Do I Need Title Insurance on a Refinance?

Title Insurance and Refinancing: The Basics

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If you're refinancing a residential or commercial property, do you still need title insurance? The answer is yes-- since you're effectively paying off your old mortgage with a new loan, your lender will still want to be protected with lender's title insurance policy

Can I Get a Discount on Title Insurance When Refinancing? 

In most states, you can get a discount known as a reissue rate if you're getting a new title insurance policy within a specific period (often 3-5 years) after buying a title insurance policy. To make sure you're getting the lowest rates possible, shop around, ask questions, and contact your state's insurance office to see what discounts may be available. 

Do I Need a Title Search When Refinancing? 

Yes, you'll typically need to get a new title search conducted when refinancing, to assure your lender that you don't have any outstanding liens or other financial obligations on your property. However, depending on your lender's requirements, you may be able to get a limited title search on your property, which could be significantly less expensive than the full title search you likely had conducted when you first purchased the property. 

Do I Need a New Owner's Policy When Refinancing? 

No, since you still own the same piece of property, your owner's title insurance policy still has you covered. Of course, if you sell the property to a new owner, they'll have to get a new owner's policy, but that's a separate issue. 

To learn more about title insurance for commercial or residential property refinancing, contact Florida Title Company for a free consultation. 


To get a free quote or to understand more about your options, fill out the form below and an experienced title attorney will get in touch.