My lender told me I need an Insurance Binder… what is it?!?
An insurance binder is simply a legal document stating that insurance coverage is in place. This is serves a temporary, (typically 30 days) proof of coverage until the full policy is issued.
The insurance binder is a one or two page document that includes the policy effective dates, the insurance carrier, your name and the lienholder (mortgagee clause information).
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