Often, lenders will encourage you to purchase insurance from someone they recommend. However, that’s not going to get you the best rates. Do your research and look for a title insurance company in New Jersey, for instance, that will offer the lowest rates. You’ll be surprised how many companies will sell title insurance at a much lower cost than what the lender recommends.
Ask for a reissue rate
If a policy was issued for the title sometime during the past 10 years, you could qualify for a reissue rate, which is often 40% of the original premium price. A reissue rate allows you to pay for lower insurance costs, as the previous policy already provides coverage for any claims that may arise from events prior to your home ownership.
Negotiate the add-on fees
Title insurance may come with extra fees. You’ll also have to pay for title searches, copy fees, and courier charges, but anything is negotiable these days. Call your insurance provider and see if they can waive the fees for these expenses. Otherwise, you can always look for another title company who is willing to do that for you.
Ask for a simultaneous issue rate
You will need a title insurance to protect yourself, but your lender will also require coverage for them. If you buy owner’s insurance and lender’s insurance at the same time, it is possible to get a discount for having both insurance policies issued simultaneously