Is title insurance a one-time cost or do I pay every year?

Unlike most insurance, title insurance is paid a single time. The premium is collected at closing and the owner’s policy then protects you — and your heirs — for as long as you hold title, with no renewals or recurring premiums. The reason is structural: title insurance covers defects that already existed in the property’s history, so once the policy is issued the risk it insures doesn’t grow over time. If you refinance, the lender will usually require a new lender’s policy, but your owner’s policy stays in force untouched.