An insurance binder is a temporary agreement that provides proof of insurance coverage before a formal policy is issued. Think of it as a placeholder that protects you during the gap between applying for coverage and the issuance of your insurance policy. Essentially, an insurance binder ensures that you have coverage in place immediately, without having to wait for all the paperwork to be finalized. Importance of Insurance Binders in the Insurance Process The role of an insurance binder is crucial, particularly when immediate coverage is necessary. For instance, if you’re purchasing a new home or vehicle, you may need […]