Should I renew my title insurance?

[Staton Jobe]

Hi - my wife and I just changed deed ownership of our first STR property to an LLC we created. When we switched over we lost the title insurance we initially purchased when we closed on the home. If we repurchase title insurance, they are quoting us at $2,000...I really don't want to pay this but I am naive of the risks.

About our home:

- Built in 2017

- 1 previous owner

- No red flags as far as title issues when we closed

How important is having title insurance? Any advice is greatly appreciated!