Would you purchase car insurance from a lawyer or real estate agent? Hopefully, not. Title insurance brokers are licensed professionals who will always be there to assist you in the event you have to file a claim. Lawyers and real estate agents, on the other hand, are basically looking for a one time referral fee for writing the policy. In addition, they will not be able to assist you or offer any advice if you do have to file a claim. Whereas, a licensed insurance broker can answer questions about the coverage and legally give you advice about purchasing insurance. Conversely, unlicensed providers have limited product knowledge and legally cannot offer advice about purchasing insurance products. It should also be mentioned that if a lawyer or real estate agent who are unlicensed providers and make an error in arranging your insurance, you could be left without protection. With a licensed insurance broker, however, if an error is made they are required by law to have errors and omissions insurance specific to arranging insurance policies for you, the consumer. As a new homeowner, it is important to ensure you are dealing with licensed brokers who are knowledgeable and can offer information you cannot find anywhere else. While unlicensed providers are only in it for the referrals they can retain, a professional broker will spend all the time necessary to ensure you understand everything there is to know about title insurance. With mortgage fraud currently costing hundreds of millions of dollars for the industry, buyer beware is no longer a cliché, but a concern for all homeowners and first-time buyers. Unlicensed providers do not have the knowledge or legal authority to assist you if something happens to your property either by identity theft or fraud. Every day, there could be an unscrupulous character that may check out your home and make a claim of ownership. So too, buying title insurance from those who are not licensed but will use your name to write a policy is just as an unscrupulous and can cost you quite a bit of money in the long run.
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