Buying renters insurance is a quick process that can be done in an afternoon.
Renters insurance isn’t legally mandatory, but many landlords require it as a condition of signing a lease. That means you may have to get covered quickly if you don’t have it and you’re moving to a building that requires it. You also might just want to get a better deal and save a few dollars every month.
Luckily, buying renters insurance is a quick process that can be done in an afternoon. Read on to find out how long it takes to apply for renters insurance, how long it takes to become active, and what you can do to speed up the process.
Some types of insurance take a long time to get. Health insurance typically has an enrollment period you have to wait for until you can apply. Life insurance and disability insurance may have underwriting periods that last several weeks.
But getting renters insurance is a relatively quick process. There are only a few steps involved, and most people can get through the process in under 15 minutes.
When you apply for renters insurance, you’ll need to provide the following details:
Information about your residence
Learn more about the types of coverage included in your renters insurance policy.
Safety features Safety features like smoke detectors and burglary alarms can result in discounts.
Add-ons and endorsements You can customize your policy to increase payout limits for certain items, or add identity theft or earthquake coverage.
It only takes a few minutes to apply for renters insurance. But how long does it take before the policy is actually activated and you’re protected?
That really depends on you. Customers get to choose their effective date when they purchase a policy. That means you get to decide when coverage starts. It could be today, or it could be next month when you move to a new apartment.
Note that some carriers won’t let you effectuate a policy with a start date that’s more than two or three months away. That means you may have to wait a little while to buy your policy until you’re closer to the date you’ll need it — but you can do much of the legwork upfront so when the time comes, you’ll be ready.
Getting renters insurance is already a quick process, but you can make it even faster by having the proper paperwork and information ready when you start applying.
Follow these tips for getting renters insurance even faster:
Colin Lalley is the Associate Director of SEO Content at Policygenius in New York City. His writing on insurance and personal finance has appeared on Betterment, Inc, Credit Sesame, and the Council for Disability Awareness. Colin has a degree in English from the University of North Carolina at Chapel Hill.
Policygenius’ editorial content is not written by an insurance agent. It’s intended for informational purposes and should not be considered legal or financial advice. Consult a professional to learn what financial products are right for you.