If I have to get title insurance for my lender, why isn’t that good enough?

Updated March 13, 2023.

The type of title insurance required by your lender is different from the type of insurance you would obtain for yourself. The insurance required by your lender (called a “Mortgagee Policy”) protects only the lender and provides no protection to the buyer (even though the buyer pays for the policy). The policy obtained by a buyer (called an “Owner’s Policy” or “Fee Policy”, referring not to the cost for the policy but the nature of the ownership of the land) protects the buyer. Fortunately, if you need to provide your lender with a Mortgagee Policy, you do not need to buy an entirely separate Owner’s Policy. Instead, for an increase in the premium (but far less than the cost of two separate policies), the title insurance company will provide a policy that will protect both the lender and the buyer.

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