Does title insurance replace the need for a new survey?

No. While the introduction of title insurance many years ago has allowed real estate transactions to proceed more quickly, it has often been at the expense of proper due diligence. 

Title insurance is an insurance policy that protects property owners and their lenders against losses related to the property’s title or ownership. It may protect you from unknown title defects or existing liens against the property’s title, such as unpaid debt from the previous owner. It is important when purchasing title insurance that you understand what is being covered.

It is a misconception that with title insurance it is no longer necessary to have a Surveyor’s Real Property Report (SRPR) completed during a land transfer transaction. Title insurance can protect against issues that happened in the past but it does not protect you from things that might happen in the future. A SRPR is an illustration of what you are really buying and it will show for example, how far your new house is from the lot lines, where to install a fence and whether you are able to install a swimming pool, garage, or hot tub in the future. 

As a purchasers, you should always ask for an updated survey when purchasing a new property as it is the only way to know what you’re buying. Nothing can truly provide as much information about your new property as a survey can.