Purchasing an Owner's Policy
You might not know this, but the title insurance lender’s policy your bank requires you to buy before funding the mortgage isn’t the same thing as the optional title insurance owner’s policy your real estate agent is recommending you buy to protect your investment. With so many mandatory fees and additional charges required to close on a home, you may be tempted to pass on other optional closing costs, like an owner’s policy. However, before you turn down this option, the title processors at Riverside Abstract, a title insurance company, stress how important it is to know that the lender’s policy only protects the lender. That means that without an owner’s policy, your financial investment in your home is at risk. Riverside Abstract’s real estate attorneys with experience in homeowner's insurance can explain the difference between an owner's policy and a lender’s policy, ultimately helping you make the right decisions.