In a number of states (28 to be exact), title agents and agencies (sometimes referred to as escrow agents/agencies, abstractors, or title insurers) are required by law to acquire and maintain a license and surety bond before their services may be provided to the public.
Jet Insurance Company acts as a direct surety provider across all 50 states. So if you are in need of a Title Agent Bond in your home state or even across multiple states, Jet can supply you with all of your surety bond needs efficiently and at an affordable price.
Due to the differences in state regulations, you may notice that title agent/agency bonds go by various names (e.g. Escrow Company Bond, Abstractor Bond, Title Insurance Bond, Title Producer Bond, Title Settlement Bond, Closing Agent Bond, etc.). To avoid confusion within this article, Jet will simply refer to the surety bond requirement under the Title Agent Bond label.
At Jet, the cost of a Title Agent Bond is a small percentage of the state-required bond limit and is based on a credit check of the applicant (it’s a soft check, so no need to lose sleep over it impacting your score). In some cases, our underwriters may require additional financial information in order to provide you with an appropriate rate. However, this typically only occurs if you are seeking a higher-than-normal bond amount.
To give you a better understanding of what rates are possible at Jet, we’ll use the Florida Title Agent Bond as an example. This surety bond in particular is required to have a standard $35,000 limit. Jet’s prices can start as low as $131 for a one-year term, or you can make use of our subscription plan at just $13 a month.
For additional rates, take a look at the Jet price chart below.
Let’s go over an additional example (this one is a little less straightforward). The Kansas Title Agent Bond is required of title insurance agents who handle escrow, settlement, and/or closing accounts within the state. The bond has a custom limit that is based on the county populations of real estate properties being serviced by the licensee. So if you are working with real estate properties that are located in counties that contain a population of 20,000 or less, a $25,000 Title Agent Bond is needed.
Now, let's get to the point and discuss pricing. At Jet, available rates kick off at $94 for a one-year bond term, or a convenient $9 a month.
For further information on the various bond limits required and Jet’s preferred tier rates, review the following price chart.
|County Populations||Bond Limit||Monthly||1-Year||2-Years|
|Counties with a population of 20,000 or less||$25,000||$9||$94||$164|
|Counties with a population of 20,001 to 40,000||$50,000||$19||$188||$328|
|Counties with a population of 40,001 or greater||$100,000||$38||$375||$656|
With Jet, you can choose from monthly, annual, and multi-year premium plans. In addition, Jet is the only surety carrier to offer a proper month-to-month option. This means you get the perks of a no-nonsense low monthly payment, as well as the opportunity to cancel at any time.
For the most part, title agents/agencies (otherwise known as escrow agents/agencies, abstractors, and title insurers) search through real estate records to determine property ownership. They may issue and handle legal documents, maintain real estate records, perform investigations into unpaid mortgages and taxes, assist clients with title insurance needs, and/or help with any other related tasks requested of them.
A Title Agent Bond provides a financial guarantee to the governing state regulator and the general public that the licensee will perform their job in an honest and efficient manner. This includes upholding the regulations of their license, as well as their contractual obligations to any client in question. Should the licensee mislead or misrepresent a client, knowingly behave dishonestly, or otherwise violate laws applicable to their state license, funds from the surety bond may act as a means of restitution to the damaged party (e.g. a client of the licensee or the state regulator themselves).
To put it simply, title agents/agencies work on behalf of the public with large real estate transactions. The purpose of the Title Agent Bond is to financially protect clients from being taken advantage of and to ensure that licensees will be held accountable for their actions.
It is important to note that these surety bonds should not be confused with Title Service Agent Bonds which are required of car title agencies and are unrelated to real estate titles.
You can get your surety bond in just a few minutes with Jet. Straight from the source!
To get started, select the “Quote” button above, or you're more than welcome to give us a call at (855) 296-2663 and one of our Jet team members can walk you through the application process.
Once you have selected your desired surety bond, some general information is required such as your contact details and social security number (don’t forget that this is only for a soft credit check). Also, double-check that you are inputting the correct info as your surety bond must contain the same exact details as your license to be appropriately filed with your state regulator.
As soon as you submit your application, you should receive an online quote instantly. In some cases, a Jet underwriter may take a deeper dive into the review process of your application—this is typically due to a higher-than-usual bond limit or if minimum requirements have not been met. No need to worry though, you’ll hear from us shortly to go over these last-minute details.
After you receive your approved rate options, all that is left to do is choose the best payment option for you (i.e. monthly, annual, or multi-year) and complete your bond purchase. You'll then receive a copy of your receipt and bond form as soon as this last step has been fulfilled.
In addition, Jet can take care of filing your bond for you at no extra cost! However, state regulators will occasionally require you to mail in the original signed bond form along with your license application, especially if this is an initial license application. If this is the case, our team can mail the bond straight to you, and if it's an emergency, Jet offers next-day shipping for a small fee.
Surety bond regulations vary by state, so some understanding of the licensing requirements within your operating state (or states) is important. In the chart below, you will find the various surety bonds required of title agents/agencies, escrow agents/agencies, abstractors, and title insurers in each state, as well as links to contact details for every state regulator in charge of such laws.
|State||State Regulator||Surety Bond|
|AZ||Arizona Department of Insurance and Financial Institutions||$100,000 Escrow Agent Bond|
|CA||California Department of Financial Protection and Innovation||Escrow Agent Bond (Fidelity Bond Deductible)|
Escrow Licensee Bond
|CA||California Department of Insurance||$50/100k Underwritten Title Company Bond|
|FL||Florida Department of Financial Services||$35,000 Title Agent Bond|
|HI||Hawaii Department of Commerce and Consumer Affairs||$100,000 Escrow Depository Business Bond|
|IA||Iowa Division of Banking||$25,000 Closing Agent Bond|
|ID||Idaho Department of Finance||Escrow Agency Bond|
|ID||Idaho Department of Insurance||Title Agent Bond|
|KS||Kansas Insurance Department||Title Agent: Escrow, Settlement or Closing Accounts Bond|
|LA||Louisiana Office of Financial Institutions||Escrow Agent (Bond for Deed)|
|MD||Maryland Insurance Administration||$150,000 Title Insurance Producer Bond|
|MO||Missouri Division of Finance||Title Lender Bond|
|MS||Mississippi Department of Banking and Consumer Finance||$50,000 Title Pledge Act Bond|
|MT||Montana Division of Banking and Financial Institutions||$100,000 Escrow Business Bond|
|NE||Nebraska Department of Insurance||$100,000 Escrow Agent Bond|
|NM||New Mexico Regulation and Licensing Department||$100,000 Escrow Company Bond|
|NV||Nevada Department of Business and Industry||Escrow Agency Bond|
Title Agent/Title Insurer Bond
|OH||Ohio Department of Insurance||$150,000 Title Agent Bond|
|OK||Oklahoma Abstractors Board||Abstractor (Title Agent) Bond|
Abstractor (County Records) Bond
|OR||Oregon Real Estate Agency||Escrow Agent Bond|
|PA||Pennsylvania Insurance Department||$100,000 Title Insurance Agent Bond|
|SD||South Dakota Abstracters' Board of Examiners||Abstracter Bond|
|TN||Tennessee Department of Financial Institutions||Title Pledge Lender Bond|
|TN||Tennessee Department of Commerce and Insurance||$25,000 Title Agency Bond|
|TX||Texas Department of Insurance||Escrow Officers Schedule Bonds|
Title Insurance Agent Bonds
|UT||Utah Department of Financial Institutions||Escrow Agency Registration Bond|
|VA||Commonwealth of Virginia||$200,000 Real Estate Settlement Agents Bond|
|WA||Washington Department of Financial Institutions||$10,000 Escrow Agent Business Bond|
|WA||Washington Office of the Insurance Commissioner||$10,000 Title Insurance Agent Bond|
|WY||State of Wyoming - Any County||$10,000 Abstracter Bond|