While renter’s insurance isn’t legally mandated to sign a lease, a landlord may require it as a condition for signing a rental agreement. Depending on the circumstances, you may need to get same-day renter’s insurance. In this article, we are going to answer the question, “how long does it take to get renter’s insurance?” In general, getting renter’s insurance coverage is rather straightforward. It can take a little as an afternoon. If you have all your paperwork in order, it could take as little as 15 minutes. Nowadays, you can apply online, submit all the paperwork, and make the first payment on your credit card. Unlike other types of insurance, renter’s insurance does not require extensive paperwork, medical exams, or qualifying processes. Here is the information you would need to provide:
• Location of the rental property (address, city, state, and zip)
• Type of property (house, apartment, trailer, room)
• Commercial use (most renter’s insurance does not cover business activities)
• Pets (you may have to pay an additional premium for this coverage)
• Previous claims (any previous files on your insurance)
With this information, you can get up and running in minutes.
• Location of the rental property (address, city, state, and zip)
• Type of property (house, apartment, trailer, room)
• Commercial use (most renter’s insurance does not cover business activities)
• Pets (you may have to pay an additional premium for this coverage)
• Previous claims (any previous files on your insurance)
With this information, you can get up and running in minutes.
What Is Covered by Renter’s Insurance?
Virtually all of the renter’s policies cover the same items. Some policies may include special provisions depending on the nature of the rental agreement. For example, there may be special provisions for natural disasters or exotic pets such as tropical fish. Here is a list of what is generally covered by renter’s insurance:
• Your property (personal property covered in case of damage or robbery)
• Personal liability (coverage for costs resulting from injury or damage to property)
• Medical expenses (medical coverage in case someone is injured at your place)
• Loss of use (covers accommodation expenses in case you’re obliged to move out)
• Deductible (the amount you pay every time your policy is used)
Customizations to your policy can be requested. However, this may extend the time needed to issue the policy. Some renters get standard coverage simply to fulfill the lease requirement. Then, they make endorsements or add-on for a specific item such as antiques, exotic pets, or business use.
• Your property (personal property covered in case of damage or robbery)
• Personal liability (coverage for costs resulting from injury or damage to property)
• Medical expenses (medical coverage in case someone is injured at your place)
• Loss of use (covers accommodation expenses in case you’re obliged to move out)
• Deductible (the amount you pay every time your policy is used)
Customizations to your policy can be requested. However, this may extend the time needed to issue the policy. Some renters get standard coverage simply to fulfill the lease requirement. Then, they make endorsements or add-on for a specific item such as antiques, exotic pets, or business use.
When Does Renter’s Insurance Begin Coverage?
On the whole, a renter’s insurance policy begins immediately. Nevertheless, you can choose when the policy becomes effective. For instance, you sign the lease on the 15th but don’t move in until the end of the month. As such, you can choose to have the policy become effective on the 1st of the following month. Also, please bear in mind that some insurance carriers won’t let you delay the start date of the policy. Therefore, you might have to wait a little closer to your move-in date before purchasing the policy. Yet, you can get the process started immediately, and finalize it when you’re getting ready to move in. Check with your landlord if this is enough proof of insurance for them.
How Can You Speed up the Coverage Process?
Even though getting started with renter’s insurance is rather quick, there are some things you can do to speed up the process.
• Have all details and information ready. A simple copy of the lease agreement should contain every detail you need to get covered.
• Be aware of how much coverage you require. Getting the cheapest policy may fulfill the landlord’s requirements. However, it may not be enough to cover your belongings should you need them.
• Keep all of your personal information handy. Having all your information handy will save you plenty of time.
• Secure payment method. Please ensure you have your payment method all set up. This will save you time as your payment gets processed promptly.
Lastly, keep in mind that safety features such as smoke detectors and alarms are a bonus. They can save you money on your policy. Be sure to include them in your policy information.
• Have all details and information ready. A simple copy of the lease agreement should contain every detail you need to get covered.
• Be aware of how much coverage you require. Getting the cheapest policy may fulfill the landlord’s requirements. However, it may not be enough to cover your belongings should you need them.
• Keep all of your personal information handy. Having all your information handy will save you plenty of time.
• Secure payment method. Please ensure you have your payment method all set up. This will save you time as your payment gets processed promptly.
Lastly, keep in mind that safety features such as smoke detectors and alarms are a bonus. They can save you money on your policy. Be sure to include them in your policy information.