When you talk to your insurance advisor make sure you provide the request. You should receive a written request that has the binder requirements. Technically these are all different things but just be aware of this. Some people refer to a binder as a certificate of insurance, proof of insurance, and evidence of insurance. The request for the binder may come from your attorney, bank, or mortgage broker. A binder also gives a summary of the coverage that is provided by your insurance policy. The binder provides your lender with verified temporary proof that you have insurance. Your bank or mortgage company is requiring a binder because you have a mortgage on your home. The binder must prove that your bank is listed as a mortgagee on your insurance policy. Your home insurance binder needs to meet the requirements of your loan. You are purchasing a home or refinancing your mortgage and need a temporary binder as proof that you have an insurance policy. What is an insurance binder? How do I get an insurance binder?
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