Old Republic Title Insurance Review
This detailed review examines Old Republic Title (ORT), a leading provider of title and escrow services in the United States. We'll delve into its history, services offered, pricing structure, customer support, and overall reputation to help you determine if it's the right title insurance provider for your needs.
Overview
Old Republic Title Holding Company, a subsidiary of Old Republic International Corporation, boasts a rich history spanning over a century. Its underwriter, Old Republic National Title Insurance Company, has been actively providing title and escrow products since 1927. The company has cultivated a reputation for excellence, evidenced by its consistent achievement of the highest overall financial strength ratings in the title insurance industry since 1992. This consistent high rating underscores their financial stability and commitment to fulfilling their obligations to policyholders. A key milestone was the 2007 establishment of the Centralized Services Division, specifically designed to cater to clients needing solutions for refinancing and REO (Real Estate Owned) property dispositions.
Regulatory Compliance and Licenses
Old Republic Title operates under the licenses and certifications held by its underwriter, Old Republic National Title Insurance Company. Strict adherence to industry standards and regulations ensures compliance with all relevant laws and guidelines, guaranteeing a secure and legally sound process for all transactions. Their commitment to regulatory compliance significantly reduces the risk associated with real estate transactions for their clients.
Insurance Products and Services
Main Insurance Products
Old Republic Title offers a comprehensive suite of title insurance products tailored to diverse needs. These include:
- Residential Title Insurance: Provides protection for individuals purchasing homes, ensuring clear and unencumbered ownership.
- Commercial Title Insurance: Offers similar protection for commercial real estate transactions, encompassing larger and more complex properties.
Beyond title insurance, they provide essential Escrow Services, expertly managing the financial aspects of real estate transactions. This includes handling funds, ensuring timely disbursements to all parties involved, and reducing the risk of financial discrepancies or delays.
Coverage Options and Policy Details
Old Republic Title's title examination and insurance policies go beyond simple ownership verification. They provide detailed insured statements about property ownership, acting as a safeguard against various potential issues. This protection extends to mitigating financial loss arising from:
- Unknown judgments or liens against the property.
- Forged transfers of ownership.
- Inconsistencies or defects discovered in the property's chain of title.
- Misapplication of fiduciary funds during the transaction.
Additional Services
Old Republic Title's offerings extend beyond core insurance products. They provide:
- Property Information Services: Clients access valuable property profiles and utilize FARMS (Fiduciary and Real Estate Mortgage Services) for a more comprehensive understanding of the property’s history and status.
- Digital Tools: Their user-friendly online portal and mobile applications empower clients to open and manage title and escrow orders, update property information, calculate closing costs, and search property details efficiently.
Premiums and Pricing
Pricing Structure
Old Republic Title's premium rates vary according to the type of property (residential or commercial), the value of the property, and the specific coverage selected. While exact premium rates aren't publicly listed, the company is generally recognized within the industry for offering competitive pricing. Obtaining a precise quote requires contacting them directly with the specific details of the transaction.
Comparative Analysis with Industry Averages
Direct comparison with industry averages is challenging due to the lack of publicly accessible, standardized data. However, based on industry reputation and feedback, Old Republic Title maintains a competitive standing in terms of premium costs.
Discounts and Special Offers
Currently, the most widely available discount is for customers purchasing multiple policies. Information regarding other potential discounts, such as those based on driver history or other factors, is not readily available. Similarly, details on promotional deals or limited-time offers are not publicly advertised.
Customer Service and Support
Contact Methods
Customers can reach Old Republic Title through several channels:
- Phone: (415) 421-3500 or toll-free at (800) 325-7711
- Email: While a specific email address isn't prominently displayed, contact information can likely be found on their website's contact page.
- Live Chat: Live chat support is not currently advertised.
The availability of 24/7 support or multilingual assistance is not explicitly stated in publicly available information.
Pros and Cons of Old Republic Title Insurance
Pros
- Comprehensive Coverage Options: Offers a wide array of title insurance products to suit various needs.
- Competitive Premiums: Generally known for offering prices that compare favorably with industry competitors.
- High Financial Strength Ratings: Consistently receives top ratings, indicating strong financial stability and reliability.
- Long-Standing Reputation and Experience: A century of experience in the title insurance industry speaks to their expertise and longevity.
Cons
- Limited Information on Discounts and Promotions: Publicly available information on specific discounts or deals is limited.
- Unspecified 24/7 and Multilingual Support: The availability of 24/7 or multilingual customer support is unclear.
Conclusion
Old Republic Title is a well-established and financially sound title insurance provider. Their comprehensive range of products and services, coupled with their competitive pricing, makes them a compelling option for those seeking reliable title insurance. However, the lack of readily available information on specific discounts and the extent of their customer support options might be drawbacks for some potential clients. Prospective clients should directly contact Old Republic Title to clarify any questions regarding specific pricing, coverage details, or customer support services.
This company is best suited for individuals and businesses needing reliable and comprehensive title insurance and escrow services, particularly those valuing a company with a long history and strong financial standing. The added convenience of their digital tools also adds significant value for clients preferring online management of their transactions.
Frequently Asked Questions about Old Republic Title Insurance
1. What types of insurance does Old Republic Title offer?
Old Republic Title offers residential and commercial title insurance, along with comprehensive escrow services.
2. How can I contact Old Republic Title for customer service?
You can contact them by phone at (415) 421-3500 or toll-free at (800) 325-7711.
3. Does Old Republic Title provide 24/7 support?
The availability of 24/7 support is not explicitly stated in their publicly available information.
4. What are the key highlights of Old Republic Title’s market position and reputation?
Old Republic Title has a long history in the industry and holds the highest overall financial strength ratings since 1992.
5. What additional services does Old Republic Title provide?
They offer property information services, including property profiles and FARMS, as well as convenient digital tools for managing transactions.
6. How does Old Republic Title minimize the risks of real estate transactions?
Through thorough title examinations and comprehensive insurance policies, they protect customers against various title-related risks, including unknown liens, forged documents, and other title defects.
References
- [1] https://www.ortconline.com/Web2/productsservices/customerservice/default.aspx
- [2] https://www.ortconline.com/Web2/productsservices/centralizedservices/default.aspx
- [3] https://www.ortconline.com/Web2/about/default.aspx
- [4] https://www.ortconline.com/Web2/about/agency.aspx
- [5] https://www.ortconline.com/Web2/about/contactus.aspx
