Apr. 5—Title insurance premium rates in New Mexico will drop 6 percent on July 1, the largest reduction in a decade, the state Office of Superintendent of Insurance reported.
Title insurance protects lenders and homebuyers from financial loss sustained from defects or problems with a title to a property. The Office of Superintendent of Insurance sets rates through ratemaking hearings every odd-numbered year.
"Inflation is rising, gas prices are rising, groceries are rising, costs to New Mexicans overall are rising and yet the title insurance industry had their best quarter on record last year, collecting $6.8 billion nationwide in premiums during the third quarter of 2021," Superintendent of Insurance Russell Toal said in a news release. "Increasing title premium rates or even leaving them flat was not in the best interests of New Mexico consumers."
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