What is the difference between an Owners Title Policy and a Lenders Title Policy?
A Lender’s policy is required by the Lender to protect the Lender against problems that may not have been uncovered during a title search prior to sale/exchange of property. An Owner’s policy is optional and protects you, the Owner, against problems that may not have been uncovered during a title search prior to sale/exchange of property. It is recommended to have both types of coverage. Title insurance is a ONE TIME charge but the policy protects your interests as long as you own the property.
