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Insurance Binder
Updated
January 19, 2023
When you buy a new house or automobile, you'll usually require insurance that starts the day you take possession. An insurance binder is a temporary policy that serves as a stand-in for your permanent policy until it is issued. Giving new insurance might take a few days or weeks, depending on the underwriting procedure. This binder serves as proof of adequate insurance coverage to your lender or any other institution requiring proof of insurance.
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