Video answer: Why do you need an insurance binder prior to closing?
Top best answers to the question «Do i require homeowners insurance before i complete a loan»
Until you pay off the loan, the lender is technically still the owner — at least in terms of fiscal responsibility… Lenders typically require homeowners to have a minimum amount of insurance, or enough to cover the balance of a mortgage loan. Additional coverage for your possessions usually isn't their concern.
Video answer: Every lender will give you this document (your loan…