Iowa Finance Authority

Free Owners Coverage

Since 2007, Iowa Title Guaranty has offered free Owner's coverage when issued with a lender Certificate on property valued less than $500,000 when the buyer intends to occupy the property as their primary residence. This free coverage is only available on purchase transactions and is as simple as just checking the box on the Composite Mortgage Affidavit.

Why would real estate buyers need Owner's coverage? While not common, title issues do occur. Most lenders will require title coverage to protect their interests, but Owner's coverage is optional. Lender's coverage is exactly that - coverage that protects the lender's rights to the property. Sometimes issues are discovered when a property is foreclosed. In that situation the lender will file a claim with Iowa Title Guaranty to cover their loss. What about when there is no foreclosure? The same issue might still exist, and show up when the owners sell or refinance. Because the lender would not have sustained a loss, there is no claim on the Lender's part - that's when owner's coverage becomes a very helpful tool for the owner. Iowa Title Guaranty protects their interest in the title to the property. Peace of mind has never been easier - or cheaper!

Iowa Title Guaranty Consumer Brochure

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