Owners title policy on a flip

[Chris C.]

Ok, I've done some research (BP and general internet searching), but I'm still confused on Owners title insurance.  Here are the details,

- A few days from closing on a foreclosure in Illinois for $83k (to renovate / flip in the next 6 months)

- Just received property disclosures from mortgage lender (typical 20% down - 80% loan)

- Total Lender's title policy charges (including all fees that are itemized on the disclosures) - $2,758 (that seems high, but I understand I need it)

- Total Owner's title policy charges (which shows as "optional" on the disclosure) - $2,000 for the policy and $450 for attorney - buyer representation fee, for a total of $2,450.  (again that seems high - $5k in total for title policies)

- My ultimate question is.....do I really need the Owner's title policy?  Again, I plan to rehab and sell in roughly six months......what are my biggest risks if I didn't get an owners title policy?

Thanks in advance for your help.