Cost is set by the State and have never seen a client need it.

In Texas the State Board of Insurance sets the rate.  I know one client who needed because the title company missed a lien on the property.

I had clients use their title insurance for a lot line issue.  As far as the cost is calculated, I would ask my title officer.  

Sandy has the answer. 

I'm not aware of anyone using it, but they could have used it without letting me know.

Have seen it used for an eassement issue. The state regulates standard charges which in some cases can be negotiable!

Jason Osborn I know of a situation where a homeowner wished they had title insurance when an unexpected mechanics lien came up when trying to sell.

Jason,

Title insurance rates in Florida are promulgated by the state. You may get a discount/credit if selling within three years of purchase.

I have seen people use it and others wish they had it. Most often it is for a missing release from a former mortgage

I have not seen a situation, but one can't take the chance of being without it....

During the recession, I encouraged the purchase of extended coverage for REO properties which were under different stages of construction, or which had extensive work done after the bank foreclosed.  In one case, the purchase of this saved a buyer from a $12,000 claim.

I've never known of a client needing it, but I needed it once.  Saved me $10,000 by having it because a previous lien had not been cleared before I took title.

Title insurance cost is based on the pricing methodology provided by the title insurance company.  Legal counsel arranges the insurance not agents in my jurisdiction.

Corinne Guest, Managing Broker nailed this one!

Like others have reported, missed lien.

On one transaction, the week of closing $231,000 municipal lean uncovered. Negotiated that way down and closed 14 days later. If that had been missed....and the buyer skipped title insurance...the classic 'hit the fan' would have been unavoidable. EVERYONE would have been sued.

Ran a pre-lim that showed no liens and then closed. Right after, someone filed a lien during my coverage period and they handled the claim expertly. Highly recommend Title Insurance

Our is set by the state and NEVER have had a client not use it.

Have not had a client that used title insurance that I know of, and the costs are determined by Department of Insurance.

Cost is by value of the property or loan.

Most times I have seen a property line dispute

No title company will close even a cash loan in Oklahoma City without title insurance. Cost is calculated on sales price.

Only seen it once when there was an easement or lot issue that didn't get discovered by title searches and wasn't known by anyone.  Very rare instance.

It is a set fee in Florida.  Mandatory when a mortgage is used.

Wrong question, it is mandatory no way to get around.

A must for a Mortgage !

Settlement company has chart for title insurance costs.  Never  a client who needed to use the services of title insurance company