A refinance pays off your old loan and creates a new one, so the new lender wants its own lender’s title policy protecting that specific loan. That means a new lender’s policy is issued — and a fresh title search runs to catch anything recorded since you bought, such as new liens. Your owner’s policy, however, is untouched: you bought it once and it continues to protect your equity regardless of how many times you refinance. Many companies offer a reissue or refinance rate that lowers the cost of the new lender’s policy, so it’s worth asking.