I've bought title insurance when I bought a new house 10 years ago. Now, I awareness that the title insurance company has quitted and closed business. Does it affect anything? Does it tight-fisted no more insurance coverage to my deed?
Answers: Ray, are you maxim the title company closed, or are you saying the insurer that wrote the policy is no longer surrounded by business? It isn't clear from the information you gave, but here go:
Usually, the title company does not underwrite the policy. You need to check the policy and see if the insurer is out of business--the title company and the insurer are not impossible to tell apart. If you find the insurer is no longer in business, you should contact the insurance department within the state you live in, and find out if these policies be assigned to another insurer. The state insurance department should be able to speak about you whether or not your home is still covered. If the settlement company ( title company) went out of business, but the insurer is still surrounded by business, then you enjoy nothing to verbs about.
That's where on earth I'd start. Good luck.
ps- the other person who wrote an answer is wrong. You don't income on-going premiums for title insurance, it is a one-time payment at settlement of the property.
When they go out of business, those policies would've been bought by someone. You stipulation to find out who the premium is sent to. Your mortgage holder will have that information.
Answers: Ray, are you maxim the title company closed, or are you saying the insurer that wrote the policy is no longer surrounded by business? It isn't clear from the information you gave, but here go:
Usually, the title company does not underwrite the policy. You need to check the policy and see if the insurer is out of business--the title company and the insurer are not impossible to tell apart. If you find the insurer is no longer in business, you should contact the insurance department within the state you live in, and find out if these policies be assigned to another insurer. The state insurance department should be able to speak about you whether or not your home is still covered. If the settlement company ( title company) went out of business, but the insurer is still surrounded by business, then you enjoy nothing to verbs about.
That's where on earth I'd start. Good luck.
ps- the other person who wrote an answer is wrong. You don't income on-going premiums for title insurance, it is a one-time payment at settlement of the property.
When they go out of business, those policies would've been bought by someone. You stipulation to find out who the premium is sent to. Your mortgage holder will have that information.