How Long Does It Take To Get Renters Insurance?

While renters insurance is not legally mandatory, many landlords will require prospective tenants to have this coverage when signing a lease. Fortunately, buying renters insurance is a quick process. Let’s take a look at how to apply for renters insurance, what it covers, and how you can get coverage quickly.

How Long Does It Take To Apply For Renters Insurance?

Some types of insurance can take a long time to get, including health insurance that features a lengthy enrollment period. Renters insurance is quite different in that regard. With only a few steps involved, it is possible to get through the process in 15 minutes or less.

You will need to provide the following details when applying for this insurance coverage:

• Location and type (apartment or home).
• Any existing damage to the property.
• Dogs or other pets that will live there.
• Will the space be used for business?
• Previous claims filed.

What Does Renters Insurance Cover?

The typical renters insurance package will cover the following:

• Deductible: The amount you are responsible for to cover each time you file a claim prior to the insurance kicking in.
• Personal property: Covering the cost of replacing your belongings if they become damaged or stolen.
• Personal liability: Covering legal costs from property damage or injury.
• Loss of use: Paying for accommodations if you are forced to leave the residence.
• Safety features: This can include things like burglary alarms and smoke detectors, resulting in discounts.
• Add-ons: You can customize your policy to increase payout limits for certain items, or tack on earthquake cover or identity theft.

How To Get Renters Insurance Quickly

Obtaining renters insurance is already quick, but there are a few things you can do to speed up this process:

• Having residence information ready: Know details like damage and safety features of your residence. You may have to do a little digging if you are renting an apartment or home for this information.
• Coverage amount: Know exactly how much coverage you’ll need ahead of time. You can get a good idea by making a home inventory of all your belongings. Figure out the total costs and how much you’d need to repair or replace them.
• Personal information: You will need to verify your previous address, Social Security number, and decide if you want to add an individual to your policy. Have your payment method ready at this time.