matters identified in a building inspection). Keeping your records off-site is wise in case a fire or flood damages your property. Whether you are buying a residential or commercial property, you are essentially buying the legal ownership, or title. Title insurance transfers risk to the insurer with respect to defects in title and other defects such as encroachments. Title insurance does not provide compensation for non­title related issues. Title insurance is complementary to the legal opinion obtained for a real estate transaction. title fraud), as well as things that have happened in the past (e.g. Drivers can buy more coverage to suit their needs including: Unpaid utilities, mortgages, taxes or condo/strata maintenance fees – these are known as liens. This will cover the homeowner's title insurance. There is also an opportunity to purchase a homeowner policy that provides similar protections to the homeowner. Buying, selling or importing a vehicle in BC and the steps you need to take to transfer ownership, register, licence and insure it. Title insurance is an insurance policy that protects you, the home owner, against challenges to the ownership of your home or from problems related to the title to your home. When you buy a home and insure your property, title insurance can help you manage risk. As the policy covers the items outlined above, you can rest easy knowing if there are defects affecting the title of your home that are covered by the title insurance policy, your title insurer will take steps to rectify the problem. The residential policy insurance for one lender contains a total of 24 different insured risks - one of which is for an event that occurs after the policy date, namely, the encroachment upon the insured property of an improvement constructed after the policy date. We are excited to introduce our new super priority lien endorsement for lenders. Although each is different, policies generally offer protection against property loss or damage that result from liens, encumbrances or other defects in the title. Without insurance, your most valuable asset is vulnerable to fire, theft and other disasters. Title Insurance is a type of indemnity that protects you (the owner) and/or the lender (mortgagor). You can buy a residential title insurance policy at any time while you own a property. Make sure that your home insurance provides adequate coverage and no exclusions apply. What Insurance Covers. Title Insurance Fundamentals for Residential Properties in BC Apr. What Insurance Covers. Negligence or errors made by your lawyer relating to title risks. But it’s becoming more of a decision point since so many lenders now require it. Title Insurance What Is It & Why So Many Private Lenders Require It. Learn more about B.C. The policy provides coverage against losses due to title defects, even if the defects existed before you purchased your home. Calculate the premium amount for residential and commercial transactions (up to $2 million). Title insurance will generally not cover known title defects 1, environmental hazards, native land claims, matters created, allowed or agreed to by the insured, or matters known to the insured but not disclosed to the title insurer prior to closing (e.g. It is not a home warranty or home insurance policy, and will not provide compensation for: Damages due to flooding, fire or sewer backup; General wear and tear of your home (e.g. Veuillez notez, cet événement sera disponible en anglais seulement. Title Insurance Fundamentals for Commercial Transactions May 13, 2020 ZOOM Webinar Online. Howe Institute - Fault Lines: Earthquakes, Insurance, and Systemic Financial Risk, Reducing the Fiscal and Economic Impact of Disasters, The Economic Impacts of the Weather Effects of Climate Change on Communities, Options for Managing Flood Costs of Canada’s Highest Risk Residential Properties, Buyer Beware - Read your policy carefully, The Future of Insurance: Automated Vehicles, 2019 IBC Luncheon The Future of Insurance, Climate adaptation estimated to cost municipalities $5.3 billion annually, IBC Congratulates BC Government on Introducing Strata Reforms, IBC Statement on the Future of Auto Insurance in British Columbia, IBC Taking Action on Commercial Insurance in British Columbia, IBC: Spot these five common insurance fraud scams, ICBC No Fault Design will Further Limit Consumer Choice Risks Eliminating Other Insurers from the Optional Market, Insurers committed to working with consumers during these uncertain times, Insurers reducing insurance costs for Canadians IBC member companies offer substantial consumer relief measures, January Storm Caused Over 42 million in Insured Damage in BC. Residential title insurance can protect you against issues that could affect your ability to sell, lease or mortgage your property. Title insurance coverage usually depends on whether you have a lender’s or an owner’s policy. Title Insurance: Title Insurance protects the insured against loss should the condition of the property’s title be other than as insured. Title insurance policies protect you for as long as you own the property. Title insurance is available for a low one-time premium, which is related to the purchase price of the property. British Columbia. When you purchase a home, title is transferred to you, the new home owner. Brett Horton is Stewart Title’s Counsel & Director of Commercial Business Development BC. A question that home buyers often ask is what is real estate title insurance and why do I need it? In summary, title insurance is a relatively inexpensive way to protect your title against a wide range of potentially costly issues. 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