Currently, that's what happens even if title was recently searched and a policy issued. The bill will be heard in the Senate Insurance Committee on Wednesday, May 7. Assumable title insurance would allow existing owners to refinance, retain their existing title coverage, and update that policy with a recent search and a supplemental policy. In addition, it presents less risk for the title insurer since it covers a shorter period of time, usually back to the most recent sale of the property.
Buyers have the same rights for that coverage period as they do today under a regular policy.
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