How To Get A Homeowners Insurance Binder?

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   Jack Heller

   Owner, Insurance Browser,

   A binder is used when the company or company though an agent is agreeable to providing insurance but the actual delivery of the product might take more time. For example you are buying a new house and you are closing on short notice.It may be impractical to provide a policy in the short time available between the time you decide on the purchase and the closing event. In that instance it may be more practical for the company or agent to provide you with a Binder which sets out the contract terms in brief and is proof of insurance for a period of short duration, such as 30 days. With internet delivery of policy documentation it is not as frequently used as it once was as often the policy can be created electronically in a matter of hours , but the actual delivery may be dependent on the post office.

   Answered on November 17, 2013

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