1110 - Title Insurance: Owner's Coverage
Owner's coverage also guarantees that your home has no other liens. The difference is that it protects the owner and insures you for the entire value of the property (not just the loan amount). The premiums depend on the property value and range from 0.3% to 0.6%. On purchase transactions, in most states, this coverage is optional and is frequently paid for by the seller. Please contact the Title Company you are using for this transaction to obtain a quote, should you decide to purchase this coverage. Your Loan Consultant can also help you obtain this information. The owner's policy is not necessary in a refinance situation as that policy remains in full force and effect for as long as the owner owns the property.