How Can I Get Homeowner’s Insurance?

how can I get the best homeowner's insurance

Buying a home is an exciting time. You get to settle into your desired location. You get to search for a home like you’re a buyer on House Hunters. And you get to make something your own—you can paint the walls whatever color you want, get creative with your landscaping, and expand your home if you prefer to add to it in the future.

All of the fun things that come with buying a home are enough to get you emotionally invested in your property. When you’ve spent days or months looking for a place and personalizing it to your taste, you want to make sure you protect it, which is why you’re probably wondering how can I get homeowner’s insurance. 

Finding homeowner’s insurance isn’t that hard. All you have to do is follow a brief list of steps: 

  1. Compile a list of suitable options 
  2. Compare the costs of different insurers
  3. Investigate the health of each insurance company 
  4. Check policyholder satisfaction and retention rate
  5. Talk to a real person to ask questions and get clarification

If you follow these steps, you’ll find the right homeowner’s insurance in no time. However, before you dive into this process, you should ask yourself what your homeowner’s insurance will cover. 

Will it provide everything you need to protect your new home? Or are there different types of homeowner’s insurance that you should consider? Knowing the answers to these questions will give you the insight you need to confidently start your hunt for homeowner’s insurance.

You don’t want to go into this process uninformed. And with the right amount of knowledge, you’ll discover the best policy possible.  

What is homeowner’s insurance?

how can I get homeowner's insurance?

If you’ve already started wondering how can I get homeowner’s insurance, then you likely know what this type of insurance is—however, it’s essential to get a refresher just in case. 

Homeowner’s insurance protects your home and possessions by giving you financial relief in the instance that something gets stolen or damaged. While it’s not required by law, you may need to purchase homeowner’s insurance if you have a mortgage. After all, your lender wants to protect its investment the same way that a landlord does

With homeowner’s insurance, you and your lender can count on help in three specific areas: 

  • Repairs to your home or your yard
  • Repairs to other structures dealing with your home 
  • Replacement of personal belongings 
  • Personal liability coverage if you’re legally responsible for damage or injury to someone else

Given its range of benefits, homeowner’s insurance isn’t just important. It’s necessary. And if you’re taking steps to get it, you’re on the right path. 

What does homeowner’s insurance cover?

Protecting your new home is critical, and insurance companies that offer good policies want to ensure they achieve that goal. As a result, standard homeowner’s insurance typically covers the following. 

1. Dwelling 

This type of coverage repairs damage to your home and any attached structures, like your back porch, where you grill and hang out. Usually, if someone or something damages your home, this coverage will ensure you get enough money for the rebuilding costs.

2. Structures

For this coverage, you’ll get to protect stand-alone structures on your property. For example, think of a shed or fence. If one or both of these gets damaged, you don’t have to worry about it. This coverage typically makes up 10% of your homeowner’s insurance. 

3. Personal property 

This coverage usually encompasses 50% to 70% of your homeowner’s insurance. It covers any repairs or replacements that were stolen or damaged. 

4. Temporary living expenses

If your home is getting repaired, you may have to leave for a certain amount of time. Whenever this situation happens, this type of coverage will help pay any temporary living expenses. Usually, this coverage makes up 20% of your homeowner’s insurance. 

5. Personal liability  

Unfortunately, there’s always a chance that you might accidentally injure someone or damage your property unintentionally. Luckily, personal liability coverage will help you. It typically covers $100,000 – $500,000 in damages. 

6. Medical payments 

If someone gets injured on your property, this coverage will help pay their medical payments regardless of who’s at fault for the injury. What’s even better is that it also covers a situation where you, a relative, or a pet hurts someone while off your property. 

What are the different types of homeowner’s insurance?

While standard policies tend to include the same types of coverage, you will have to choose between different types of homeowner’s insurance. 

These different types are called “policy forms,” and some offer more expansive coverage than others. What’s also interesting to know is that policy forms can differ across states and insurance companies. But three of them are pretty common. 

1. HO-3 Insurance 

This type of homeowner’s insurance is the most popular. In 2017, nearly 80% of owner-occupied homes had HO-3 insurance. If you have a mortgage, more often than not, your lender will request this level of coverage at the bare minimum. 

It generally covers damages to your home, except for any events that the policy specifically excludes. For example, some of those excluded events might be an earthquake or a flood. But the list of things that HO-3 insurance won’t cover when your house gets damaged is relatively short. So, you should be happy with this particular aspect of the policy. 

However, if you buy HO-3 insurance, you may want to get additional coverage for your personal belongings. This policy will only cover damage from 16 different perils, including smoke, volcanic eruption, fire, lightning, riots, explosions, vandalism, theft, and more. 

2. HO-5 Insurance 

If you’re looking for more extensive coverage, then HO-5 insurance might be right for you. It’s the most comprehensive and premier homeowner’s insurance that you can get—it’ll cover all damages, except for the ones that the policy prohibits.  

However, typically, you can only buy HO-5 insurance if you have a well-maintained home in a low-risk area. In 2017, about 14% of homeowner’s had this coverage, so it’s not as popular as HO-3 insurance. But again, it’s the most extensive coverage you can buy. 

3. HO-1 and HO-2 Insurance 

These insurances are probably the least popular since they offer very limited coverage. They only cover damages that are listed in the policy—and that list is pretty short. 

HO-1 and HO-2 insurance provide the bare bones of what you need, which is probably why only 7% of homeowner’s had this type of insurance in 2017. It also doesn’t help that HO-1 and HO-2 insurance policies are hard to come by, as neither one is widely available.  

Who provides homeowner’s insurance? 

how can I get homeowner's insurance today?

Now that you know what homeowner’s insurance covers and the types of policies to consider, you can start your hunt for the best homeowner’s insurance. Again, it won’t take long to find the right policy and insurance company for you, especially if you follow the steps outlined above. 

But if you need a little help, here’s a head start. Barry Risk Management, Inc. offers homeowner’s insurance to give you everything you need to protect your new home. 

Barry Risk Management specializes in helping people like you find and purchase the proper coverage for all of your everyday essentials. With the guidance and expertise of Barry Risk Management, you can trust Barry Risk Management, Inc. to find the best homeowner’s insurance for you. 

What’s even better is that you can also speak to an agent to ask questions and clarify the insurance coverage options you have. Remember step five at the beginning of this article. You want to talk to someone at the insurance companies you’re considering, and Barry Risk Management, Inc. makes this easy. 

The representative you speak to will be knowledgeable, helpful, and committed to getting you the best homeowner’s insurance possible. So, don’t wait. Contact a representative with Barry Risk Management, Inc. now to get the homeowner’s insurance you need. 

Get the coverage you need to protect your home by contacting an agent with Barry Risk Management, Inc. today!

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!