What’s a home insurance binder?

When you think of binders, you may think of school or work. But home insurance? 

Yes, a home insurance binder is a real (though temporary) thing. You can think of it as a temporary driver’s license that gets you on the road while you wait for your permanent license to arrive. Insurance binders provide proof of your coverage until your complete policy is done.

Learn more about what a home insurance binder is, why you need one, what’s included and how long it lasts:

What is a home insurance binder?

A home insurance binder is a temporary document that serves as proof of your policy until the underwriting process is complete. They provide details on your coverage. When you receive your complete policy, you no longer need the binder.

Why would you need one?

When you apply for a mortgage, you have to show your lender that you’ve purchased homeowners insurance. A home insurance binder provides proof of coverage until you receive your full policy.

What’s included in a homeowners insurance binder?

This is what you’ll typically find in a home insurance binder:

  • How long the policy lasts
  • Information about your insurance company
  • Deductible, coverage amounts and limits
  • Type of policy
  • Hazards you’re protected against (such as weather-related damage, theft and vandalism)

Does a home insurance binder expire?

Insurance binders are generally valid for about a month. Once you receive your final policy with its declaration page, you no longer need the binder.

Have questions about your home insurance? Reach out so we can chat.

Meridian Umbrella Policy

Here at Meridian we believe in helping protect our customers and their families, from even the most unexpected, unlikely, or even traumatic events that life can throw their way. An Umbrella Policy from Meridian is one of the very best ways to do just that, as Umbrella policies are held in order to cover anything above and beyond what your normal insurance policies cover.  These types of policies are affordable and can be the answer to your prayers if the worst does happen.

Imagine, if you will, that it’s a lovely Sunday morning and you’re going to go out and get the paper, and your faithful and friendly dog Max, a black lab, is clearly wanting to accompany you. As you get outside you see that your paper has been left way out in the yard, almost to the curb. As you walk across the lawn you’re oblivious to your neighbor, you know the one, secretary of the HOA association and self delegated neighborhood watch captain, who is always watching and commenting on everyone’s homes and yards.  Well today, she’s power-walking, and just as you bend down to get the paper, she comes walking up behind you, fast and swinging her arms, so Max, your beloved boys, senses a threat and immediately goes to defend you, jumping up and clamping down on her arm. By the time you know what has happened, she has run down the street screaming, and poor Max is cowering at your feet as you yelled at him. Now, even if you do all the right things, give her your insurance information, deliver home baked goods and flowers, well she comes after your family with a huge law suit that includes all the medical bill, emotional therapy bills, physical and occupational therapy bills and even pain and suffering.  Your homeowner’s policy caps out at a certain amount, and what will you do after that?? Drain your savings?  Sell your home? Take out a personal loan? Well, none of that will be needed if you carry an umbrella policy from Meridian, as after your standard policy caps out, you’re still covered, no matter what happens!

Perhaps you have a teenage son or daughter that has been admiring Grandpa’s classic Mustang for years! He finally hands it down to you and you keep it carefully under a cover in the garage. Well, you go out of town for the weekend and yep, you guessed it, Landon or Sadie just couldn’t contain themselves. They know where you kept the keys, and they just HAD to take it out on Saturday night, however by the time you know, it’s because you’re receiving a call that there’s been an accident. Now, not only is the poor Mustang damaged, but the kiddo plowed into rather expensive imported car, and that driver was transported to the hospital.  However, the kid is ok, and so are you, because you carry an umbrella policy from Meridian and you know, despite the final numbers, you’re covered… now you only have to figure out what to do about the kid!

Another situation you might expect can arise during the best of times. It is late spring and a beautiful weekend, so you plan a barbeque and hot tub night with some friends. Everyone is having a wonderful time until one of your guests slips getting out and takes a major fall resulting in a broken pelvis and fractured lower vertebrae.  Even if you do everything you can, there’s just no way your homeowner’s policy will cover all those medical and recovery bills.  However when you finally get inside, after the ambulance and paramedics have left, you remember your umbrella policy that your trusted Meridian agent had you add to your bundle of policies, and you breathe a huge sigh of relief, knowing that your friend can get the best help possible, without any extra worry or money from you.

Introducing Meridian Insurance Group LLC

I am excited to introduce my new business – Meridian Insurance Group, LLC. Thank you to Johnny at JMI Insurance for giving me the opportunity to start my own business as a branch of JMI. This has been a fantastic opportunity for me to partner with a well-respected Insurance Agency that has been in business for over 25 years. I am excited about the opportunity to have my own name and identity for my business while having a top-notch agency behind me.

Look for more blog posts relating to tips, advice and other information that will help you better understand:

  • How to best protect what matters most to you
  • How to take care of your home, business and vehicles
  • Advice on handling claims, and other insurance related questions
  • And, once in a while, fun information about what’s happening in the community.

I hope you’ll check back frequently, and if we’re not already working together, maybe you’ll give me the opportunity to help you protect all that matters with you through all the stages of your life.