If your mortgage lender is breathing down your neck and you still haven't received the final copy of your home insurance policy, you can utilize your home insurance binder.Īs mentioned above, a binder acts as temporary proof of home insurance. Because of this process, it can often take insurance companies weeks or months to finalize a policy. In Canada, mortgage lenders require homeowners to provide proof of insurance before committing to issuing a loan.Īlthough, as you may know, writing an insurance policy is an arduous task that requires a fair bit of time. Unless you purchased your home outright, you likely had to find a mortgage lender for your significant investment. However, we should note that certain types of homeowners may need an insurance binder more than others. In all honesty, it’s never the wrong time to start protecting your property and personal belongings. There's no denying that binder insurance is an excellent choice for homeowners that want to be proactive and precautious. What types of homeowners should get an insurance binder in Canada?

Insurance advisors can supply you with a long list of quotes in a few short minutes! This means that you can browse through the best (and most affordable) policies from the most respected providers in the country until you've found the perfect match. If you're struggling to find affordable home insurance quotes in Canada, you should reach out to an experienced insurance advisor online. Having a hard time finding cheap home insurance in Canada? However, some companies are able to finalize a binder in less than a day. Many insurance providers can supply homeowners with a binder within 24 to 48 hours. Your home insurance provider will supply you with a binder after you've paid your premium for the first time. The only way to get an insurance binder is through your home insurance provider. How and where do you get an insurance binder?

If you need to provide proof of insurance before receiving your finalized policy, you can utilize your insurance binder letter. START A QUOTE What is an insurance binder?Īn insurance binder is essentially a temporary contract that proves that your home insurance provider has agreed to insure your property.

Insurance binder example