A lender's policy is close to mandatory whenever a mortgage is involved, and an owner's policy is an optional add-on that costs somewhat more but protects the buyer directly rather than only the lender.
Because the premium is a single payment collected at closing rather than a recurring charge, it behaves more like a legal fee than like an ongoing insurance policy, which is a common point of confusion for a buyer's first purchase.
Ask your lawyer to break out the title insurance line on your trust statement before possession. Get your hand-reviewed valuation from Joel Dyck.