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Can I Get a Home Insurance Binder Without Paying For It?

An insurance agent can issue a binder to help you get your loan closed without you even paying a dime at the time he or she faxes or emails it to your lender. But, the cost of the estimated annual premium for the insurance will be calculated and included with the binder. The escrow closing officer will charge you for the whole year premium as part of your closing costs. So, the answer is both yes and no. You don't have to pay for the binder but you do have to pay for the property policy at closing. The mortgage company then sends a check to the insurance company to pay the premium once the loan is closed.