Title insurance protects against problems in the title to your property. Mortgage lenders now require all borrowers to buy “mortgagee” title insurance that protects the bank for the full amount of the mortgage in case of title problems (such as Indian claims, unreleased mortgages, forgeries, etc.). An “owners” title policy protects the owner’s equity. Premiums are set by the insurance department and vary depending upon the amount of coverage required. It is paid at closing and is paid only once. However, upon refinancing, the new lender will again require a new mortgagee policy (to be sure there have been no intervening encumbrances). Discounts for the new mortgagee policy at refinancing may be available, depending on when the original title insurance policy was issued. Learn more about title insurance by clicking here.