There are two distinct title policies. The lender’s (loan) policy protects the bank’s interest up to the loan balance and is almost always required when you finance a purchase; it decreases as you pay down the loan and ends when the loan is paid off. The owner’s policy protects you, the buyer, for the full purchase price and lasts as long as you or your heirs own the property. Because the lender’s policy does nothing for your equity, an owner’s policy is how you protect yourself — many buyers purchase both at closing.