why we purchase property insurance
There are many reasons why you should purchase property insurance if you own a property. First, an insurance policy would protect you in the event that your house was damaged or destroyed due to a covered loss. Second, most property policies provide some coverage for the contents of your home. For instance, if you had a fire and your furniture was destroyed your insurance policy would help to replace the items lost. Lastly, and maybe most importantly, you may get personal liability coverage with your property policy, which would protect you if someone had an accident on your property.
It really depends on
- The property
- How many carriers are quoted
- How is it being quoted (automatic or manual)
- How much information was provided up front by the customer
If you only provide 5 pieces of information, more often than not, the prices you are seeing are “soft quotes” or “rate call 1”. Meaning they are indicative prices that are retrieved from the carriers without paying any of the data vendors for retrieving your credit score and claims history. (MVR, CLUE, Credit Score)
Of course, the more information you provide, the more “final” the quotes are.
So the short answer is, anywhere from 5 minutes to 5 hours (for hard to write risks). But, for the majority of cases, 5 minutes if a full application was completed.
Your property is probably the biggest investment you will ever make, and in the US, it’s the likeliest way of retaining and increasing your personal wealth over the long run. Even if all you have the island and no house, it needs to be insured for Liability.
Our home holds many precious memories and hence we want to secure it. A property insurance does exactly that! Any property insurance will be helpful to the customer for protecting their financial costs in any accidental damages. Most of the property insurance covers the perils like fire, flood, inundation, earthquake, landslide etc. Valuable contents like jewelry, portable electronic equipment, paintings and work of arts can also be insured.