Yes, title insurance is a single premium but gives the owner forever coverage. This is essentially the purpose, to give the buyer confidence that they are protected for anything that may have happened that they wouldn't know about, because the seller may not even know about it and potentially it happened 100s of years ago.
Where this gets kind of crazy is if you own a property and have title insurance on it from when you bought it, then you do a refinance, you're often required to buy the insurance again because that original policy ends.
All said, the loss ratio of title insurance companies is extremely low compared to other types of insurances. But in some places it's cost is fairly high (eg Texas) and it's mostly to do with strong political interests / lobbying
Where this gets kind of crazy is if you own a property and have title insurance on it from when you bought it, then you do a refinance, you're often required to buy the insurance again because that original policy ends.
All said, the loss ratio of title insurance companies is extremely low compared to other types of insurances. But in some places it's cost is fairly high (eg Texas) and it's mostly to do with strong political interests / lobbying