What are the two most common types of title insurance policies?

Owner policies and loan policies are indeed the two most common types of title insurance policies.

An owner’s policy protects the property owner against losses arising from title defects, liens, and other issues that may affect ownership or the value of the property. This policy is generally purchased by the buyer at the time of closing and remains in effect for as long as the owner holds an interest in the property. This type of policy provides peace of mind to homeowners, as it safeguards their investment in the event of legal claims or disputes regarding the title.

On the other hand, a loan policy, also known as a lender's policy, is specifically designed to protect the lender's interest in the property. This policy is required by most lenders as a condition of financing and lasts only for the duration of the loan. It covers the lender's investment, ensuring that their financial interest is protected against title defects that could potentially arise during the life of the loan.

The other options provided are less common in the context of title insurance. Leasehold policies and joint venture policies may pertain to specific situations but are not widely recognized as standard types of title insurance. Condominium and cooperative policies focus on unique ownership structures but don't typically align with the standard types of title insurance policies used in