Because the loan that the old insurance policy insured will be gone.The new policy will insure the new loan. And pays for them to do a new title search, since the title company have to make sure that you don't have some new lien against the property that was put there between when your old title search was done and now.I can see paying for the new title search. I guess I assumed the title insurance policy could "transfer" from one loan to another since nothing has changed regarding the property, owners, etc. Oh well.
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