Saving on Title Insurance: Tips for Homebuyers
Expert advice on how to get the best deals on title insurance for homebuyers. Get helpful tips to save time and money when buying a home.
Saving on Title Insurance: Tips for Homebuyers
Buying a home is a huge investment, and so, being smart with your money is essential. It's important for homebuyers to understand all the costs associated with their purchase, and one expense homebuyers often don't think of is title insurance. Title insurance is often a mandatory cost during a real estate transaction, so it's important to understand the costs involved so that you can make the best decision in order to save money. Here are some tips to help homebuyers save on title insurance:
Shop Around
The title insurance industry is competitive, and so taking the time to shop around can lead to big savings. Title insurance costs vary depending on the company, so it's important to compare offers and do your research before making a decision.
Bulk Discounts
If you're purchasing more than one property, inquire about buying title insurance in bulk. Most title companies will offer discounts on insurance for multiple properties, so it's worth it to do your due diligence.
Ask About Surplus Protected Policies
Be sure to ask about “surplus protected” policies. These policies are designed to protect homeowners in the event of a title dispute. Homeowners who purchase this type of policy are often entitled to a portion of the settlement that goes to the title insurance company. This means that, in the event of a title dispute, homeowners can recover some of the costs associated with the claim.
Look for Discounts
Many title companies offer discounts to first-time buyers, veterans, and even repeat customers. Do some research to determine if any of these options applies to you.
Apply for Group Insurance
Check with employer, alumni, labor, and professional organizations, as they may offer discounted rates on title insurance for members. If you are eligible for a group insurance plan, you may be able to get discounts of up to 50%.
Conclusion
Title insurance is a necessary expense for all homebuyers. By following these tips, you can help save some money on your title insurance costs. In addition to researching discounts and shopping around, it's also important to understand the specific terms of your policy so that you can make sure it provides the coverage you need.