021 • Pistachios, The Deep, NCAA
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By Walt Hickey Title Insurance When someone buys a new home in the U.S., they need to purchase title insurance, an odd little necessity often required by the state that essentially insures the sale in the event that a competing claim emerges and they sue to reclaim the property that was unjustly sold out from under them. Though cinematic and exciting, this is vanishingly rare. In practice, it usually means an extra grand or two tacked on to the sale price, and some states are worse than others: in Texas, the title insurance premium on an average house is $1,808, in New York it’s $1,125, and in Iowa it’s $110. Aside from the regional differences, the practice is essentially all profit for the title insurers: the loss ratio is just 1.2 percent, which is incredibly low. According to the Texas Department of Insurance, title companies sold
Numlock News: June 22, 2021 • Pistachios, The Deep, NCAA
Numlock News: June 22, 2021 • Pistachios, The…
Numlock News: June 22, 2021 • Pistachios, The Deep, NCAA
By Walt Hickey Title Insurance When someone buys a new home in the U.S., they need to purchase title insurance, an odd little necessity often required by the state that essentially insures the sale in the event that a competing claim emerges and they sue to reclaim the property that was unjustly sold out from under them. Though cinematic and exciting, this is vanishingly rare. In practice, it usually means an extra grand or two tacked on to the sale price, and some states are worse than others: in Texas, the title insurance premium on an average house is $1,808, in New York it’s $1,125, and in Iowa it’s $110. Aside from the regional differences, the practice is essentially all profit for the title insurers: the loss ratio is just 1.2 percent, which is incredibly low. According to the Texas Department of Insurance, title companies sold