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Owner’s Title Insurance vs. Lender’s Title Insurance -What Exactly Are These Two Types of Insurance?

In simple terms, an owner’s title insurance protects the owner from claims against the title that predate the purchase of the property. A lender’s title insurance, also called a loan policy, protects the lender. This is the main difference between the two titles and in many instances, the coverage that is provided by both are outlined the same.

The owner's title insurance is purchased as a one-time fee during your closing and is in effect for as long as you have an interest in the property. It will protect you against losing your equity and your right to live in the home if a claim occurs after the purchase.

Some concerns an owner’s title insurance can protect you against include:

  • Conflicting ownership claims

  • Forgery and/or fraud

  • Outstanding liens, lawsuits, and other strains against the property that nullify the seller’s claim

  • Incorrect or inconsistent records

  • Unidentified easements or other agreements that may limit the usage or decrease the value of the property

Have questions or want to learn more specifics for your situation? Give us a call at 732-359-9000.

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