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Choosing the Best: Top Tips for Evaluating Title Insurance Companies

Monday, December 21, 2020

Have you just purchased a home and are looking for a good title insurance company to invest in? Perhaps you've been burned by one in the past and are looking to make the same mistake. If so, then you need to learn about how to evaluate title insurance companies.

Doing so can help you find the right fit for your needs. Some title insurance companies claim to offer many benefits, but eat their words when the going gets tough.

You need someone that has your best interests in mind. See below for an in-depth guide on how to pick the right title insurance company for your needs.

1. References and Online Reviews

Wouldn't it be nice if you could catch a glimpse of what it's like to work with a title insurance company before you invest in their service? It would help you make a more informed and confident decision on the title insurance provider you choose.

Fortunately, in this ever-growing digital world, you're able to do just that by looking at online reviews.

These reviews have been posted by the previous and current clientele of the service you're looking into. They're either trying to encourage people to use the title insurance company or deter them from it.

Make sure to pay more attention to the comments section than the ratings, as anyone can quickly click a star rating or leave a one-sentence comment to juke the stats. 

Look into the comments with the most substance. What are their thoughts on the service they received? Did the title insurance try to low-ball them? Were they helpful and informational during the process?

Whether you're the seller or the buyer, you deserve to find a trusted title insurance company that has your best interests in mind. Use the online reviews as your guide.

2. Do They Offer a Choice?

You shouldn't be forced to pay for a policy you didn't get to choose. Some of you out there want the bare minimum coverage to appease the rule that requires you to have it when you buy or sell a title. 

Others of you want as much coverage as possible to protect yourself from any situation that you come across in a worst-case scenario.

The choice should be yours. Find a title insurance company that allows you to choose your policy.

Think through the things that you want coverage on. For example, do you want coverage from forced removal? Subdivision laws? Lifetime insurance coverage? Encroachment on your property's boundaries? 

Heartland's enhanced coverage protects you from all those situations and more. It will pay rent on substitute land in emergencies. It can protect you from post-policy forgery, discriminatory covenants, and so much more.

3. Are They Responsive?

Imagine experiencing an issue with your title, then not being able to get in contact with your title insurance provider. You've been paying premiums all this time just to have them not pick up when you call.

You need to find a title insurance company that is responsive and prioritizes customer service. If you send them an email, they email you right back. If you call, they pick up or call back as soon as they can after you leave a voicemail.

Fortunately, you can gauge a company's responsiveness early on when you first reach out to inquire. How long does it take them to get back to your inquiry? Do they take the time to answer your questions or are they trying to rush the conversation?

As you talk with them, ask them to tell you a story or two about how they were able to help their clients with a title issue. Do they see any potential risks with your current title? How can they ensure that they'll be quick to respond to your needs?

4. Are They Local?

Proximity is always key when you're considering a title insurance company. If you go with one of the big companies, you could be waiting up to a day (or more) before hearing back from them.

By hiring someone that's within your area, you'll have more confidence that you've invested in a company that truly is an expert at local title issues.

They can help guide you on both federal, state, and local regulations that can protect you from any situation, and compensate you accordingly as well.

Any time that you have a question or a concern, they'll be there to answer it. No need for them to place you on hold to quickly find an answer, they already know it like the back of their hand!

5. Are They Cost-Friendly?

Title insurance is a vital piece to the puzzle. You don't want to merely buy the cheapest coverage you can find. In doing so, you risk not having any protection if a title issue occurs. 

Instead, take the time to find a provider that gives you the highest return on your investment. 

This goes back to the earlier point of finding someone that lets you choose the coverage you pay for. A reputable title insurance company will let you decide how much coverage you want while offering it at a reasonable rate.

Find the Best Title Insurance Companies in Your Area

Now that you have seen an in-depth guide highlighting the top tips of what to look for in title insurance companies, you must use this list wisely.

Be sure to visit this page to learn more about what Heartland Abstract offers and how you can choose between our standard and enhanced policies.

For more inquiries, please be sure to reach out via our contact us page and we will be happy to assist you further.

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