Essentially, it serves as a proof of insurance coverage until the policy comes into effect. It is a temporary policy that serves as a placeholder until your formal policy is issued. Insurance binders are a one-page contract issued by your insurance company that guarantees you’ll be insured at the time of close. Let’s discuss how they work, how to get one, and when you will need one. Ever have someone request that you provide them with an insurance binder? Not sure what that is or where to get one? We’ve taken a deeper dive to provide you with all the information you need to know about insurance binders.
