Buying a home in Washington DC, Maryland, or Northern Virginia comes with closing costs beyond your down payment. One potential way to lower those costs is to ask about a reissue rate on your owner’s title insurance policy.

Owner’s title insurance is optional, while lender’s title insurance is generally required when you finance a home purchase with a mortgage. The lender’s policy protects the lender, while an owner’s policy protects your ownership interest. If you are leaning toward purchasing optional owner’s coverage, checking whether the seller’s existing policy qualifies you for a reissue rate could be a good way to save money. Source

The question is simple: Does the seller have an existing owner’s title insurance policy that qualifies me for a discounted premium on my new policy?

DC’s insurance regulator specifically recommends asking about this opportunity and notes that a reissue rate can save hundreds of dollars in closing costs. Depending on the circumstances, it may even save thousands. Source Read More