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(Pennsylvania Only Article)
Insuring the Past?
Who in their right mind would purchase insurance that with little exception, covers only things in the past? Almost every person who ever buys a home or refinances.
Perhaps the more important question you should ask yourself is: Who in their right mind sells insurance that covers only things in the past? The answer to that question is most likely the name of the title company that you refer all your customers to. How embarrassing! If your customers ever found out that you encouraged them to buy from a company that regularly, without flinching, sells a product that insures them for things that have already happened, they would never do business with you again. Let alone refer their friends or family to you.
But alas, this happens every day, every where. It is a fact that the majority of title insurance companies only sell and issue a title insurance policy that insures events that happened prior to settlement. And when asked to provide the enhanced coverage policy (you know the one that insures things that haven’t happened yet.) they A) have no knowledge that such a thing exists B) know about it but will discourage you from buying it because it is not what they usually do or C) will grudgingly provide it after some argument. Go ahead, call your favorite title company and ask them. But be forewarned. They might disappoint you.
If you would like to know more about the difference between the policy your customers have been getting and the one they could be getting, click here.
Credits:
Cheryl Hartzman
CLT
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