Sure buying a home is expensive, but cheating yourself out of title insurance is one costly mistake. Title insurance is so cheap it’s surprising not everyone has it. You pay just a few hundred dollars for a one-time premium when you buy your home. But not having title insurance in Ontario can cost you thousands. Quick Reads Is title insurance mandatory in Ontario? Does title insurance cover both future and past events? How do I get protection from future events? Image by Oner Peytob | Pixabay. Mandatory vs Definitely Worth Having: Title Insurance in Ontario Title insurance is not mandatory in Ontario, but it’s well worth the cost. It’s not a replacement for legal advice, but it can save you grief if a legal conflict arises. Prevent a title insurance scam. Sophie’s Illegal Suite Take Sophie. The Canadian home buyer was ordered by city inspectors to remove an illegally built inlaw suite from a home she purchased. What happens if a previous owner failed to get building permits. Sophie, who thought she was buying a home with extra accommodation, used her title insurance policy to change the space. Instead of adding a costly interior staircase the city required to approve the inlaw […]
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