Some title companies are now advertising online title insurance services. This means you can order title insurance online from the comfort of your living room. But is this a wise and safe practice? What are the risks involved in trying to buy title insurance and get an online title insurance quote without any real human interaction? Are the title fee calculators and savings touted on these websites safe and reliable?
Here are some answers to these and other vital questions about buying title insurance.
Why You Should Not Buy Title Insurance Online
Buying title insurance online may seem like an easy and convenient alternative to visiting a local office and interacting with professionals. But the following risks involved could outweigh the benefits of convenience:
- Unprotected Personal Information: When you buy title insurance, you’ll have to complete forms that contain vital personal and financial information. This information must not be handed to people you can’t trust because of the risk of allowing your personal data and financial records to fall into the hands of hackers. While most title and escrow companies now use technology and digital platforms to enhance communication, they’re well secured and protected from public access.
- Technical Verification Is Required: To use any website for buying title insurance, you must provide verification of your identity. Hackers can easily clone a famous company’s website and use it to collect sensitive information that can be used to defraud you in the future.
- Online Transaction Apps Can Be Compromised: Security experts have revealed how easy it is to take a mobile app and reverse engineer it for altering it. This altered app can then be re-uploaded to app distribution servers. When this happens, unsuspecting clients can download this app through automatic updates. Then, their account details, usernames, passwords and other details may be collected and used by hackers on the company’s servers.
So, what should you do about ads that sell title insurance online?
Not all ads are fraudulent, and you should do your research before you respond to any of them. But more importantly, you need to work with reputable title companies that have built a solid reputation over many years with many online reviews and references.
Relying on an Online Title Insurance Rate Calculator Is Risky
Some companies offer online calculators to calculate rates for closing costs and title insurance. While these tools look like useful widgets, you cannot rely on them.
If you’re a new home buyer, you’ll know very little about the way title insurance and closing fees are calculated. This leaves a lot of room for fraud and manipulation.
It’s better to come to an experienced and reputable professional title company like Title Partners of South Florida, where you can sit with a title or escrow officer that’ll explain all the details about title insurance. Then, you’ll understand how we arrived at the figures in your quote.
Benefits of Partnering With Title Partners of South Florida
When you trust us for your title insurance, you’ll receive the following benefits:
- Security: We do everything necessary to make sure all your personal and financial details are kept private and secure. This includes providing very secure channels online and providing a secure environment in our local office to keep all sensitive documents.
- Compliance With Best Practices: When you partner with us, you can rest assured that we’re complying with all the rules of the American Land Title Association and the Consumer Financial Protection Bureau.
- Excellent Transaction Management Platform: We use state-of-the-art online and mobile platforms for managing communication between all the parties involved in the closing process.
- A Unique Closing Experience: We offer more than title insurance. We provide a professional, engaging and memorable closing experience.
Get a Quote for Title Insurance Today
Give us a call now at 954-566-6000 for a free consultation. You can also visit our title insurance quote page to provide the details we need to get the ball rolling for you.