Your insurance declaration page is typically the first few pages of your insurance policy, and, like the insurance binder, includes a breakdown of your policy’s key details. Typical details include:Įventually, the binder will expire and you’ll receive your official policy, which will include the insurance declaration page. The insurance binder will contain the same major details that your official policy will eventually cover, such as the type of coverage provided and all relevant dates. It serves as evidence that you have homeowners insurance in place and that you’re fully covered in the meantime.
What is an insurance binder?Īn insurance binder is a temporary document that insurance companies provide to lenders on your behalf, before your policy document is available. This is where an insurance binder comes in.
Despite not having your homeowners policy in hand, your lender will still require proof of coverage before closing. It’s quite possible, however, your insurance policy won’t be available until after the title is transferred to you. When you take out a mortgage to purchase a home, you’ll need to provide evidence of a homeowners insurance policy.
