I’m posed this questions by clients often. The technical answer is: unless your lender demands that you have title insurance it is not required that you have it.

The practical answer is somewhat different.

Any time that you can minimize the risk of your having to incur expenses it is worth looking at. With the expense of title insurance being under $250.00 in most cases, the benefit in terms of “peace of mind” makes the purchase of title insurance well worth it.

First Canadian Title insures you, the homeowner, against 29 separate listed events, some of which have a very low possibility of occurrence. Some of the others on that list are, however, ones that occur with some frequency. For instance, and I would point you to just one example, you have just purchased a home with extensive renovations. How can you be sure that the previous owner performed the renovations after receiving proper permits? How can you be sure that all of the required inspections have taken place? A title insurance policy can cover you for any cost or expense incurred to correct that deficiency. In such a situation, in terms of “peace of mind” only, the cost of title insurance was well worth the money spent.