Do I need title insurance when buying a property?

Owning a home is usually the largest asset that anyone will own in their lifetime and protecting this asset is a must. We protect our homes against fire and damage etc by taking out building insurance and in fact it is a requirement of our housing loan that we keep the building insured.

Whilst the need for building insurance is obvious, there may be other risks that you were not aware of when you purchased your home and risks that could cause you loss. For example:

• What if you discovered that the previous owner had enclosed a veranda or extended the house without approval and Council required you to demolish or upgrade the structure.
• What if your neighbour discovered that the fence was on the wrong boundary and you had to relocate your driveway so the fence could be relocated.