A lender's policy is effectively required whenever there is a mortgage involved, since most lenders will not fund without one, while an owner's policy is optional and adds a smaller amount on top if the buyer chooses to include it.
The exact premium varies by provider and by the property's purchase price, which is why it is worth asking your lawyer to itemize it separately rather than assuming it is a fixed, uniform fee across every transaction.
Ask for that itemized figure before possession so nothing is a surprise on the trust statement. Get your hand-reviewed valuation from Joel Dyck.