Renters insurance is not legally required in any state, but your landlord has the right to ask you to obtain it within your lease agreement. If you’re looking into purchasing renters insurance, whether you’re required to have it or not, you’re probably wondering how long it takes to get it.
How long does it take to apply for renters insurance?
It’s typically quick and easy to get renters insurance. While the time it will take to get renters insurance will depend on the company you buy from, you should be able to get renters insurance in less than 30 minutes, and in some cases, as little as about 5 minutes.
What information you’re required to provide when signing up for renters insurance:
- Type of dwelling (apartment, duplex, house, etc.)
- Preexisting damage to the unit
- If you own any pets
- If you have additional family members or roommates
- If there is a fire alarm, smoke detector, or burglar alarm
- How much your valuables are worth
As a renter looking to obtain a renters insurance policy, you should be prepared to answer a number of additional questions. This also may vary depending on which insurance company you receive quotes from.
Do additional coverages take longer to get?
Typically your standard renters insurance policy doesn’t cover natural disasters such as flooding, sinkholes, and earthquakes. If you live in an area prone to natural disasters, you may want to consider purchasing an additional coverage policy.
Flood insurance is available through the National Flood Insurance Program (NFIP) and through certain insurance companies at an additional cost. A flood insurance policy generally won’t go into effect until 30 days after the purchase date, so it’s not coverage that you can buy right before a storm.
A number of companies sell earthquake and sinkhole insurance policies. Through some insurance providers, you can add on earthquake and sinkhole coverage to your current renters policy.
You usually can obtain an add-on policy the day of if you live in an area generally not affected by earthquakes. If your area has recently been hit, typically agents wait 30-60 days after the recent earthquake to sell policies again because it’s still considered an aftershock period.
When does my renters insurance policy start?
As a customer, you get to decide the date your renters policy begins. It could be the day you purchase the policy, the following day, next week or even in a couple months. You typically can purchase the policy up to three months prior to needing it to be in effect.
How to get a renters insurance policy fast
Getting a renters insurance policy is already a quick process, but you can make it even faster by having the necessary paperwork needed to apply. You should know your address and location information, how much your belongings are worth, the amount of coverage you’ll need, and any additional personal information such as adding family or roommates, your social security number and credit information.
Certain companies, like Lemonade Insurance, are known for a quick quoting process because of how they leverage technology.
Renters insurance is an inexpensive way to protect your stuff and give you peace of mind. Find the best renters insurance companies in your area and get coverage quickly and easily.
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