Why You Should Consider Title Insurance for Your Property

Purchasing property is one of the most significant investments you'll make. While thorough due diligence is essential, some issues can remain hidden until it's too late. That's where title insurance comes in—a safeguard against unforeseen problems that could jeopardize your ownership or lead to substantial financial loss.

What Is Title Insurance?
Title insurance is a specialized policy that protects property owners from specific unknown risks that may exist at the time of purchase. Unlike other insurances, it requires only a one-time premium, providing coverage for as long as you own the property.

Why We Recommend Stewart Title
At Safety Bay Settlements, we advise our clients to consider title insurance through Stewart Title. Their comprehensive policies are designed to protect against a range of issues, including:
Illegal Building Work – Coverage for structures built without proper council approval.
Boundary & Survey Defects – Protection against encroachments or misaligned boundaries.
Fraud, Forgery & Identity Theft – Safeguards against fraudulent claims on your property title.
Unpaid Rates & Taxes – Coverage for outstanding debts from previous owners that could become your responsibility.

Benefits of Title Insurance:
One-Time Premium – Pay once; enjoy protection for as long as you own the property.
No Excess on Claims – In the event of a claim, there's no excess payable.
Peace of Mind – Assurance that hidden issues won't lead to unexpected costs or legal disputes.

Real-Life Case Studies:
Here are some examples of how title insurance has protected property owners:
Unapproved Structures – A homeowner discovered that a newly built deck lacked council approval, leading to costly rectifications. Title insurance covered these expenses, saving the owner thousands.

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Boundary Encroachments – After purchasing a property, an owner found that a neighbor's garage encroached onto their land. Title insurance facilitated a resolution, covering legal fees and associated costs.

Is Title Insurance Right for You?
While not mandatory, title insurance offers valuable protection against unforeseen issues that standard conveyancing processes might not detect. Considering the relatively low, one-off cost, it's a worthwhile investment for peace of mind.

How to Obtain Title Insurance
Discuss title insurance options with your conveyancer or contact Stewart Title directly to obtain a quote and policy details. Ensure you understand the coverage specifics and any exclusions that may apply.

Protect your property investment from hidden risks. Consider title insurance as a vital component of your property purchase strategy.