Just as the name implies, it provides a buyer insurance against prior ownership claims and undisclosed liens against the property. If a lender is providing financing, the buyer will be required to have title insurance. Although cash buyers can elect not to purchase title insurance, it would be foolhardy to do so. In addition to 'standard' title insurance, additional endorsements are available for nominal fees. All title insurance rates are standard in Pennsylvania. So, look for a company with a reputation for good service.