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Frequently Asked Questions

How do I get a homeowner’s insurance binder?



Answer: Normally when we get this question it is because the inquirer is needing to satisfy a bank’s request for proof of property insurance. This proof is often provided by means of a recently dated insurance binder and a receipt showing the estimated annual premium has been paid in full. Because of this common need the rest of this answer will be slanted in the direction of satisfying a lender.

The home buyer or the representative of the buyer will need to contact the insurance agency, DRickard Insurance, at 607-843-8860 or insurance@drickardinsurance.com, and give the agent as much information about the house that you know. The agent will then create premium indications for the buyer’s consideration. Once a selection of homeowner’s insurance policy has been made the home buyer will need to provide the mortgagee clause that the lender requires to be built into the insurance policy.

An application will then be created and sent to the home buyer. The buy must sign the application and all supplemental documents and return all of these to the agency so the insurance policy may be bound. When we say a policy is bound that means put into force starting on a chosen date.

Once coverage is bound, the insurance agency will then provide a homeowner’s insurance binder and a receipt of payment for the buyer to give to the bank as proof that the required insurance has been purchased.

The homeowner’s insurance binder included information about the type of policy and the amount of coverage purchased. It also includes evidence that the mortgage holder is listed on the policy and that their interests are also being protected.

NOTE: Many times a homeowners insurance binder and a flood insurance binder are needed to finish getting a home loan. For more details on this ask your lender.

For more details on insurance and to find the insurance you need contact DRickard Insurance at 607-843-8860 or insurance@drickardinsurance.com.

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