Title insurance is sometimes costly, but it doesn’t need to be. If you want big savings, there are a number of things you can consider. Here are three of the best options for you to choose from, so you get the insurance you need at an affordable price. These ideas will help you spend less money on title insurance with Metro, and worry less about your house's protection, as well.
1). Shop around to get the right deal
Not all title insurance businesses are created equal. Some companies charge much more for a policy than others, and you might not be getting better service or a higher-quality policy. It's important to understand what the company is offering, and why it's priced a certain way.
2). Ask what you're actually getting
Just like insurance companies aren't the same, policies can have significant differences, as well. Some policies cover the lender, while some cover the owner. Your lender should insist on a policy covering them if you finance your home. Remember, that doesn't protect your investment. It only protects theirs. When buying title insurance, it's vital to find out who it's covering.
3). Understand who pays for the Title Insurance Policy
At Metro Title Associates, we can help you get the right title insurance policy for your needs. In many cases, the buyer pays for the policy that insures the lender (Lender’s Policy). The insurance policy that covers you (Owner’s Policy) is paid by the seller. This is not always the case, however. Check over your contract carefully to ensure you understand who's paying for what. Utilize your real estate agent, too, and let them review details with you. You can save money and headaches by asking questions ahead of time.