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What is on a Home Owners Insurance Binder?

A home insurance binder usually includes the name of the insured or co-insureds if privately owned or the name of a business, corporation or trust if held by some other legal entity. The property will be identified by its address and sometimes by plot map descriptions. The values of the various property being insured will be listed and applicable deductibles. The deductible are listed because the lender might have as a part of the contract you sign with them certain allowable maximums. The want to be sure your deductibles don't exceed those maximums. The name and address of the insurance company to which the agent has bound the coverage will appear somewhere near the top of the binder page. A policy number or binder number will appear somewhere on the document to identify the binder for referencing purposes. The effective and expiration dates of the policy being applied for or which exists already will be listed as well as the dates of the binder. The lender will want their name and address listed for purposes of security interest in the home as collateral. And, finally, the name of the issuing agent or agency with the name and signature of the agent responsible for issuing the binder. There might be other notes or instructions to the parties mentioned on the binder.