![]() ![]() ![]() Your mortgage lender wants proof that the house they’ve just invested in is protected by an insurance policy.There are a few scenarios in which you need a binder, including: (Square One actually refers to our binders as Confirmations of Insurance. In the insurance world, a binder is a temporary document issued by your insurance company that basically says:īinders are temporary confirmations of insurance, to help you get things done while you’re waiting for your final policy to arrive. Meanwhile, the bank that gave you a mortgage is breathing down your neck, waiting for proof that your new house is insured. ![]() Maybe your policy needs to be reviewed by an underwriter, or maybe the insurance company is just a bit slow. Even after you’ve gone through the process with an insurance agent or broker, there might still be a short wait before you get your official policy documents. Buying an insurance policy isn’t quite like buying a slice of pizza they don’t keep insurance policy wordings on a shelf, warm and ready to eat. ![]()
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