Being insured nowadays is no longer considered a luxury. In fact, it’s a necessity, because 2024 showed us how unpredictable life can get at certain times. People nowadays ensure different things of materialistic value, such as cars, real-estate property, and, some even ensure parts of their body.
Insurance companies are making a lot of money, but not all of them. People tend to choose the ones which are considered to be more reputable and with a lot of experience under their belts. It’s not easy to make the right choice whatsoever, since every insurance agency nowadays advertises as the best one there is.
If you are currently looking to make a choice, and you are unable to recognize whether the company you’re eyeing out is worth it or not, we’re here to help you. These are six things all good title insurance companies have in common, so without any further ado let’s take a look at what you need to know.
1. An honest list of user-reviews on their website
Most companies hide the user reviews or don’t even have a section for them dedicated on their website. This is to prevent other potential customers to feel discouraged by a negative review and end up choosing another company. But, although it sounds like a good business “trick”, it’s not what honest and reputable companies do. If you notice that an insurance company does this it’s kind of a red flag. If they can’t be honest with their customers how can you expect them to be honest with you, a new customer?
Trustpilot and other similar websites can give you the best picture because they are independent and the owners of the company have no ability to filter out reviews.
2. Many years of experience under their belt
What makes a company “good” at what they are doing is obviously the amount of experience they have under their belt. If they weren’t operating as they should they wouldn’t have existed for so long, it’s simple as that. But, this doesn’t mean you should value the underdogs less. There are a lot of good companies out there that are new on the market, but keep this in mind just in case.
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A good title insurance company should be able to get the job done without any hiccups. Smooth and fast. According to Forbes, the key elements that make an insurance company stand out from others are a well-coordinated transaction and remarkable customer service.
3. Open communication and transparency with their clients
We already mentioned the importance of transparency in the section above where we talked about reviews, but there’s more to that. A reputable and top-quality insurance company will allow its customers to call at any time (during working hours of course) and ask for any information. The staff should be friendly and well-informing. No hidden costs should appear out of nowhere as well, which is one thing that lowers the reputation of a company the most.
4. Availability at all times
Availability during a global pandemic is not the best side for most companies. However, in the world of real estate and title transferring you don’t have much time. Sometimes things happen overnight and you’ll obviously choose the one company that is available at that time over one that isn’t. From the very first call you’ll notice whether it’s the right company or not, depending on how interested they’ll sound when you explain your situation.
If they find a person to get on your case instantly and they are welcoming and helpful, you’ve probably made the right choice. But, keep the rest of the things we listed here in mind as well.
5. Competitive but not dirt-cheap prices
Obviously, more reputable companies will have higher prices but they should still be somewhat competitive. A good company will know where the price limits are. You want to be affordable but still show that you are above the competition. Once again, we’re not bashing on the underdogs but usually the price is what determines the quality.
Nothing wrong with cheap prices though. If you manage to find a company with quality service for an affordable price then you’ve hit the jackpot. These companies charge based on the amount of research they do on your property. So, if they are dedicated enough and this lasts for a long time, it means they are working hard to analyze the case. If they’re working hard then your money ends up in the right hands, so there’s nothing to worry about.
6. At least one free consulting session
Top-tier companies know how important a free consulting session can be for their customers, and they know how to keep their customers close by implementing these sessions in the right time. This isn’t really a make it or break it kind of a scenario but it’s a sign that a company has a lot of experience and the employees know what they’re doing. It’s just a nice extra.
Numerous things can happen during the ownership transfer, and you don’t want to risk any shenanigans, especially not if the properties are worth a lot of money. The point of such an insurance, just like any other insurance, is to prevent a financial loss that may happen due to defects or invalidity in the process of transferring a title.
Since there are a lot of companies out there that you can choose from, it’s difficult to make the right decision without any previous experience. Thankfully, we listed everything you need to know in the content above, so make sure to check it out. As always, stay safe and thank you for reading.