Owner’s Title Insurance (OTI) is available to nearly all purchasers and title transfer types, including cash buyers and non-primary residences.
It covers you, the new owner, up to the purchase price, not just the mortgage amount, like Lender’s Title Insurance (LTI) does for the mortgagee/bank.
OTI is always optional.
When you purchase OTI, which End Zone Realty always recommends, the LTI cost is substantially reduced (e.g. to $55), and the OTI cost becomes a bit more than the LTI would have been by itself.
All in all, it’s affordable, one-time cost insurance. Think of it this way, if all lenders require it, maybe buyers should require it of themselves too.