Is Homeowners Insurance Included In My Mortgage? 
The Mortgage itself is a Loan Account setting up a method of repayment ; the repayment structure includes interest over the term of the loan . Monthly payments on a mortgage loan account are sometimes referred to as : P&I -LRB- Principal and Interest -RRB- . At the request of the customer and in some cases , as a requirement to the mortgage contract , an Impound Account -LRB- Escrow Account -RRB- will be initiated in order to accommodate the bi-annual payment of property taxes as well as an annual payment of home insurance . This account will pay a nominal interest rate credited to the account at the end of each year . If the customer has an Impound Account , the monthly mortgage payments will include a monthly savings amount which will be deposited directly into the impound -LRB- escrow -RRB- account in order to accumulate funds to pay future tax and insurance invoices . Regarding Homeowners Insurance , the policy must be purchased by the homeowner and the mortgage company must be listed as the Mortgage Loss Payee ; copies of all documents will be mailed to the mortgage company including invoices . If a homeowner does not purchase home insurance , the mortgage contract allows the mortgage company to place ` Forced Insurance ' on the property and charge the surcharged premium to the mortgage account ; this is not in the interest of the homeowner and should be avoided in the interest of premium amount and coverage afforded . There is a link providing an online format to obtain a quote and buy home insurance online in multiple States ; it may be used by Escrow/Closing Professionals , Mortgage Professionals , Real Estate Agents and directly by Consumers . An exemplary online experience for all ! WEBSITELINK 