The closing agency is just covering all the bases and your check might simply be put in escrow. I was a loan officer in the early '80s and the title insurance was not very much ($180 to $250) probably two or three times that now.
The title insurance is only as good as the title attourney who researched it. It is simply saying to you that if someone in the years to come shows up and proves they are in the chain of heirs and have not been paid for their portion of the property, the Title Insurance Co. settles with that person and you are not affected by them. They gurantee that you own the property and every thing on it from here on, and going to your heirs and assigns for ever.