How Long Does It Take to Get Renters Insurance?

how long does it take to get renters insurance

There are a handful of insurance policies that are easy to get. One of them is renters insurance. It takes about 10 – 30 minutes to apply for and buy.

Other insurance policies, however, aren’t so simple.

Take health insurance, for example. Acquiring this type of coverage requires you to know the correct enrollment date, wait to apply, fill out multiple forms, and read through tons of policies until you discern the right one for you. 

If you’re unequipped to understand all of the terms in the policies, it can take hours to determine the best health insurance to buy. What’s worse is that other types of coverages are just as challenging to purchase. 

Disability and life insurance can take several weeks to get if there’s an underwriting process involved. And to be frank, there typically is one. 

But renters insurance isn’t like that. It’s one of the quickest types of coverages that you can purchase. Of course, it still depends on the insurance company that you go through. If you use a lousy insurance agency with bad representatives, you will experience a horrible process. 

However, with the right company and agents in place, getting renters insurance is simple and easy.   

How do you apply for renters insurance?

how long does it take to get renters insurance after you apply

While you aren’t legally required to get renters insurance, your landlord might request it if you want to sign a lease.

In this situation, you probably want to get renters insurance quickly, especially if you’re seeking a residence that’s in high demand. But luckily, applying for renters insurance doesn’t require too much time.

You just have to provide simple information, including: 

  • Your address
  • The type of dwelling (house, apartment, condo, townhouse)
  • The purpose of the unit (personal use or commercial use)
  • Any pre-existing damage 
  • The family members and roommates you want on the policy
  • The monetary value of your possessions 
  • Any burglar alarms, smoke detectors, and fire alarms in the residence
  • Previously filed claims 
  • Any pets that will live in the unit with you

After you provide this information, a credible company will suggest different types of renters insurance coverage. Then, all you have to figure out is which policy you want. 

What does renters insurance cover?

Like most types of insurance policies, renters insurance covers a few foundational things. In fact, there are five aspects where renters insurance comes in handy. 

1. Personal property

If one of your possessions gets damaged or stolen, this coverage is ideal. It’ll cover the cost of anything that you misplaced or that someone took, ensuring you experience a little peace of mind. 

2. Personal liability

What if you injure yourself or notice some property damage in or outside of our residence? Personal liability coverage has your back. It’ll cover any legal costs that you incur so that you don’t pay a hefty bill at the end of the day. 

3. Medical expenses

If someone gets injured in your residence, the medical payments can be pricey. Thankfully, your renters insurance covers it. This benefit will prevent you from tackling any expensive medical bills on your own, saving you cash and time. 

4. Deductible

Before your insurance kicks in, you have to pay a certain amount of money every time you file a claim. Typically, this deductible isn’t too expensive. But it’ll depend on the policy you purchase. 

5. Loss of use

In less than ideal situations, you might have to leave your residence. There could be a safety hazard or an issue with the building. But regardless of the reason, your renters insurance will provide the money for any new accommodations. 

There are benefits to having renters insurance. A good policy can save you plenty of money and provide you peace when things go wrong. But what happens if you need to add more policies to protect your new space?

How long does it take to get additional coverage?

Depending on where you live, you might want to get more than just renters insurance. For example, if you live in a part of Florida that experiences a lot of flooding, or somewhere in California that frequently gets earthquakes, you’ll likely need additional coverage. 

Renters insurance doesn’t typically cover natural disasters. It just covers the basics. If you need more than that, you’ll have to research and find companies that offer flood insurance, earthquake insurance, or whatever type of coverage you need to add.

But it’s important to keep in mind that insurance policies for natural disasters don’t take effect immediately. It usually takes about 30 days after the purchase date for flood insurance to kick in, so it’s essential to buy this before a storm happens. 

Similarly, if you wait for an earthquake to buy earthquake insurance, it will take 30-60 days for companies to even sell policies again. Agents prefer to wait until the “aftershock period” ends so that they don’t suddenly fork over a ton of money for your residence. 

When does your renters insurance policy start?

when does renters insurance start

While it can take 1-2 months for add-on policies to start, your renters insurance can begin whenever you want. After applying, you can determine when your coverage activates. 

You can start it tomorrow, in a couple of days, or a few weeks from now. The decision is in your hands but try not to schedule the effective date for months down the road. 

Some insurance companies won’t let you activate a policy that’s two, three, or four months away. So, your best bet is to buy renters insurance when you know you’re going to use it.

Can you get renters insurance quicker than usual?

Applying for and buying renters insurance is a quick process. But if you want to speed it up even more, there are a few steps that you can take. 

1. Gather information about your residence

Before you start looking for renters insurance, figure out everything you can about your residence. Is there any pre-existing damage? What are the safety features? Are there any previously filed claims? 

Knowing this information before your search begins will ensure you speed up the application process and quickly get renters insurance. 

2. Determine the coverage you need

After you finish the application, you usually compare the renters insurance quotes and policies to determine which one you’re going to get. 

But there’s something you can do to make this process quicker: know how much coverage you need. You can make your decision-making process a lot simpler by already having a good idea of what is and isn’t necessary. 

3. Collect your personal information

To buy renters insurance, you need to provide your Social Security number, previous address, best payment method, and the names of any roommates or relatives that you want to add to your policy. 

While it doesn’t take long to stop in the middle of the application process to gather this information (if you know where it is), having it on hand will save you time in the long run. 

4. Find a good insurance company

Using an excellent company to buy your renters insurance is the most important step, which is why we saved the best for last. The typical ease that you experience when purchasing renters insurance will not happen if you go through a terrible agency.

You need to find a reputable company that has knowledgeable representatives and a seamless online experience. Barry Risk Management specializes in helping people find and purchase the proper coverage for all of their everyday essentials.

With our help, you can get renters insurance as quickly as possible. You can shop policies online without any hassle, and you can reach out to experienced insurance representatives who have the answers to your questions. 

It’s time to get your renters insurance  

Buying renters insurance should be quick and easy. Just use the tips in this article. Then, for the best quotes and policies, reach out to Barry Risk Management, Inc. You’ll find the simplicity and efficiency that you want and have your renters insurance in little to no time.  

Contact a representative with Barry Risk Management, Inc. today to find the best renters insurance quote and policy!