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How Long Does Title Insurance Last?

Do I need to renew my title insurance?

We’re told that nothing can last forever, not even new-home-owner-bliss. In fact, it can come to a screeching halt. Imagine finally settling your purchase, only to find out the pergola you liked so much was built without council approval, costing you a hefty sum to tear down.

With title insurance, you can protect yourself from nasty surprises like these. But how long does it last, do you have to renew it, and when do you need to purchase it?


How often do I have to renew title insurance? 

First things first, title insurance doesn’t need to be renewed. An affordable once-off premium covers you for a wide range of property risks. That’s exactly the type of insurance we all wish we could have more of in life.  

What’s more, title insurance doesn’t just cover houses, but apartments, townhouses, and vacant land too.


How long does it last?

It’s not quite forever, but pretty close – title insurance lasts for the entire time that you own the property. But why would you need title insurance to cover you for longer than a few months after settlement? 

Sometimes, issues can stay hidden for a long time. For example:
  • Our client was notified by council about illegal structures on their property more than five years after purchasing their first home. First Title accepted the claim, which allowed them to conduct the necessary works without having to demolish parts of their home. 
  • Another client received a council notice 4 years after settlement that their carport, garage, dwelling extension and shed were all constructed without a permit. A building surveyor was engaged who reported the need for rectification works on the garage and shed with the carport and dwelling additions requiring demolition. First Title accepted the claim and covered the cost of reports and building works up to the policy limit.


Do I need to purchase title insurance before settlement?

Most people purchase title insurance at the time of settlement. However, if you already own your property, don’t worry that you’ve missed out on purchasing title insurance. You can purchase title insurance at any point after settlement as well as before. As we have seen, issues with title can crop up years into ownership, so it’s never too late to get title insurance. We’ll ask you to provide us with additional documents like title search, rates notice and documentation of known risks, then we’ll be on track to providing you with the coverage you need.  

Whether you already own property, or are just about to purchase, request cover today for that long-lasting peace of mind.

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