Getting homeowners insurance can take anywhere from a few minutes to a few days, depending on how you get a quote and how smoothly the underwriting process goes. But there are some cases where getting a policy can take longer.
Understanding how long it may take to get home insurance is vital because it ensures you have the coverage you need when you need it. This is particularly true if you’re buying a new house, since mortgage lenders often require proof of coverage before approving your home loan.
How long does it take to get a home insurance quote?
Homeowners insurance quotes are often available within minutes of completing an online application or contacting an agent directly. However, a quote may take longer depending on the insurance company and your specific coverage needs.
You have several options to get homeowners insurance quotes.
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Online: You can usually get quotes online in minutes by completing an online quote form and providing key details about your home. Online quotes may be available through the insurer’s website or through online marketplaces that allow you to get quotes from multiple insurers at once.
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Over the phone: You can often get same-day quotes by calling an insurer directly. You’ll also be able to speak with an insurance agent and ask questions about potential discounts and coverages.
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In person: You can usually get quotes the same day or within a few days by visiting an insurance agent’s or broker’s local office. Brokers and independent insurance agents can provide quotes from multiple insurers. Captive agents, or agents who sell coverage from a specific insurer, can only provide a quote from the carrier they represent.
Tip: Before you buy home insurance, get quotes from at least three insurers to compare offers and find the best deal for your coverage needs.
How long does it take for home insurance to go into effect?
After your policy is bound, your application needs to go through underwriting, where the insurer assesses your home’s risks. Much of the underwriting process is automated these days, so the initial phase may take just a few minutes to complete. However, in some cases, the insurer will need to complete a home inspection before deciding to issue coverage, which can elongate the process.
In general, your homeowners insurance policy goes into effect the day you select as the effective date and after you’ve paid your first premium. If you’re buying a house, you’ll want the effective date to be the day you take ownership of the property. If you already have coverage, the effective date should be no later than the day your current policy expires. That way, you’ll avoid any gaps in coverage.
How long does it take to get home insurance for a high-risk home?
It can take longer to buy insurance for a high-risk home. Some insurers may not cover homes at high risk for natural disasters like hurricanes or wildfires, so your options may be more limited.
A house may also be considered high risk when it has one or more of the following issues:
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Older or damaged roof
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Outdated or damaged electrical, plumbing, or heating sources
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Unoccupied or infrequently used house
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Property is undergoing a major renovation
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Home businesses operating within the property
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Property is in an area with high crime, theft, or vandalism
Even if your home doesn’t fit into any of the circumstances above, your insurer may still consider you high-risk if you have a poor credit-based insurance score, a history of multiple claims, or a history of missing payments.
Finding an insurance policy for a high-risk home is possible, but it may take more time. The underwriting process can take longer while the insurer assesses the potential risks. You may even need to buy a FAIR plan policy from a state-subsidized insurer as a last resort, but only once you’ve exhausted your other options.
How to speed up the home insurance buying process
Buying homeowners insurance often requires you to provide several documents and key bits of information. Gathering all the information you need can help reduce the amount of time it takes to get a policy.
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Personal information: Be ready to provide your full name, Social Security number, current address, contact information, and marital status.
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Existing policy information: If you’re replacing another policy, have your existing policy on-hand to compare coverage and provide proof of prior home insurance.
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Property details: To complete the application, you’ll need details such as the home’s address, square footage, number of floors, foundation type, the roof’s age and composition, and whether there are separate structures on the property. You may also need a recent home inspection.
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Financial details: You’ll likely need to provide information about your mortgage, including the mortgage amount and lender’s contact information.
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Personal belongings: Have a rough idea of your personal belongings and their value. This is especially true if you plan to schedule, or add extra coverage for, certain items such as jewelry or collectibles.
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Coverage needs: Usually, your insurer will advise you to purchase enough coverage to replace your property. There are also other considerations, such as the amount of liability insurance you need. A licensed agent can help you determine your coverage needs.
Check out our guide to determining how much coverage you need.
When should you start shopping for home insurance?
If you’re buying a new home, start shopping for home insurance well before your expected closing date — preferably at least a few weeks prior. This gives you plenty of time to find the right policy and complete the underwriting process before you’re required to provide proof of homeowners insurance to the lender.
If you already have a home insurance policy, it’s a good idea to shop around every once in a while — especially before your policy’s annual renewal date — to see if you can save money or get better coverage.
You may also want to shop around for a new policy if you make any significant updates, such as:
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Major renovations that affect the value of your home or your home’s square footage
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Addition of another structure, such as a second story, garage, or pool
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Roofing, electrical, or plumbing replacements or upgrades
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Security systems or interior sprinkler systems installations
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Mortgage refinancing
Can you get same-day coverage?
Depending on your property, coverage needs, and the insurer you choose, you might be able to get coverage on the same day you apply.
If it’s vital you get coverage the same day, make sure you have all the necessary information prepared to ensure the underwriting process goes quickly.
Still, not every insurer offers same-day coverage. Limiting your search to only insurers who provide near-immediate coverage could leave you paying more for coverage, or purchasing coverage from an insurer that may not precisely fit your needs. As such, it’s always best to shop for home insurance well before you need it.
Do you need a home inspection before getting home insurance?
Many home insurance providers require a home inspection during the application process. Depending on the home and the insurance company, you may be able to document the interior and exterior of the house yourself, or you may need to hire a professional home inspector to do it for you.
Home insurance inspections usually evaluate vital parts of your home, including your roof and electrical, plumbing, and heating systems. Inspectors may also look for signs of water damage, pest infiltration, and structural issues, as well as safety features like smoke detectors.
If your home inspection turns up issues, you may need to fix them before you can get coverage.
What happens if you delay purchasing home insurance?
If you’re in the process of purchasing a house, delaying the purchase of home insurance could push back your closing date, as most mortgage lenders require proof of homeowners insurance before issuing a mortgage.
If you already own your home, a delay in coverage can leave you financially vulnerable if your home is damaged, or even if someone is injured on your property.