If you have a mortgage, this insurance is required by your lender. It has nothing to do with homeowners' insurance. It covers the lender in the unlikely event that the Title Company either made a mistake or missed something during their search, or an unforeseen occurrence happening after the closing. The home buyer is required to pay for the lender's protection. The protection of the buyer's investment and equity is an option that the buyer is offered at the closing by the title company. Unlike other insurance policies, this is a one-time purchase (charge). Cost varies on the price of the home but generally it is very small compared to what the property is worth. But more importantly, what it might be worth in the future! Once again, it's a one-time purchase.