The lender's policy protects the bank's interest in the property, not yours, which is why a buyer who wants protection against fraud, an undisclosed lien or a survey problem generally has to add an owner's policy on top of it, at their own request.
Both policies are one-time premiums rather than ongoing charges, and they are usually a modest amount folded into the legal fees, generally $800 to $1,500, that a Saskatchewan lawyer charges to complete a purchase, so the actual cost is smaller than the word insurance might suggest.
Ask your lawyer to show the lender's premium and the optional owner's premium separately before you sign. Get your hand-reviewed valuation from Joel Dyck.