There are plenty of reasons to buy this. You also need to know that to add an owner's title insurance policy while purchasing lender's title insurance in Maryland is extremely cheap. You only need to buy this insurance once for as long as you own the property and as long as you can produce this, subsequent lender policies have to be issued at reduced rates so if you ever refinance you will save money on lender title insurance. Overall I think the benefits far outweigh the costs. Read more at:

http://www.homeclosing101.org/whyneed.cfm

The lender coverage only covers you for the balance owed to the lender. That will of course decrease, as the value of your house increases over time. Owner coverage can help you cover for that. There is a really good explanation on About.com. See link below!

It is extremely rare for a buyer NOT to buy this. It is relatively inexpensive compared to the potential claim amount. For most home owners, buying a home is the single biggest investment they make in their lives. It is a one time fee and can help reduce costs if you should refi in the future. So, I would say YES, it is worth buying.