How Long Will It Take for my Quote to be Approved?

Once you have selected a company that you feel has the best homeowners insurance quotes and insurance deductibles for you, it is now time to apply with the carrier. The waiting process can be a tense one, as you are likely anxious for your application to get approved so that you can get coverage right away--this is especially the case if a mortgage company is withholding a loan until the home is insured. Although you can instantaneously obtain a quote from a particular provider, the approval process itself is lengthier because the homeowners insurance company has to verify all of the information that you have provided to them. The total process itself varies by company, and it can take longer if you accidentally provide incorrect information. At the same time, if you feel that you have waited for several days with no response, you have the option of following up with the company.

Application Process

The actual application for your potential homeowners insurance policy requires more details than the form you fill out for the initial quote. Aside from basic personal information, you will need to fill out your details, including your full name, date of birth and social security number. This information helps the company assess your credit history, which is one of the determining factors in your overall rate. Depending on your credit score, you can expect to pay more or less based off of the initial quote. You will also need to determine the amount of coverage you want, as well as to provide the carrier with accurate details about your home. Incorrect information will prolong the overall processing.

The Waiting Game

After filling out the application, the company you are applying for coverage with needs a reasonable amount of time to process your information. The reason why the length of time can be significantly longer than obtaining the initial quote is because there is a great deal more of information that the company needs to look into. Not only does the house insurance provider need to verify your basic personal information, but the company also needs to confirm your credit history, as well as the details of your home.

The time that it takes for your quote to be approved can also vary depending on whether you are paying a mortgage or not. If you are in the midst of purchasing a home, then the company will likely need to confirm your details prior to offering your coverage. The amount of time this takes to complete ultimately depends on the response times of all of the parties involved. On the other hand, if you are already paying a mortgage, the insurance carrier still needs to get in touch with the bank, but the waiting process might not be as long. The amount of time you wait for approval is generally not as long if your home is already paid in full, since the company does not have another party to confirm details with.

Ultimately, your quote can be approved within a matter of a few days, but some homeowners find themselves waiting for weeks. More often than not, this is due to errors on the part of the house owner, or potential buyer. Therefore, it is crucial that your application for your homeowners insurance quote is as accurate as possible in order to cut down on the processing time. If you have any questions about the information on the application, it is best to verify it with the carrier or the mortgage company, instead of guessing on your own.

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