For an additional fee, some title insurance companies may also offer
you protection from additional risks that are not covered by a standard
title insurance policy, such as identity theft and certain known title
defects. Speak to your lawyer, title insurance company, or insurance
agent/broker to determine if you require extended or additional title
insurance coverage. They can compare several different title insurance
products and recommend the product that would best meet your needs.
For a onetime fee, called a premium, a title insurance policy may provide
protection from such losses as:
■ Unknown title defects (title issues that prevent you from having clear
ownership of the property);
■ Existing liens against the property’s title (e.g. the previous owner had
unpaid debts from utilities, mortgages, property taxes or condominium
charges secured against the property);
■ Encroachment issues (e.g. a structure on your property needs to be
removed because it is on your neighbour’s property);