Sorry you are running into that issue but I would guess this was a requirement for your loan and it was missed in the approval and closing process. That shouldn’t happen but it can and does occasionally – people are human and make mistakes. You definitely want to findyour own policy, it will be MUCH less expensive than “force placed” coverage they will get for you. Act quickly, generally the cost for an H06 isn’t that terrible if you shop around for it and you should be able to select the deductible you want within reason. Plus, it’s insurance coverage you want to have in case you have a loss from something such as a fire in the kitchen.
HO6 insurance covers the “walls in” on condos. Without it, if you had a fire, you’d basically have no insurance to cover your damage. Whether your lender requires it or not, it’s a must have. Can’t imagine how awful it would be to have a fire or other damage, and to have to continue to make mortgage payments on a unit you can’t live in and don’t have the money to repair. Would advise ALL homeowners in condos to have that insurance, whether or not they have a mortgage!