What Is Homeowners Insurance Binder?
- 255 POINTSview profileRandy LammA homeowners insurance binder is a document that is prepared and completed once the policy / coverage has been purchased. Also known as evidence of insurance, this form lists out the primary coverages that are on the home insurance coverage that you have purchased, including coverage limits, deductibles, mortgage information - and can also include other specifc coverages you have elected to purchase as well as can include certain coverage exclusions.Answered on April 5, 2014flag this answer
7647 POINTSview profileMark Bartlett CLCSBranch Owner, TWFG Insurance Services, Fremont California and the Greater Bay Area Representing Dozens of Insurance CarriersA binder is a one page summary showing the policy is issued or now in force. We use the term the policy is bound and this is where binder comes from. In most cases when a new policy is issued an agent can issue a binder to the insured or lender showing proof of coverage since the actual policy deceleration pages will not be available for several days.Answered on April 8, 2014flag this answer
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