What does owner's title insurance cost?
The one-time payment for owner's title insurance is low relative to the value of your home.
How long am I covered?
Your owner's title insurance policy lasts for as long as you or your heirs own your property.
Is title insurance obligatory?
It is if you are taking out a mortgage to finance your home purchase. All mortgage lenders require title insurance protection for an amount equal to the loan. This coverage lasts until the loan is repaid. As with mortgage insurance, it protects the lender, but you pay the premium, which is a single-payment made upfront.
Why do I need to purchase a new policy when I refinance?
You don't need a new owner's policy, but the lender will require you to purchase a new lender policy. Even if you refinance with the same lender, the existing lender's policy terminates when you pay off the mortgage. The lender is concerned about title issues that may have arisen since you purchased the property, such as a lien, for example. A new title search will uncover the lien, and you would have to pay it off as a condition for the refinance.
Does title insurance guarantee me that I will be able to sell my property if an unforeseen claim arises?
No. Title insurance does not prevent loss of marketability due to a title claim, any more than flood insurance prevents a flood. If a claim arises, you probably won't be able to sell your property until the claim is settled by the title insurer.