With all of the expenses you have to pay for when it comes to purchasing a home, one expense you can't afford to ignore is your deed insurance fees. If you are taking out a mortgage to help you pay for your home, there is one requirement in place that all lenders enforce and that is getting deed insurance. Even though you may feel as if you don't have a reason to get this type of policy, you won't be able to close on your home until you do so. Since the fees and premiums associated with this type of policy can vary greatly, you may want to shop around for a Title Company you can trust.
Just like you shop around for car insurance, you should be willing to do the same when it comes to your home. This type of policy is one of many that will help protect you against any claims or damages that are made against the deed. If you are not buying a brand new home that has never been owned, you can't afford to be without this protection. If there are any liens, damages and claims that are being made against the deed to your property that do not come up before you purchased but show up later on after you become the owner, you are legally protected against them.
You want to choose a Title Company that is willing to assess your situation and provide you with a quote that fits within your budget comfortably. Even though insurance companies are regulated by their respective states, there are still other ways you can get lower fees and rates. It really depends on the type of Title Company you go to and whether or not they value your business. Keep in mind that your lender can put you in contact with a Title Company if you are not sure of whom you should go to. Before you commit to any policies or pay any fees, it is in your best interest to compare what you are being offered up against several other organizations to see who is giving you the most for your money.
Keep in mind that there are different levels of coverage. Those different levels can change the price of your policy drastically. Before you decide that you are not interested or you want to take advantage of a rate, make sure that you read the documents in their entirety. You need to understand what it is that you are paying for. If you are still not sure or don't understand something, ask questions. If you want you can also have a real estate lawyer go over the policy with you in detail so they can better explain what is in your favor and what is not. Even though you don't get to choose if you should get this type of insurance, you do have the choice about who you get it from. Choose your Title Company carefully and your wallet will thank you.