Definition
This is the title insurance policy that protects YOU personally—your equity and ownership. Unlike the lender's policy that expires when the mortgage is paid, your policy lasts forever.
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Unlike the lender's policy which expires when the mortgage is paid off, the owner's title policy remains in effect for as long as the owner or their heirs own the property. It typically costs only slightly more than the lender's policy. Coverage includes defending against title claims at no cost to the owner.
Pro Tip
Always purchase an owner's policy for protection that costs very little more than the lender's policy.
Example
The owner's title policy for $1,800 protected Sarah's $85,000 equity in the home for life and covers legal defense.