Homeowner Insurance Binder

A homeowner insurance binder is an agreement between you and your insurance company that provides temporary proof of your homeowners insurance, until you receive your actual policy.

What is a homeowners insurance binder?

A homeowners insurance binder is a temporary document issued by an authorized insurance representative that can serve as proof of insurance for your home, car, or property.

Who needs a homeowners insurance binder?

Anyone who gets homeowners insurance should ask for a binder. That way, you’ll have proof of your homeowners policy in case your mortgage lender, or other parties, need to make sure you’re properly insured when buying a home. Your insurance binder will also detail what exactly has been insured on your policy, in case you’d like to double check and make sure you’re properly covered.

When would you use a home insurance binder?

You’d use a home insurance binder anytime you’re asked to present your insurance, before your policy has been officially issued. Traditionally your policy won’t be issued until it’s been approved by underwriting.

What’s inside a home insurance binder?

Here’s a breakdown of what you’d typically find in a home insurance binder.

  • Time limits (ie. how long the policy is for)
  • Details about your insurance company  
  • Your insurance coverage amounts
  • Type of policy
  • The perils your policy insures against.

Insurance binder VS your declaration page

A declaration page is a summary of your insurance policy—it includes important things like coverage amounts, deductible, who’s covered, and more. Sounds pretty similar to an insurance binder right?

Well, yes, except a declaration page is just a summary of your policy and it will generally be issued by your insurance company after the underwriting process is complete.

Think of your home insurance binder like a temporary driving license so you can get out on the road and start driving, while the declarations page is similar to your permanent driving license.




Please Note: These definitions don’t alter the terms, conditions, exclusions, or limitations of policies issued by Lemonade. They are intended for educational purposes only - they’re not meant to be used in lieu of professional legal or financial advice. We’ll do our best to keep them updated, but they may not always reflect current industry developments. Feel free to use the terms with attribution (friends don’t let friends plagiarize!)

Property and casualty insurance provided by Lemonade Insurance Company, 5 Crosby St., 3rd floor, New York, NY 10013. Life Insurance provided by North American Company for Life and Health Insurance®, Administrative Office, One Sammons Plaza, Sioux Falls, SD 57193.

Lemonade Insurance Agency, LLC (LIA) is acting as the agent of Lemonade Insurance Company and Lemonade Life Insurance Agency, LLC (LLIA) is acting as the agent of North American Company for Life and Health Insurance®. Both LIA and LLIA receive compensation based on the premiums for the insurance policies each sells. Further information is available upon request.

LLIA is a sub-producer of Bestow Agency, LLC. Life insurance quotes are provided by Bestow Agency, LLC dba Bestow Insurance Services in CA, who is the licensed agent. Term Life insurance policies are issued on North American Company for Life and Health Insurance® policy form LS181 and LS182, or state version including all applicable endorsements and riders. Products or issue ages may not be available in all jurisdictions. Limitations or restrictions may apply. Not available in New York. Our application asks about your lifestyle and health; your answers allow us to save you time and avoid offline medical exams.