 Type of foundation (ex: poured concrete slab) and  Type of electrical service / wiring in the property  Safety devices (ex: security systems or fire sprinklers)  The use of the home (ex: single-family or multi-family)

 The improvements to the home (ex: new roof, central air conditioning system, etc.)  Number of bathrooms, kitchens and fireplaces  Whether there is a garage on the property and its size  The style of the home (ex: split-level)  The type and age of the roof (ex: shingles) The spec sheet should cover, among other things, the following items: Prior to approaching an insurance agent / private insurance company, buyers should obtain a spec sheet of their home so they will be able to answer any questions regarding the property. The insurance binder is a 1-to-2-page document that summarizes important details of your insurance policy (ex: the coverage, the names of the insured, the name of the lender as first loss payable, etc.) and verifies that the property will be insured come Completion Day. 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

What is a homeowners insurance binder