I explain it to my clients as simple as this... you pay for car insurance every year and in most cases your car insurance is more than the title insurance... but which is worth more to you, your home or your car?
Addendum to : ;
Actually, the reason you are required to buy a Mortgage Policy when you refi is because you are buying new coverage for the new lender.
When you bought your home, you took out 2 policies: 1 covering you for as long as you own the property (Owner/Fee Policy) and 1 covering the lender doing the initial purchase mortgage (Mortgage Policy).
The Mortgage Policy is only good for the life of the loan. So once a loan is paid off, the coverage expires since it covered the LENDER'S interest and the loan amt.
When a new loan is obtained, a new policy is issued covering that loan only.
So, when you refinance a home, the reason you are required to buy a new Mortgage Policy is because you are getting a new loan and the lender requires the insurance as part of their underwriting conditions to make sure their interests are protected.
The loan policy does not cover you in any way, only the lender. Your OWNER'S POLICY, a one time fee when you purchased your home, covers you for as long as you own the property.
Hope that makes the issue a little clearer.:When refinancing, you most likely already have in your possession an owners title insurance policy from when you purchased your home. Now you are refinancing and you should not have to pay the full premium on the new lenders policy if you present the title company handling the refinance a copy of that owners title policy. They are obligated, depending on the department of insurance rules pertaining to reissue credit in that state and the amount of time you owned the home to give you what is call a reinsurance or reissue rate on this new lenders policy. Don't get ripped off, make sure you ask about reissue credit!
Also, if you are refinancing with the same lender on the same property for which you already have a mortgage, you may be able to obtain an even bigger credit. After all, they are basically copying most of the existing title policy and all but recent history on the property has already been insured. You also do not have to use the same title company that issued your owners title policy in order to get a reissue credit.
This is the another very good reason to compare companies, title insurance rates, and title insurance related fees before you go to closing and another reason to pick your own title insurance agent long before you incur any fees whatsoever!
A DWAI is a misdemeanor in Colorado. It is a charge that says you are over .05 but under the limit of .08. Where you have to pay the high insurance like a wet wreaks in California. When it should be a crime to charge a person for the high insurance.
yes, i just refinanced and had to pay $900 for a NY state tax stamp
Try to be yourself and get all the stna and charge the insurance company
not sure but that doesnt seem right
It is possible for a theft charge to disqualify you from getting an insurance license.
It is possible for a theft charge to prevent you from getting an insurance license.
what can a landlord charge to move in a California house rental?
Based on current reviews, Pekin Insurance seems to be a relibial insurance company. To see how much money they would charge you would first have to get a quote from the insurance company.
Payment of insurance is nothing but the premium paid towards the insurance policy. The premium amount includes the charge of coverage per unit (for example, the charge of coverage for $1000 might be $10. So, to have an insurance coverage for $10,000 the charge of coverage would be $100) plus the expenses incurred by the insurance company for the policy.
The California Secretary of State.
Yes. There is Aetna Dental insurance available through Aetna. It is available for an additional charge over and above the charge for standard medical coverage.