Home owners insurance binder8/1/2023 Evidence is provided in the form of an insurance binder. Most lenders require evidence of insurance against fire and other hazards for not less than the full replacement value of the property with loss payable to them as first mortgagee. Without valid insurance protection in place, a buyer’s lender will not fund a loan on the expected Completion Day – as the property is their security for advancing the loan. Before a lender is willing to fund a loan, they require their borrower(s) to arrange for a satisfactory home insurance policy. Home insurance protects against fire and other potential incidents that may require repair or replacement of your home and belongings. Homeowner's Insurance Binder - Pranav Khemka Thursday Tidbit
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