Do I need both Buyer's & Seller's Title Insurance

[Richard Jumonville]

Hello, I'm under contract on a 4 unit apartment building I plan to buy and hold. I'm placing title insurance because I want to be protected and plus the lender requires it. However something new came up today. My title company asked me if I wanted "Buyers" title insurance too. It would run an additional $500 to $1000.

I had not heard of this policy or basically figured title insurance was title insurance. Do you get both or just whats required by the lender.