How Long Does It Take To Get A Home Insurance Binder?

1. 

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   David Osgood

   Agent, Rural Mutual Insurance Co., Union Grove, WI

   Getting an insurance binder could take as little as a few minute up to a day or two, depending on the information required to be placed on the binder. In many cases if all of the proper information is provided to your carrier when requesting the binder you will receive it within a short period of time.

   Answered on September 8, 2013

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   David G. Pipes, CLU®, RICP®

   Business Development Officer, T.D. McNeil Insurance Services, Fresno, California

   Under normal circumstances this takes only a few minutes. That doesn’t mean that the entire application is completed but the agent usually as authority to extend coverage until the underwriting is completed. A key to prompt binding of coverage is to have the agency needing the binder communicate directly with the agent. For example, the title company should speak directly to the agent that way the binder will meet the specific needs of the borrower and can be handled promptly.

   Answered on September 11, 2014

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   Stu Cohen

   Founder, City Building Owners Insurance, Somers, NY

   As mentioned above, binding takes only a matter of minutes once the proper paperwork is signed. Every week, we receive calls from attorneys and mortgage brokers who need coverage for a closing the next business day. After collecting the necessary information, an agent should be able to secure a quote and bind the coverage anywhere within a few hours up to a business day.

   Answered on August 17, 2015

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4. 

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   David W. Clausen

   Chief Executive Officer, Coastal Homeowners Insurance Solutions, Rocky Point, NY 11778

   Good questions. It depends on the situation. If your home will be occupied and hasn't been damaged by a storm or fire you should have no problem receiving a binder quickly. I would suggest you give your agent as much time as possible to prepare the insurance binder for you though. If the agent has enough time it will help them search the entire market and get the best possible premium for you. Hope this answer helps.

   Answered on September 14, 2015

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