Title insurance is a very specific, and in some ways unique, insurance product. Not every agent will be comfortable with this kind of policy. Therefore, it is vital that any homebuyer looking for title insurance use an agent or broker who is knowledgeable about title insurance policies, and how they are used and regulated in that state. In many cases, that may mean going to a specialty agent or broker who focuses on title insurance and related products. Keep in mind that other types of professionals – such as attorneys, real estate agents, and some bankers – may also sell title insurance, or have colleagues who do.
Are any discounts available?
In some cases, discounts can be available on title insurance policies if the property in question was insured recently. Called a reissue
rate, this discounted rate can apply to home mortgage refinances. In some cases, title insurance companies may offer discounts if a homebuyer purchases both a lender’s and an owner’s title insurance policy from the same company when the property is bought, because the costs of researching and recording the property can be shared. Any consumer buying insurance should always ask about discounts because they can lower the price of a policy substantially.
What is your customer complaint rate?
Because the strength of title insurance is that it provides coverage for many years – as long as an owner or his or her heirs retain an interest in the property, in some cases, or as long as the life of the loan – it is important for consumers to make sure they are getting insurance from a reputable company. One way to determine a company’s reputation is through the customer complaint rate. Any homebuyer researching title insurance should be sure to get information about how happy customers have been with the company or the agency selling the insurance. How quickly were claims paid? Were there any disputes, and how were they resolved? A company with strong customer service will have a lower complaint rate and a better reputation.
