To answer the question – Yes, the owner’s title insurance is essential. But do you know what an owner’s title insurance actually is? When you buy a home from an individual, you are given a title or ownership of the property. Owner’s title insurance protects you from any problem which may happen during the transfer of property ownership. If in case a dispute arises during the sale of any property and if you have luckily taken title insurance of the same, then the title insurance company will pay for the legal fees depending on the kind of policy you have got.

Now you must have understood the significance of Title Insurance. If you are planning to insure your property with title insurance, here is the list of questions you need to ask Utah Leading Title Insurance Company:

Are the prices of insurance regulated?

In the United States, the prices of title insurances are regulated. So the cost will not vary much from one title insurance company to the other. Even if the price difference is not much, always choose an insurance company that is willing to do a thorough research of the property before you buy it. Try to find an underwriter who will stick around for the next ten to fifteen years with you to solve your problems regarding a property dispute. Though the actual policy cost is regulated, other expenses like courier fees or wire fees can make your total cost much higher. So while asking the value of the insurance to the company, ask them about the total cost, not just the cost of the policy.

How do I decide about my coverage?

An owner’s policy usually gives protection against contingencies like forgery, fraud, spousal claims, and undisclosed heirs. But if you get additional coverage, then the total cost might increase substantially. Sometimes your lender can get an ARM (adjustable-rate mortgage) which means if your property goes into foreclosure, he will be the first to get paid. So, know about the contingencies in details with the help of a reliable Utah Leading Title Insurance Company before taking out a policy.

Who does pay for the insurance?

There are two kinds of title insurances. One is for the buyer, and the other one is for the lender. Though it varies from state to state in the US, most of the times, the buyer pays for one insurance and the lender pays for the other. Try to buy both of the guarantees from the same company that may increase your chances to get a substantial discount.

Note if the insurance company is the same as the sellers.

If the title insurance company is the same as the sellers, then avoid it at all cost because a title insurance company is meant to do a title search before you buy the property from the seller. If you get insurance from the same company, then you will get the same results your seller got from past so many years. Sometimes they copy-paste those records to save time. Choose a title insurance company on your own without the involvement of your seller.

Who should you trust?

If you are getting simultaneous advice from your seller, money lender and your real estate agent, always take your money lender’s counsel because he is the one who will suffer the most if any problem arises regarding your property. The lender is the one who is investing a large amount of money based on your title insurance. So, he has to make sure that the property is yours. Do not ignore your lender.

How much the owner’s title insurance does one need?

Always check whether the underwriter who is issuing the policy is sound or not. Check the insurance company’s financial solvency, whether it is stable or not through different ratings. Sometimes banks and insurance companies go under. So, if you find that the company from which you are getting the insurance has a good reputation from the past for many years, then you can get big insurance. But Utah’s Leading Title Insurance Company can guarantee you of the money you are going to receive through years of experience and numerous satisfied customers. Do not forget to contact your underwriter to get a copy of your policy because, in some instances, agents issues policies but the consumers didn’t get covered.

Owner’s title insurance lets you be peaceful and happy in the many years to come. You will not have to worry about the previous owners or any financial claims attached to the property you just bought. But, try to get the insurance from Utah’s Leading Title Insurance Company, then you will be sure about the money you will receive in case of any hindrance.

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