World Magazine 2024
It happened to everyone that we folded some documents that we urgently needed. At that moment, it seems to us that nothing can be done about it, but be patient. Even when it comes to insurance policies, there is always hope of issuing a copy.
Title Insurance is a document that protects the property owner or lender, not from future property damage, but from the damage they could suffer due to defects, mortgages or any encumbrances on the property they own. Just imagine that you have finally bought your dream house. Just as you have settled in and set out to enjoy your accomplishment, the news arrives that the previous owner has left large tax debts. This is the moment where this policy comes into force, which protects you from things like this to happen. Most insurance protects against future, potential damages that may occur. Title Insurance protects you from unpleasant events that may have happened in the past.
Not a rare situation is that you made this policy when you bought the property, but unfortunately you cannot find it. Maybe now you want to sell a house or an apartment and the insurance policy doesn’t exist at all. Don’t despair! Getting a copy of this policy is a fairly simple process.
If you are one of those who have experienced this situation, here are some tips on where to look for your policy:
Table of Contents
1. Contact an agent or a lawyer
The insurance policy you lost is not gone forever. Most likely, a copy of it can be given to you by your agent who conducted this transaction or a real estate lawyer. However, this is not a safe path. If the transaction was recent, the problem is resolved. It is very easy for the agent who led the transaction to issue you a copy. We need basic information such as names and surnames and residential addresses. But what if the transaction was a long time ago? In that case, there is little chance that you can find a solution to your problem from here. Agents usually do not have the archival capacity to store all data for decades. Still, there is a chance. So, step number one is: contact the agent or lawyer who was in charge of this transaction. If they don’t have a solution to your problem, that’s not the end. We continue our search.
2. Contact the insurance company
If your lawyer or agent can’t find the policy, it’s time to contact the insurance company. Of course, if you remember which insurance company it was. You need to provide basic information to get a copy. If the policy was issued a long time ago, the basic data may not be enough for you. You need to have stronger proof with the transaction data.
Another relieving circumstance that can help you get a copy of your policy is the accompanying documents. To get this policy, you need a large number of supporting documents, which later, if you happen to lose the original, can be an easier way to issue a copy. The accompanying paperwork includes: ALTA statement, HUD-1 settlement statement, final announcement. Each of these documents contains detailed information of all parties who participated in the creation of the property insurance policy and the transaction itself.
Besides this paperwork, a title search preliminary report or title insurance commitment document can also be helpful. These documents can also help you get a copy of your policy as soon as possible. Given the importance of storing and archiving data, you must work with a reputable and serious insurance company. Always choose verified high-capacity insurance companies, so you can always be sure that you can get copies of your documents.
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3. Lender assistance
If neither the agent nor the lawyer can help you, that you have forgotten after a long period which insurance company you worked with or they simply cannot help you because you do not have a single supporting document, there is still hope that you can find your insurance policy. The person who can help you in this case as well as the lender. This person had to buy a loan insurance policy in the process of issuing the loan. So his documents can be of great help to you. Also, a copy of your final form should always be at hand to your lender. This will be enough to get the name of the insurance company and all the necessary details based on which you can get a copy of the policy that is necessary for you.
What is your next move when you find a copy of the policy?
If you are trying so hard to find your title insurance policy, we are sure that you didn’t waste your time just like that, and that there is a very strong reason for this search. Many people remember their policies when they want to sell the current property or buy a new one. And then a problem arises. In the pile of paperwork, we have exactly the ones you need to qualify. Searching for a policy can only be the beginning of a long process that you embark on. So arm yourself with patience and don’t lose hope at the very beginning. Besides this paper, a huge pile of paperwork awaits you.
When you finally find what you were looking for, remember how much effort it took to find it. That’s why it’s smarter to keep and take care of important documents. Although you managed to make a copy, why would you make another one, right? Keep your documents in a safe place. It would be best to designate one place to archive your documents. All in one place, so you don’t have to search all over the house. Today, you have a large number of home archives on the market that you can buy and make a place on your shelf or next to your desk, intended only for storing documents. Also, the more important the documents are, the safer we keep them. Therefore, a strongbox can be used for this purpose.
Another way you can store your documents is to digitize them. This is one way of storing documents without usurping your physical space. However, you must be aware that documents cannot be stored in this way for decades, so think in advance and organize your documents on time.
