Title insurance policies are indemnity policies. Typically these policies protect against losses arising from events that occur prior to the date of the policy, which is also known as the date of closing. This is unlike other types of insurance policies, such as auto or life insurance, which protect against losses resulting from accidents or events that occur after the policy is issued. A title insurance policy is usually paid for with a one-time premium that is handled at the closing of the real estate transaction.

A Title insurance policy is a valid policy until the date you either sell or transfer ownership from your name to another. Despite it typically being an “indefinite” policy, title insurance only has a one-time fee. The only time you pay for the title Insurance on a property is during a real estate closing.

If you do not have a title insurance policy, there is no limitation as to when you can buy title insurance. Many lenders require you to pick up a Lenders Policy on top of an Owners policy in order to protect themselves too.