A mortgage lender treats its title policy the same way it treats a home inspection condition or a financing condition, as a condition of lending rather than something a buyer can decline, since the title itself is registered through Information Services Corporation and the bank's own security in the property is what the policy protects.
An owner's policy is a different decision entirely, since nothing forces it. It is optional coverage a buyer adds for their own protection, and a Saskatchewan lawyer, generally $800 to $1,500 in total legal fees, can quote the added premium before you decide.
Whether to add the optional owner's coverage is a personal risk decision, not a legal requirement, so ask your lawyer what it would actually cover in your specific purchase. Get your hand-reviewed valuation from Joel Dyck.