What A Is Home Insurance Binder?

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   David Osgood

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

   An insurance binder is a temporary issuance of proof of insurance that will "bind" or cover you temporarily until a formal policy is issued. The binder must contain your name as the insured, the limits of coverage in dollar amounts, what type of insurance it is, what is actually being covered (such as your car or home) and the company issuing the insurance. The beginning date must be evident. If there is a loan used to buy what is being insured, the lender (lienholder) information should be listed as well. 

   Answered on September 25, 2013

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