Left Navigation Title Insurance Your ownership of a property is legally referred to as title. When a property owner signs over a deed, that person transfers ownership and the title is registered in a government land registration system. 5 Key Facts to Know about Residential Title InsuranceTypically, you purchase residential title insurance when you buy your home. You can buy a residential title insurance policy at any time while you own a property.Talk to your lawyer or insurance representative to understand your coverage options.A one-time premium covers the insured property as long as you own it.If your property ownership passes to a spouse, child or heir, it may be possible to extend your title insurance to them. What Risks Will It Cover?Residential title insurance can protect you against issues that could affect your ability to sell, lease or mortgage your property. It can provide coverage for the following:An unforeseen defect in your title ownership.Negligence or errors made by your lawyer relating to title risks.Unpaid utilities, mortgages, taxes or condo/strata maintenance fees – these are known as liens.Fraud, survey or records errors.A pre-existing outbuilding that must be removed because it encroaches on a neighbouring property.The gap period between when a property purchase is finalized or closed and when the title is officially registered with the government.As with all forms of insurance, there is much to consider when you purchase title coverage. When you buy a home and insure your property, title insurance can help you manage risk. Consult your lawyer or insurance representative to learn more about the value of title insurance. Understanding Title Insurance Home Insurance Q&AQuestion to ask your insurance representative.All about home insuranceA house is often the single largest financial investment you can make. Without insurance, your most valuable asset is vulnerable to fire, theft and other disasters. Related Services Useful LinksBuying Home InsuranceAs a homeowner, you need to insure your house for replacement costs so that in the event of serious damage or destruction you have adequate coverage. Be sure to keep your home insurance current by reporting material changes or upgrades.Home Inventory ApplicationA current inventory of your belongings makes it easier to file a claim. Keeping your records off-site is wise in case a fire or flood damages your property. Consider updating your home inventory each spring and advise your insurer of any major purchases.Act of GodInsurance companies don’t use the phrase “acts of God.” They use the word “perils” to describe events that an insurance policy covers, and “exclusions” for events or situations that are not covered.Rental PropertiesBefore renting out your primary or secondary residence, contact your insurance representative. Make sure that your home insurance provides adequate coverage and no exclusions apply.