You can choose your title insurance company
Most mortgage lenders will recommend a title insurance company, but the final choice is yours. Unlike other types of insurance, title insurance companies don’t market their products directly to you. They market to real estate agents and agencies, banks, lenders and developers.
How often you have to pay for title insurance
You pay for title insurance once. It's due when you close on your property. The cost is based on the value of the property you're buying. Your coverage starts the day the title insurance company issues it.
Tips for buying title insurance
- Take the time to shop around.
- Contact the title insurance companies you are interested in and compare costs and services. Even a small variation in price can make a difference.
- Make sure the company you select meets your standards and those of your lender.
- Make sure the title policy amount is for the full value of the property.
- Check to see that the policy effective date matches the county auditor's recording time and date.
- The policy must describe all of the property and interests you are buying.
- Many title insurers offer a discount when both a lender and an owner policy are purchased at the same time - also ask if you qualify for other discounts.