Final answer:
A policy of title insurance does not ensure a defect-free title, act as a full property history guarantee, or cover physical damages like a home insurance policy would.
Step-by-step explanation:
A policy of title insurance does not guarantee that the property is free from any defects in title not listed in the policy. It does not serve as a guarantee of a clear chain of title or protect against any issues that may arise in the future that are unrelated to the history of the property title. Additionally, it does not act as a comprehensive home insurance policy; it does not cover damages or losses due to fire, flood, or other hazards.