An insurance binder acts as a placeholder for a formal insurance policy. You may need to provide a lender with an insurance binder in order to take possession of an asset used to secure the loan.

Mortgage lenders commonly require that borrowers maintain a homeowners insurance policy on their home. Depending on how the timing lines up with closing on the property and completing the home ...

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When you’re planning to buy your dream home and need to take out a mortgage, you'll need a homeowners insurance binder to close on your home. Most lenders require that you carry homeowners insurance ...