Homeowners Title Insurance/Costs Standard?

Address the “tips”:

1.”The choice of which title insurance company to select is yours, so contact more than one title insurance company to compare costs. ” – This is true, however in most states, the cost of the insurance is set, the only thing to negotiate is prep-fees, searcher fees and other extras added by the title company.

2.”If the property you are purchasing has been re-sold in the last 5 years check to see if the title insurance company will offer you a discounted rate. ” – Almost true – if your doing a refinancing within 5 years, there is a reissue rate for the owners policy. Does not apply for new purchases.

3.”Are you a first-time home buyer? Then you may be eligible for an additional discount. “- Never heard of this.

4.”See if the property insurance company you are selecting offers title insurance in order to get a better rate.” – Never heard of this, this is really apples and oranges, P&C is a different animal and unrelated to title insurance. Besides, the title underwriting companies are different entities than the P&C insurance companies – why would you get a discount? This would violate most states insurance laws concerning discounting.

5.”As the property buyer, your title insurance should be for the full purchase price of the property.” – True, you could try to get by for the financed amount, but may as well pay the full thing.