Title insurance is a policy you purchase when you buy a new building or piece of property. It protects you against disputes about the ownership of the property or any other hidden problems with your deed.
It can help you avoid the financial losses associated with the possible issues with a deed. This includes information on your deed that is inaccurate, mortgage fraud, debts attached to the property (such as liens) and property use considerations such as easements and encroachments.
Title insurance can be an invaluable part of the home-buying process. But there are many title companies with a variety of policy types, so which one should you choose? The following qualities will show you how to shop for title insurance.
A Local Company
One important element of choosing a title company is that they are local. A local company will know the area making it easier for them to locate information and understand the context and nuances of what they uncover about any situation.
Of the local companies, look for a local company that is tied to the community. They will be a company that wants what is best for everyone involved, which should make you more comfortable trusting them with your property. They will also be more familiar with some of the most common claims in your area and know, for example, whether zoning issues are a regular problem in your town.
A History Of Success In Title Claims
You should also look for a company that has established itself as having quality, dependable service. A history of success means that if an issue arises with your title, you can be confident that the people assisting you with your case can obtain a favorable resolution.
Title insurance, as with other types of insurance policies, works on the premise that everyone who has a policy pays a premium that is held by the insurer. Thus, choosing a reputable company that has the finances to pay out on claims made by their clients is critical for your protection. A successful company will have a history of navigating claims in favor of its clients and covering damages when problems do arise.
Comprehensive Coverage That Spans Multiple Types Of Troubles
As with any insurance purchase, you want to make sure that you are protected against as many possible misfortunes as possible. Since there are so many unexpected problems that could potentially appear regarding your ownership of your property, finding a company that regularly manages many will allow you to trust in their expertise if something does go wrong.
Most title insurance claims will be for problems involving a dispute over who owns the home. This can occur if a previously unknown heir appears and makes a claim to the property. This can also occur if formerly undisclosed liens are discovered for which the new owner would be responsible.
Not all title insurance companies will offer all services, therefore research any prospective company before committing. Some will only offer basic policies, while others will provide you with the option to add riders for less commonly covered situations such as easement disputes and zoning or border issues.
Costs And Rates
Another consideration when looking for title insurance is the cost of policies at various companies. Determine which company offers the best coverage for the price. You should also take into account what other extra services are offered, including closing and document preparation. The lowest priced option may not necessarily be the best one; be sure to review the coverage policy carefully for what is, and what is not, included.
Agents That Are Widely Reachable So That Claims Are Processed Quickly
If you find yourself with an issue with your title, it is best to have an insurance company that can quickly and efficiently settle disputes to maintain ownership and eliminate resulting financial hardships. If a company has a sufficient number of agents and they are easy to contact, your claim process will be more streamlined.
A Company That Works With Each Person To Meet Their Specific Needs
Finally, you should look for a company that will personalize your policy with you. A good title insurance company will help you through the process of selecting a policy by determining what type of coverage your specific situation requires.
Trust The Professionals To Help You Choose The Right Coverage
Determining what type and how much title insurance coverage you need may feel overwhelming, especially when you are managing the other settlement paperwork involved in buying a property. The experts at Mathis Title Company will help to keep your purchase secure by guiding you to make an informed decision about title insurance. Contact our experienced team to learn more or to schedule an appointment to get started.
