YOU ASK:

Is there a way for me to save on my title insurance fees?

WE ANSWER:

One way of saving on insurance fees, some say, would be to do away with the coverage altogether and hope for the best. But, to us, this is not only an unwise move, but may also cost you more in the long run, particularly if you are faced with a claim on your property. Even if the title is pronounced "clean" of these claims, you will still need to pay to mount a legal defense in order to protect your interests in the property.

To save on title insurance fees, don't just rely on the title insurance company recommended by your realtor. Usually, these earn commissions or special benefits because of the referral they made. If you can shop around and compare title insurance fees, you will find the best deal that will suit your needs as well as your budget.

Now, if you already have title insurance and are thinking about refinancing the mortgage of your home, it is best to buy the title insurance from the same company where you bought the policy that covered the property. This is because the rates that will be used will be "reissue" rates, which are around 40% to 60% cheaper than the rates for a new title insurance policy.

Since a title check has already been undergone to see if there are any problems with the title before you bought the property, the only thing that the insurance company needs to do would be to check if there are any changes on the title and its particulars during the time you were covered by the previous policy.

You should also check to see if insurance premiums in your state are being regulated by the government. With this, the insurance company is not allowed to raise or decrease premiums.

You can also work with an agent. Most of these are able to provide title insurance policies at very competitive prices.

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