If you’ve ever bought a home or commercial real estate property, then you are probably already well-aware of what title insurance is for, what it does and that it’s a requirement as part of the real estate transaction. However, what many people don’t realize is that even though title insurance is a requirement for the lender, there are still ways that you can save money on title insurance premiums. Many of our customers inquire with us on ways to save money on title insurance premiums and here are some simple tips that may help.
Title Insurance Saving Tip #1: Shop Around.
Most buyers don’t realize that insurance providers in several states are allowed to set their own rates, which means that shopping around with different title insurance companies and determine which offer the best rates.
Title Insurance Saving Tip #2: Have the Seller Pay for It.
As with many things in life, real estate transactions are negotiable and with the real estate market still in recovery, it’s really to the buyer’s advantage at this point. Many sellers need to sell the property quickly and you may be able to negotiate that the seller pay for the title insurance premium cost (or perhaps even reducing the sale price to accommodate for this upfront cost).
Title Insurance Saving Tip #3: Negotiate Other Fees.
As we just said, in real estate anything is negotiable. You may be able to negotiate some of the other fees that are tacked on as part of the real estate transaction to effectively off-set the cost of the title insurance premium.
Title Insurance Saving Tip #4: Bundle, Bundle, Bundle.
Many insurance companies will lower premium rates when you bundle multiple policies. If the title insurance companies offers other types of insurance policies that you may have been considering or if you want to take out an owner’s policy, in addition to the lender’s policy, you might be able to get a better rate on something that you may have otherwise not had gotten coverage for or had paid more for going to another insurance company for.
Title Insurance Saving Tip #5: ASK.
This is probably one of the simplest and most obvious tips to follow. Most people are afraid or embarrassed to ask, but sometimes simply just asking for a discount or lowering of a premium can result in some savings. And, better yet, if you combine Tip #1 and Tip #5, you might be able to save the most money and get the best rate by negotiating down the rates by simply asking companies to match or do better than other competitors.
This post has been brought to you by the good folks at Expert Title Insurance Agency, LLC. Expert Title Insurance is one of the leading title insurance companies for both residential and commercial real estate. Based out of New York City, Expert Title Insurance has helped provide numerous real estate owners and homeowners looking to refinance their home loans competitive rates and the best customer service available. Contact Expert Title Insurance today for your free quote. We would love to have you follow us on Facebook.
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