Title insurance is one of the many moving parts that come into play during the process of closing on and purchasing a home or property. However, it can be easy to overlook, and some buyers elect not to purchase title insurance at all. Buying a home without title insurance protection is a risky endeavor, and it is never worth the extra risk to avoid paying for insurance on your home’s title. That being said, shopping for title insurance for you requires knowledge of your specific situation; as you evaluate the potential insurers and options, keep the following aspects in mind.
Consider the Reputation of the Title Insurance Company
Whatever title insurance company you choose to work with should have a deep and thorough reputation in the field. Title insurance requires extensive knowledge of common loopholes and issues with a property’s title, but also awareness of some of the less common problems that could arise. In addition, the title insurance company you choose may also be in charge of other aspects of your home closing as well, such as holding your escrow accounts. You will want to leave these important details in the hands of professionals.
Evaluate Their Competency in the Field
Whether you are considering basic title insurance or a more in-depth title search that traces the property’s history all the way back to the very beginning, you should be sure that the title insurance company you select has access to up-to-date technology. This includes using the most recent software to assist in searches and being thorough and comprehensive in their verification. Failure to do so could result in unexpected liens on the property or other issues that may delay or even prevent the purchase of the home entirely.
Look at the Fees and Costs
As you consider the right title insurance policy itself, you will need to take some time to look at your budget and the type of title insurance that you want. Some policies cover only the bare minimum, whereas enhanced title insurance policies can offer more protection with a higher price tag. You may be surprised to know that enhanced insurance is not really much more expensive than the standard policy in many areas, so this is an option worth considering.
Also keep in mind that unlike many other insurance policies—like health insurance and auto insurance, for example—which are paid on a monthly basis, title insurance is paid for in a one-time fee at closing. You do not need to budget title insurance into your monthly payment plan because it will be a singular fee, after which you are protected. Each title insurance policy will also charge a variety of fees in order to open the policy, and these can vary from company to company. Check multiple options in your area to get an idea of the average price you can expect to pay.
Remember That They Are There to Help You
Your title insurance policy is there to protect you, but if a problem of some sort should arise, you will be thankful that you took the time to choose a provider who is actually helpful and responsive. The title insurance company that is right for you will defend themselves using cyber insurance to protect your data from a leak and should make themselves available in a timely manner. This way, if you have any questions about your policy or you need to actually file a claim, you can expect on-time responses that do not keep you waiting.
If the title insurance company that you are considering is not being forthright with their information or it seems difficult to get them to give a straight answer, imagine how this process will play out should an issue with your title actually arise. Good communication, timely work and a willingness to do what it takes to help you succeed are the marks of a good title insurance company.
Trust the Expert Title Insurance Professionals to Assist You in Making the Right Choice
Whether you are not sure whether title insurance is right for you and you would like to find out more or you are ready to commit to a title insurance policy but you are not sure which option would work best in your situation, trust the experts to help you navigate the process.
The professionals at Mathis Title Company understand that for most people, a home is the largest financial commitment they will make, and it should be protected reliably. Reach out to schedule an appointment to ask any questions that you may have or to get started on securing title insurance for your purchase.
