To sum things up: a binder is one-page contract issued by your insurance company that guarantees that you’ll be insured at the time of close. Information about the insurance company.There are a few important details outlined in an insurance binder, including: They call it a binder because the contract “binds” an insurance policy that does not yet exist. Not at all.Īn insurance binder is usually just a one-page document. You may be curious: Does an insurance binder look like one of those three-ring binders you used in school? The answer is, no. This contract is a guarantee by the insurance company that they will insure your home at the time of close. Put simply, a binder is a temporary contract issued by an insurance company.
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