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Title InsuranceMillions of Canadians count their home as a core asset in their investment portfolios. Protecting this asset has never been more important for those who have a home or an investment property. And while many Canadians know that insurance plays a crucial part in protecting homeowners against fire and theft, the Consumers Council of Canada says few Canadians are aware of other issues that can affect “good title” to their property.Title insurance is a simple, cost-effective way for homeowners to protect themselves against the fastest growing real estate threat, title fraud; as well as unpaid liens, past renovations completed without a permit that lead to code violations and other issues. Title insurance protects consumers from the potential fallout if they fall victim to real estate title fraud, including the cost of defending their rights of ownership, the stress and uncertainty of the situation, and the possibility of losing their home altogether. Policyholders can rely on their title insurer to defend their title, saving them substantial legal costs, time and the frustration involved in resolving the situation. Industry professionals have seen fraud jump from six percent of total dollars paid in claims in 2000 to 16 percent in 2006. It is an issue that law enforcement, legal, lender and insurance communities are working hard to address. It is estimated that the average case of real estate fraud is in the range of $300,000. In comparison, the RCMP estimates the average credit card fraud case in Canada to be around $1,200. Even though cities like Toronto, Edmonton and Vancouver are hotbeds for this criminal activity, all Canadian homeowners are at risk. The Consumers Council of Canada strongly recommends that Canadians educate themselves about the risks associated with many of these dangers and the important role title insurance can play as protection. An Environics survey conducted in 2006 showed that 66 per cent of homeowners over the age of 60 who did not have title insurance on their homes had no understanding of what it is. Title insurance is relatively new in Canada, which may explain some of the lack of awareness among homeowners. To find out if you’re covered, a good place to start is by reviewing your real estate closing documents or you can contact the lawyer who acted on your closing. If you are not covered, it’s not too late. To find out more about title insurance for your home, please contact a title insurance professional: First Canadian Title Stewart Title Title Plus . This information is provided by the London and St. Thomas Association of REALTORS®. The information herein is believed to be accurate and timely, but no warranty as such is expressed or implied. |
London and St. Thomas Association of REALTORS®, 342 Commissioners Rd.W., London, Ontario. N6J 1Y3 - Phone 519-641-1400 - Fax 519-641-4613
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