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5 Necessary Questions to Ask a Title Insurance Company

Monday, September 27, 2021

Buying a home is one of the biggest investments you can make. Whether it's your first home, getting more space, or finding a place to stay in the summer, you need to protect it. 

Title Insurance is a way for homebuyers to protect themselves against any losses caused by things that happened to the property before you bought it. For example, if there was a filing error that calls into question your ownership of the property, title insurance can protect you. 

Working with a Title Insurance company can seem stressful. Here are 5 of the most important questions to ask a Title Insurance Company when purchasing a title insurance plan. 

1. Is the Title Insurance Company Locally Owned?

Working with a local company always has great benefits. When you work with a local business, you help stimulate the local economy

Local Title Insurance Companies will have a better understanding of the local housing market. Companies with a better understanding of the market will know what to look out for when processing Title Insurance Claims. 

When everything happens locally, you don't have to worry about being on hold for long periods of time. You can work with someone in your time zone and get clear answers the first time. 

2. What are Your Home Title Insurance Rates? 

Depending on what state you live in, your title insurance rates will be set by the state. This means every company will sell you insurance at the same rate. But, it's important to ask anyway, just in case your state does not regulate title insurance rates. 

When you ask this question, you can also ask if the company has any hidden fees that might show up later. This question can help if you're shopping around with different companies.

3. Are You a Neutral Party? 

You have two main title insurance options: Local or a bigger business.

If your title insurance company is owned by a larger company, this can cause a possible conflict of interest. Working with an independent insurance company that works on neutral ground is the best way to protect your money. 

4. Will You Protect My Money? 

You work hard to earn your money. Working with a company that will do everything to protect it is ideal. Competent companies will not make mistakes that can risk your investments. 

When you ask how your money is protected, ask what safeguards the company has in place. A company that is open to explaining how your money is protected is a company that you can trust. 

5. How Much Experience Does Your Company Have? 

While it never hurts to be the first opportunity for a company, title insurance is an investment you want to be done right. Asking how long a company has been working with title insurance can clarify if they know what they're doing. 

If possible, ask about past clients or claim examples. This will help you gauge how long their claims take, success rates, and experience level. 

Work With a Title Insurance Company You Can Trust

You are now armed with five of the most important questions to ask a Title Insurance Company. You're ready to protect your investment. 

If you live in Pennsylvania and want to work with a reliable, local company, reach out to Heartland Abstract. They can walk you through everything you need to know about Title insurance and get you on the right track. 

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