What is the difference between a lender’s policy and an owner’s policy?

A lender's title insurance policy protects only the lender's financial interest in the loan, while an owner's policy protects the buyer's own equity and ownership claim to the property for as long as they own it. Most lenders require their own policy as a condition of the loan, but an owner's policy is optional unless the purchase contract or the buyer's attorney recommends it. Without an owner's policy, a buyer has no coverage of their own if a title problem surfaces after closing, even though the lender is protected. Brian Beatty and a buyer's closing attorney can explain both policies before closing on a specific property.