The Owner Policy is valid for the time your policy was issued until you choose to sell (transfer deed) your property–be that one year or twenty years of ownership. The Lender Policy is valid through the life of the loan. A Lender’s Policy may be passed to another lender/mortgagee through an assigment of the loan, however, is not assignable should you refinance the property. A new Lender Policy would be issued at that time. An Owner (or Fee) Policy is non-transferrable. The new owner will be required by his/her lender to purchase a new policy and at that time, the new owner may elect to insure the property with a new policy issued in her/his name.
1st Rate Title & Settlement Services
New Jersey’s Comprehensive Title Agency