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Mortgage/Homeowner's Insurance?


I was contacted by my mortgage company by mail letting me know that they recieved a notice from my homeowner's insurance that my insurance has expired and they have purchased a policy for Fire/Homeowner Coverage ($16,000 yearly) for coverage and they are going o combine the policy with my already ridiculously high mortgage payment. Can they actually do that?

Yes but if you get your own coverage right away, they will take that coverage off. Be aware that the ridiculously overpiced insurance doesn't even cover your interest. Whereas your insurance covers the property, contents, etc. theirs covers only the real property to the amount of the loan.
If you don't provide the insurance, they WILL get a policy of their own to protect their mortgage loan.
Yes, If you dont have your own, the contract lets them insure the investment at what ever price and you pay
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