Title insurance — can someone please explain?
Oct 4th, 2013 | By Michael LeBlanc
It’s been about 20 years and almost 11 million title policies since FCT (then First Canadian Title) opened its doors and created a title insurance industry in Canada. Lawyers use title insurance regularly and, in some parts of the country, almost without exception. Banks and mortgage lenders rely on it. Hundreds of thousands of homeowners have it. One might conclude that it is well understood. But, raise the subject at a backyard barbecue or cocktail party and you’re likely to get blank stares and a bit of mumbling.
What’s more, it’s not easy for the average person to become informed. Lawyers get it. But who has regular, easy access to a lawyer? Insurance brokers can’t help — they don’t sell it. Even the Internet provides no current interactive Canadian source for such information. So, where does one turn for answers? Right here!
FCT is pleased to introduce “The FCT Blog,” a new forum to foster interactive discussion around all things title insurance – and the one place where all your title insurance questions will find informed answers from the industry experts. In the beginning, we will focus on what it is, what it covers, how it is acquired and how claims work. We are open to your questions and plan to address those topics most interesting to you in future posts.
Looking more broadly, FCT recognizes that title insurance is one of many products and services supporting a vibrant housing industry. Through our interaction with buyers, sellers, realtors, lawyers, lenders and appraisers, FCT has built significant expertise and developed unique insights related to our mutual marketplace. As our blog evolves, we plan to share our insights, observations and opinion to build understanding of our evolving marketplace, the changes and impacts we see and the emerging opportunities for innovation and growth. What an opportunity for important dialogue!
So, welcome. We look forward to hearing what you think and how we can serve you better with this exciting, new endeavour.