Do I need owners title insurance?

Owner's title insurance is necessary as additional protection against undiscovered flaws in the title of the property.

In preparation for closing, the title on the property will be searched to look for liens or encumbrances against the property and to verify that the seller is indeed the seller for the property.   
If you have a mortgage, the lender will probably require a lender's policy. 

In Lynchburg Va home purchases title insurance is usually buyers expense to obtain lender's title as well as owners title insurance. 

Obtaining a combined owner's title/lender's policy may provide some cost savings.