Premier Title, Inc.

	Is purchasing both the Owner's and Mortgagee's policies a double payment or duplicate coverage?
	No, it's not a double payment or duplicate coverage. The Mortgagee's Policy protects the lender's interest only so long as the loan is outstanding and only in the amount of the balance of the loan at any given time. The Owner's Policy protects you up to the face amount of the policy during your ownership and after you have sold the property if you have warranted the property to your subsequent buyer. Additionally, after arranging a loan, you pay a premium for the purchase of the Mortgage Policy based on the amount of the loan. If you desire to purchase an Owner's Policy at the same time, you pay a reduced premium for the Mortgage Policy known as a "simultaneous issue fee." Because of this, you do not pay full price twice for the two policies. If you buy your Owner's Policy separately, you pay the full premium for the policy. Likewise, if you refinance or borrow additional money at a later time, you can expect to pay additional premiums for the new policies, if required.