There are so many different aspects to home insurance it can be a real minefield. What you don’t want to do is miss out on the right level of protection as that could be very costly, especially when it comes to the subject of title insurance.
Talk to one of Sunnyside Title’s agents, for example, and you will be able to get answers to any technical questions or issues you might have relating to title insurance.
You will also want to know how you can save money on paying for title insurance. Here are some useful tips to point you in the right direction.
Remember that prices can vary widely
It often pays to shop around and compare quotes rather than take the first one you see. That’s especially true with regard to paying for title insurance.
There are two parts to the title insurance process.
Once a search of your home’s title history has been carried out it is then a matter of taking out an insurance policy that gives you protection against any buyer issues cropping up.
It should be remembered that insurance premiums can differ greatly between providers and areas. It often pays to talk to an insurance provider in your area who has the required local knowledge.
Ask the right questions and shop around to get the best cover at the best price available.
Check the cost of add-ons
Insurance premiums are strictly regulated so it’s not always easy to negotiate lower than quoted rates.
However, there are certain add-ons such as courier fees and mail charges that you might be able to negotiate to a lower price or get some of them included in the overall price.
See if the seller will pay on your behalf
One option that is worth trying that will definitely save you money would be to ask if the seller will pay for your title insurance costs.
You may get a straight refusal, but it is always worth asking to see if they will pay or maybe even contribute to the cost.
Try to avoid paying twice
You are buying homebuyers title insurance to protect yourself but your mortgage lender might also want this security too.
If you ask your broker for what is known as a simultaneous issue rate you will be buying two policies, one for you and one for your lender, at a discounted premium.
Worth comparing lenders too
Finally, it is also wise to check to see if your lender is prepared to offer a discount against your closing costs.
Look at the homebuying package as one. That way you will be getting the best rates on your title insurance and your mortgage deal if you take the time and trouble to shop around.
Title insurance is something that some homeowners might be tempted to skip in order to save money. That could prove to be a very expensive mistake.
If you do the groundwork you should be able to get peace of mind that you are covered against a claim against the title of your property for a reasonable price. The cost of your policy will seem very small compared to the financial consequences of not being insured against this scenario.