Your home is likely your greatest asset. Property insurance protects you from future claims someone may have against your property. There may be a number of people and agencies who can sue your property very well.
The title insurance is part of your final document package. It should be on top of the stack for easy access in the future. Some of those who may be interested in your property may be government agents, contractors, lenders, and even relatives and heirs of the seller. The title company may have done everything possible, but over time, the history of the property has become more complex.
During the loan process, the real estate company searches all available records relating to the property. Some areas that may arise are unpaid tax covenants, mortgages with outstanding balances, unpaid contracts from previous sellers, and decisions.
Convenience and limitations may have been created on the property. There may be a document signed by someone with an expired power of attorney. In addition to property taxes, there may be unpaid taxes on inheritance, income, or gifts. If either of these circumstances arises, the parent company prepares for it by closing. If they can't be released, it could prevent the property from being sold.