In short, no! Property insurance is not a substitute for surveys. In recent years, it appears to have become common practice for new, inexperienced real estate agents to discourage clients from exploring costs, along with a recommendation to purchase property insurance to protect themselves from potential real estate problems. If you are looking for more information about title insurance then you can check here now.
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What is property insurance?
Unlike other types of insurance that insure you against future events, property insurance protects you from things that happened in the past. This insurance also protects you from losses due to legal shortcomings that current research will reveal. It also protects you from fraud and property fraud.
What is the study?
A survey is a line drawing of a property with dimensions, angles, and property boundaries. They are created by licensed Ontario surveyors who carefully and accurately measure websites and then compare them to listed property names.
The survey shows buildings on the property as well as improvements such as fences, decks, ponds, and more. All facilities and/or road rights supporting neighboring properties or utilities are also recorded.
Property insurance is usually taken out on the last day and does not provide any information about the property.
If, as noted earlier, having insurance protects you from the legal flaws that a recent survey will reveal, why would you need it?
As with other forms of insurance, there are exceptions to policies. Apart from the legal costs, you also have the expense and inconvenience of moving fences or retaining walls.