"My husband and I bought a piece of property in November 2001, and had to buy title insurance. We began building in December 2003 and we had to purchase a new policy in connection with our construction loan. Now we are near completion and getting ready to convert the construction loan to a permanent loan and again we are being told we need title insurance. That will make three policies with premiums totaling about $9,000 in less than three years. Is this really necessary?" The way the system works, three policies are necessary, but you should be getting substantial discounts because of the short time periods involved. A lender policy is not transferable. Hence, when you pay off one mortgage and take out another, the new lender wants a policy covering him. Even if the new lender is the same as the old one, that lender is going to want protection for the period since the previous policy. Title insurance insures against events that might prejudice your title to the property that occurre...
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