Iowa homeowners save significantly on title insurance costs, with policies costing only $175 for residential transactions below $750,000. This is in stark contrast to other states where homeowners pay thousands. ITG reinvests excess revenue into homeownership programs, assisting first-time and low-income buyers with down payments, amounting to over $73 million since inception. Despite additional costs for abstracting and closing fees, Iowa's system remains more affordable than private insurance, ensuring quality by mandating attorney involvement in the title opinion process.
For a residential transaction under $750,000, our policy is $175, and that covers both the owner and lender... traditional title insurance in other states often costs homeowners thousands of dollars.
All of our excess revenue goes to support homeownership for first-time and low-income buyers... If the broader industry could find ways to directly support homeownership beyond one-time grants, that would be meaningful.
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