An owner's policy provides assureance that your title company will stand behind you monetarily and with legal defense if needed. Receiving an Owner's Title Insurance Policy should be a standard part of closing. Purchasing an "expanded" coverage policy has more coverage which included events AFTER purchase is made. Rights to purchase owner's coverage should not be waived by third parties, as recent court cases have attacked parties recommending waivers for clients. Other closing fees may be waived - don't waive coverage for a client, let us change or reduce other fees.
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