An Owner's policy you purchased is good for as long as you own the property. The Lender's policy is valid until the time you refinance your mortgage. It is then that a new policy is requested because most Lenders require protection against events that may have transpired between the time you purchased the property and when it is refinanced. The most common examples of events are second mortgages taken out for home improvements, judgments or mechanic liens. Another reason Lenders may require a new title policy is that many mortgages are sold on the secondary market to investors.
Most Investors insist the mortgages be valid and secure.
Title insurance is the only way for most Investors to be assured that they have purchased a stable investment. To assure peace of mind in your ownership interest in the property.