Here is a list of tips that you may consider when purchasing title insurance:
- Read your insurance policy carefully to understand exactly the protection you are buying.
- Make sure you understand whether you will need to pay a deductible to make a claim.
- Before you make a final decision, ask about exclusions and exceptions (the items that are not covered).
- Provide your lawyer or the insurance company with everything you know about the property, For example, make sure he or she is told if it has a major amenity, such as a pool, which isn't on a property survey.
- Inform your lawyer at the beginning of the transaction that you wish to purchase title insurance. This insures maximum cost savings and a smoother closing.
- Shop around for the best title insurance policy. Check to see if the title insurance company offers additional value-added features such as resale home warranties, deferral of closing costs, discount coupons on related goods and services, or home closing services as part of its services.
- Check with the insurance regulating bodies to ensure the company meets regulatory standards.
