This study investigates the role of the polymeric binder on the properties and performance of an intumescent coating. Waterborne resins of different types (vinylic, acrylic, and styrene-acrylic) were incorporated in an intumescent paint formulation, and characterized extensively in terms of thermal degradation behavior, intumescence thickness, and thermal insulation. Thermal microscopy images of charred foam development provided further information on the particular performance of each type of coating upon heating. The best foam expansion and heat protection results were obtained with the vinyl binders. Rheological measurements showed a complex evolution of the viscoelastic characteristics of the materials with temperature. As an example, the vinyl binders unexpectedly hardened significantly after thermal degradation. The values of storage moduli obtained at the onset of foam blowing (melamine decomposition) were used to explain different intumescence expansion behaviors.