In New York State, Insurance Law § 1113 (8) defines title insurance as insuring owners of, and other persons lawfully interested in, real property and chattels real against loss by reason of defective titles and insuring the correctness of searches for all instruments liens or charges affecting title to such property.
Lender’s insurance: Insures the priority of a lien on specific property subject to the terms of the ALTA 2006 Lender’s Policy.
Owner’s insurance: Insures ownership against loss by reasons of items specifically recited in the ALTA 2006 Owner’s Policy.
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Also try viewing the Title Insurance Rate Service Association website at www.tirsa.org