I already bought a lenders title insurance policy. Wouldn’t this provide indirect protection for me?

No, it wouldn't.

The lenders title insurance policy will protect the interests of the lender. Meaning, if a claim came up and causes a loss on the part of the lender, the insurance company will cover that loss. The policy will not pay for your losses.

The only indirect benefit you will have is that the insurance company will have had conducted a title search before it issued the lenders title insurance policy. But there may be problems with the title that will not be detected even with a thorough title search.

Thus, we recommend that you buy the owners title insurance for your own protection and peace of mind.

• I am refinancing my mortgage. Do I need to purchase a new title insurance policy?
• Do I need extended title insurance coverage for bare land?
• Is there a way for me to save on my title insurance fees?
• At what instances should I get extended coverage on title insurance?
• What value does a real estate lawyer add on top of title insurance?