Title Insurance Title Insurance?

Title Insurance? - title insurance

I understand that I need title insurance for my mortgage, but I need this by the company to take the mortgage?

Point is, my mortgage company has requested $ 1700 of "Title Insurance (Virginia) for the title insurance on a property that is valued at $ 300K.

I understand that this insurance covers only, and not me in any way, if something goes wrong.

Is that correct?