Title insurance can be costly, but there are ways you can save money. If you want big savings, there are lots of things to consider. Here are three of the best options, so you can get the insurance you need at a fair price.
1). Shop around for the right deal
Not all title insurance businesses are equal. Some companies charge more for a policy than others, and you might not get better service or a higher-quality policy. It's important to understand what a company is offering, and why it's priced the way it is.
2). Ask what you're really getting
Just like insurance companies aren't the same, policies have differences, too. Some policies cover the lender, while others cover the buyer. Your lender may insist on a policy covering them if you finance. Remember, that doesn't protect your investment. When buying title insurance, it's important to find out who it's covering.
3). Understand who pays Title Insurance
At Metro Title & Escrow, we can help you get good title insurance for your needs. In many cases, the buyer pays the policy that insures the lender (Lender’s Policy). The insurance policy that will cover you (Owner’s Policy) is paid for by the seller. Check your contract carefully to ensure you understand who's paying for which policies. Utilize your real estate agent, and let them review the details with you, too.
