Insurance binders can also be requested on existing policies. Your insurance agent can assist with obtaining an insurance binder. Both property and owner information contribute to policy pricing and whether the company would extend a policy to you at all. Your information is used to retrieve claim history and determine risk level. Property details are used to calculate replacement value. Massachusetts homeowners insurance companies will ask for the property details (address, size, features) and your personal information. Requesting Massachusetts Homeowners Insurance Bindersįor new policies, you will need to provide certain information in order to obtain an insurance binder and price quote. Mortgage Company Name, Address, and Loan Number.The binder should also list other key details such as: Get your free quote for business insurance, employee benefits or personal insurance from top-rated insurance companies. If you are using an independent insurance agent, then their information will be listed as well. The first is the insurance company’s contact information. Massachusetts homeowners insurance binders include several important pieces of information. Information Included in Insurance Binders What is an insurance binder An insurance binder serves as a temporary placeholder when you start up a new insurance policy. So, the insurance binder acts as temporary proof of coverage until the policy is formally issued/effective. There are numerous types of insurance binders that you might receive while your formal policy is still being underwritten.

If you are buying a home, your policy may not be effective until the actual closing date. It is issued by your insurance company or insurance agent. What Is a Homeowners Insurance Binder?Ī homeowners insurance binder is essentially proof that you’ve purchased insurance. What is an insurance binder? What does it include? And why do you need it? Here’s a quick overview of Massachusetts homeowners insurance binders. Before you purchase a home or refinance a mortgage, you may be asked for an insurance binder.