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As long as I have a lender's title insurance policy, I will be protected.

  Many people believe this, but it is not true.  If a title defect is claimed, you may have to hire an attorney to help you fight it.  You stand to lose your equity, as well as all of the incidental money you have put into your home in the process of buying it.  In the event you lose the title fight, a lender's policy won't pay you anything because it only protects the lenders' secured interest.

  An owner's title insurance policy protects you, the Buyer.  On an average, depending on the type of owner's coverage and the difference between your loan amount and your purchase price, it  will cost you between $150.00 and $300.00 to have an owner's title insurance policy written at the time as a lender's policy.