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TItle insurance covers you if some long-forgotten ex-spouse or the seller comes forth claiming that someone forged her signature of the deed. Lender policy only concern over the property extends only to the amount of money you owe and it protects against unpaid real estate taxes or other liens on the title.  As you pay off the mortgage, the amount of title-insurance coverage under the lender's policy will decline. With an owner's policy you're covered for the value of the property and coverage endures as long as you own it. Standard policies generally cover threats to the title that occur before you buy the property. Title insurers now are offering enhanced policies that cover homeowners for a number of threats to their title that could arise in the years after the purchase. For example, if someone were to forge your signature on a deed or illegitimately place a lien against your property; if you were forced to remove a fence because it was built on the wrong side of the property line; or if you found yourself with a clouded title because some failed to record release of an old lien when you refinanced a mortgage. When you ask for a price quotes from settlement agents or title companies, ask whether the premium is for a standard or enhanced policy.

Whenever you buy a home or refinance a mortgage ask for a discounted "reissue rate" on the new policy. You do not need a new owner's policy if you bought one before, that old policy remains in effect and the "reissue" discount could save about 30 percent on the lender's coverage,  if the old policy was taken out less than 10 years ago.