Homeowners Insurance Binder
Definition
- A document accompanying a homeowner's insurance policy. Its sole purpose is to verify that the homeowner's property is, in fact, properly insured.
Synonyms
temporary insurance, immediate insurance, interim protection
Related Terms and Acronyms
- Act of God (AOG) — Acronym,
- When used in insurance policies, an event caused by natural forces such as hail, rain, tornado, lightning, floods or earthquakes, which results in damage to property.
- Binder — Definition,
- An agreement to consider the purchase of real estate. The agreement is secured and backed by a cash deposit as evidence of good faith on the part of the purchaser.
- Contract — Definition,
- An agreement between two or more parties that can be enforced by law.
- Homeowners Insurance — Definition,
- A policy that includes hazard coverage, covering loss or damage to property and/or assets located within, as well as coverage for personal liability and theft.
- Property Insurance — Definition,
- Insurance that provides coverage for damages to property from a number of perils.
- Purchase Agreement — Definition,
- A written promise to pay a specific amount for a property at a specified time. The purchase agreement is a written statement of the offer, which both the borrower and the seller will sign if the offer is accepted.
