Purchasing a home is possibly the most important investment that any of us will ever make – an investment that should be protected.
Protecting the ownership of your home is just as important as protecting your home and its contents from physical loss or damage. This is because your ownership, which evidenced by a Certificate of Title that establishes rights to occupy and use the property, is exposed to many risks that can limit those rights.
In order to identify any risks or problems, and to ensure that you have good title to the property that you are buying, your solicitor or conveyancer will conduct a number of searches and enquiries. Good title is important because it ensures that you really own the property, that it is correctly described in public records, and that no one else has a claim to it that you don’t know about. Good title is also essential to be able to sell your home in the future.
Unfortunately your title or ownership in the property is not guaranteed absolutely, as there are still risks that the most diligent professional cannot protect against. For instance, there may be an absence of important information from searches and records which are assumed to be correct.
Title insurance does not replace the need to retain a solicitor or conveyancer. However the combination of title insurance with your solicitor’s or conveyancer’s advice, will provide the most comprehensive cover available to protect your legal ownership in your home.
When you obtain title insurance cover for your property, you can relax knowing that you will be protected against actual loss suffered due to defects covered by our policies and you will be covered for legal defence costs and expenses.
While other types of insurance that protect your home focus on possible future events, title insurance is a unique kind of insurance that protects your legal ownership of a property against losses incurred as a result of unknown or undetected risks that already existed prior to the date of settlement of your purchase.
Stewart Title is also different from other forms of insurance because:
- One time premium provides protection forever
- No excess payable on claims
- No fault claims process means you don’t have to prove fault or negligence – you only need to prove that you have suffered actual loss based on cover that the policy provides
- No cap on cover apart from the policy amount
Stewart Title offers the following products to purchasers and existing owners of real estate:
For further information about the above products, click on the above links or download one of our brochures.
For full details on premiums, refer to a Premium Schedule.