Title Insurance is a one-time insurance policy that protects homeowners and lenders against certain problems related to a property’s title or ownership. In Canada, it is commonly purchased when buying or refinancing a home and remains in effect for as long as you own the property. Unlike most insurance, there are no ongoing premiums.
This coverage can protect against issues such as title fraud, errors or omissions in public records, unknown liens, encroachments, zoning or building permit problems, and mistakes made during the closing process. If a covered issue arises, the policy can help pay legal costs and financial losses, providing peace of mind long after the transaction is complete.
Title Insurance does not replace a lawyer’s role in a real estate transaction; instead, it works alongside legal due diligence as an added layer of protection. For many homeowners, it offers a cost-effective safeguard against risks that may not be discoverable at the time of purchase but could be expensive to resolve later, without the need to a property survey.
[ Read more on the Financial Services Regulatory Authority of Ontario's site. ]
This content was generated with AI assistance and reviewed/edited for accuracy.
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