Request and Auto Insurance Quote

Does a Mortgage Holder Have to Accept an Insurance Binder?

If the binder has been prepared properly, in other words if the name of the homeowner has been listed, the property identified, the coverage quantified and the lender's name and address printed on the binder, there really is no reason to reject it. About the only reason a binder would not qualify by the lender's standards is that it's missing information, had misspelled names, has expired or does not have the right amount of coverage. Another reason, but rare, is that the insurer does not meet size or financial rating requirements. Some lenders are really picky about the ability of an insurance company to pay a claim and should spell out in the loan documents insurance company minimum financial stability requirements.

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