What is an insurance binder? How do I get an insurance binder?
You are purchasing a home or refinancing your mortgage and need a temporary binder as proof that you have an insurance policy. Your home insurance binder needs to meet the requirements of your loan. The binder must prove that your bank is listed as a mortgagee on your insurance policy. Your bank or mortgage company is requiring a binder because you have a mortgage on your home. The binder provides your lender with verified temporary proof that you have insurance. A binder also gives a summary of the coverage that is provided by your insurance policy. Continue reading →