Home insurance is crucial to protect your property and assets, so it’s important not to wait until the last minute to secure a policy. It can take anywhere from five minutes to a few days to lock in a homeowners insurance policy and protect your home from a major disaster.
Factors like your location and how you choose to get coverage, whether you need a home inspection, and the risk level of your house all dictate the length of time it takes to finalize a policy.
Additionally, finding the cheapest home insurance rate, choosing your policy levels, and comparing companies also takes time.
Learn about how long it takes to secure homeowners insurance so you know exactly what to expect before you begin the process.
You have three main ways to get a home insurance quote: in person, by phone, and online. Here’s a look at the amount of time the process usually takes for each method.
Follow these tips if you’d like to lock in home insurance coverage and protect against property damage as soon as possible:
Understand your property information. When you apply for a home insurance quote, you’ll need to provide details about your home. That’s why it’s a good idea to know its specs, such as square footage, style, roof type, and whether the garage is attached or separate from the property.
Determine how much coverage you’ll need. Take the time to familiarize yourself with the different types of home insurance available and insurance policy terms. Figure out the ideal coverage for your home and whether you’d benefit from any optional add-ons, like flood insurance.1
Prepare your personal information. Have your Social Security number, property history, and previous insurance claims history on hand, as you’ll likely need this information when you apply for a quote.
Apply online. Compared to in-person and phone quotes, online quotes are quicker. If you want a homeowners policy within minutes rather than days or longer, an online quote process is likely your best bet — especially if you already know what type of coverage you want to purchase.
You should shop for home insurance at least three weeks before your closing date. In most cases, mortgage lenders ask for proof of homeowners insurance at least three days before you’re scheduled to close on your home. You’ll want to ensure you have enough time to shop around and compare your coverage options to find the best coverage for your future home.
Once you choose a homeowners insurance company and finalize an applicable insurance policy, you’ll give their information to your mortgage lender. The real estate agent and title company may request it as well. Unless you decide to cover your premium payment before you close, it’ll be on your settlement form as an item you need to pay for in advance.2
No state laws require you to have a home insurance policy to buy a home. But if you take out a mortgage, the mortgage company or lender will likely request it. Regardless of your situation, home insurance coverage is a worthwhile investment.
Home insurance can protect your home and personal belongings from unforeseen problems like fire, wind damage, tornadoes, water damage, dog bites, and break-ins. Without a policy, you’ll be on the hook for emergency repairs for extensive damage.3
Most insurance companies will let you choose an effective date, often known as a policy inception date.4 But keep in mind that your coverage and policy obligations can’t begin until you close on your home.
It’s a good idea to opt for an effective date the same day you plan to close on your home so that you have coverage for it and your items as soon as you take possession of the house.
Once you receive a quote, it can take several minutes to days or weeks to lock in your homeowners insurance policy. If you have a low-risk home and no previous insurance claims on your record, the process will likely be much quicker than someone with a high-risk home and a history of claims.
You’ll need to provide the home insurance company with several important pieces of information to get a quote. The more information you gather ahead of time, the quicker you’ll be able to get a quote and secure a homeowner’s policy.
Most home insurers will ask for the following details:
Personal information: Your full name, date of birth, phone number, email address, and Social Security number
Home information: Your home’s square footage, roof material, HVAC type, safety systems, and details about any unique or custom features
Mortgage information: Your mortgage company’s name and address, known as the mortgage clause
Closing date: Your home insurance policy will need to go into effect as soon as the property is legally yours5
Here’s some additional information about home insurance and how long it takes to get it.
Usually, yes. Home insurance coverage will typically take effect when you close on your home. You’ll work with the home insurer and its insurance professionals to choose an effective policy date.
Depending on how you apply, you may get homeowner’s insurance from a licensed insurance provider in anywhere between five minutes and a few days. In general, online quotes lead to faster turnaround times than in-person and phone quotes.
The underwriting process usually takes a few days to a few weeks, depending on when you officially decide to move forward with a home but before your closing date.
If you don’t buy a home insurance policy and personal property coverage but have a mortgage, your lender might buy coverage on your behalf, and you’ll likely have to pay more for the policy. It may also send your mortgage into default.
Home insurance and replacement cost coverage aren’t typically required after you pay off your home loan. But they’re a good idea, as they can protect your property and personal belongings from unexpected natural disasters and the high out-of-pocket cost of repairs.
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