You are correct, but there are differences between covering the mortgage and covering the house.
The lender placed insurance can be fool's gold.
In some cases, the insurance can be so stupidly high that it's cheaper for the "mortgage coverage"
It's unfortunate, but insurance is probably the most truthful measurement out there for reality. Insurance has to "guess/predict" what will happen, how many times, how serve... and then figure out there own expenses to calculate what to charge.
Of course on top of that... what to do with their profit money or how to protect themselves from misjudging.
There have been lots of idiots out there for a very long time, but COVID and and insurance commissioner + governor push it far and beyond what we should be at.
Numbers don't lie. Perfect example? Smokers vs. Non-Smokers
But just to make everyone shake their head a little bit...
If you allow more people to drive like dumbasses... make it so everyone can drive whether legal or illegal... put more expensive vehicles on the road... etc...
Why would anyone ever question why rates go up?
