Washington DC/Baltimore

[Ned_Flanders]

Anybody out there have thoughts on getting the Basic  owner's title insurance versus the "premium/enhanced" owner's policy?

Also, in Maryland, has anyone had personal experience with the following settlement companies?

Federal Title & Escrow

Excalibur Title & Escrow

Colony Title

Definitive Title

I'm wondering if I should just go with the cheapest company if it's all the same.

Thanks!

[RFAddict]

Enhanced protects you in more situations than the basic one does, so it really depends on the type of propoerty and if the extra situations could apply to you.  Ask your attorney what the extra situations are and assess for yourself.

[rachel-musiker]

Here's a link to a page on Federal Title's website comparing the difference between the 2 types of insurance:

http://www.federaltitle.com/consumers/compare-policies

[jimi]

It's also worth asking the seller for their title insurance carrier and policy number.

Then, ask the settlement agent to provide a quote for the "re-issue rate".

In Virginia, the re-issue rate is available if the owner bought the property/title policy within the previous 10 years.  Not sure about Maryland.

[Federal_Title]

Federal Title tops the list of low-cost title insurance companies that work in Maryland. Same holds true for DC. Beyond our affordable prices, we also maintain an A-plus rating with the Better Business Bureau. We have very little staff turnover and take customer service very seriously. I have read a number of e-mails from past clients thanking members of our staff routinely go the extra mile.

While we are known throughout the local real estate community for our REAL Credit discount, which currently rebates up to $1,100 to the homebuyer, we also honor reissue rate discounts on the rare occasions when they amount to a greater savings than our Real Credit can provide.

I have our fearless leader, Todd Ewing, working on a blog series that compares Standard v. Enhanced coverage. So far there two installments, one about land surveys and another about real estate taxes. I would encourage anyone who's trying to decide between coverages to check out his articles.

[adobe]

To me the selling history would play a big role in your decision. If the house has been sold once in thirty years , get the basic. If it has been sold five times in twenty years, it may be worth the extra money for the extra. Obviously the title company wants to sell the enhanced and will steer you in that direction. 

[Brookworld]

I think it depends on whether the property has "add ons".   The title search will disclose public recordings like easements, right of ways, conditions, etc.

I believe a big difference is whether the policy will cover "new" title defects vs. just the ones that existed at the time you bought the property.