Home Insurances: Do I Really Have Everything Covered?
Why take out title insurance?
Even with due diligence by yourself and your conveyancer or solicitor, there are a handful of situations that can occur when you own property.
You could discover that structures on your property were built without council permission. As a recent ABC news article shows, this can be a potentially stressful and expensive experience.
Another is if you find out that a boundary fence encroaches onto your neighbour’s property or onto your property. Dividing fences are one of the most common causes of disputes between neighbours, and these can be costly and complex issues to iron out.
The same can also occur with other encroaching structures, such as permanent garden beds or a garden shed.
In some circumstances, a zoning violation or use restriction that you were previously unaware of could prohibit you from using the property as your home.
Rates, charges, or land tax could be calculated incorrectly, leaving you with a surprise invoice.
Someone else could claim an interest in your property due to forgery, fraud or due to a mistake by a land titles office or the local governmental authority.
If you have a title insurance policy in place with First Title, you could be covered for these types of property ownership risks if they arise.
