Title insurance covers any undiscovered problems with a property’s title. This could include: 
Forged title
Title filing errors
Back taxes
Competing ownership claims due to inconsistent or conflicting wills
Unknown heirs to the property who come forward to claim ownership
Undiscovered easements, such as driveway access for rear neighbors
Liens, which could occur due to unpaid HELOCs, unpaid HOA fees, or unpaid contractor fees.
In general, however, most homeowners require an owner’s title insurance policy to protect their financial interests. Without this protection, an undiscovered title issue could be disastrous. Lender’s title insurance is also typically required before a mortgage provider will issue a loan.
Owner’s title insurance
Owner’s title insurance isn’t usually required. But it is recommended. Without it, if there is an undiscovered issue with the legal ownership of the property, the homeowner would be on their own to deal with the financial consequences. An owner’s title insurance provides relatively affordable protection against such a calamity.
Lender’s title insurance
Lender’s Title Insurance
Lenders title insurance is usually required by mortgage loan providers. It is added into closing costs. It protects lenders in case of an undiscovered title issue. Lenders need this protection because the home serves as collateral. If it turned out that a homeowner who borrowed for a home didn’t actually take legal ownership because of a forged title or other issues, the lender might otherwise be out the loan amount if the homeowner stopped paying the loan.