Title Insurance Cost vs. Your Closing Experience
When buying title insurance and considering closing costs vs. experience, what should you focus on most? You may think that since the cost of title insurance is regulated in Florida, you don’t have to consider title insurance costs vs. closing experience when choosing a title company. However, you should not just consider the cost of the policy. When you’re shopping for title insurance, the expertise and experience of the company are vital if you want to prevent avoidable title issues, protect your stake in the new home, and have a professional, engaging and memorable closing experience. You may pay low fees at some companies, but the trade-off between cost and experience is huge. Here’s what you need to know:
Cost of Title Insurance vs. Your Closing ExperienceIf you’re considering the cost of paying additional money for title insurance, wait and read the pros and cons of choosing a low-cost company instead of focusing on a high-quality professional closing experience. When you choose the cheapest title insurance, the pros are:
- You save a little money.
- You feel you’ve received a bargain.
- You can use the money saved for other closing expenses.
- Your personal and financial information may not be secure.
- You don’t get personalized service.
- Many questions and complaints go unanswered.
- Delays usually arise during the closing process.
- You’ll have amazing personalized service.
- All your personal and financial information is secure.
- You can monitor each stage of the transaction through a dedicated online management platform.
- Out-of-state closings are handled smoothly.
- You get detailed explanations for each aspect of the closing process.
- Closing is smooth and hassle-free.
- You’ll be served by a variety of professionals including closing officers, real estate professionals and attorneys.
How to Choose the Right Title CompanyHere are some expert tips for comparing title companies while shopping for title insurance:
- Company Reputation: Read as many online reviews as you can about the company. Check Google and Yelp for honest reviews. It’s also a good idea to explore what real customers have to say by asking for references.
- Privacy and Transparency: Find out if the company follows best practices in handling your personal and financial information. Ask your prospective company if they’ll reveal the results of title searches and other important information to you.
- Explore Their technology: Reputable title companies use portals, secure communication and transaction channels to protect you and your investment. These also save you a lot of time and money if you’re buying a home from outside the state.