owners policy: Why are there separate title policies for owners and lenders? - 08/22/10 03:26 AM
There are two types of title insurance: owner's title insurance, called an Owner's Policy, and lender's title insurance, called a Loan Policy. Most lenders require a Loan Policy when they issue you a loan. The Loan Policy is usually based on the dollar amount of your loan. It only protects the lender's interests in the property should a problem with the title arise. It does not protect the buyer. The policy amount decreases as you pay down your loan and eventually disappears as the loan is paid off. An Owner's Policy is usually issued in the amount of the real estate … (3 comments)

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