An insurance quote is an estimate of how much a renters or homeowners policy would cost (note: it isn’t set in stone so your final premium may be a little different… or the same!)
Renters and homeowners insurance quotes, an intro
Before an insurance company gives you a final premium (the price you pay to be insured), they’ll offer you a quote.
Quotes are really convenient, because you can see approximately how much you’ll be paying in relation to what type of coverage and service you’ll receive in return. It also gives you the chance to take this knowledge to shop around, compare prices, and see what fits you best.
Every insurer has a different pricing model and different way in which they’ll assess how risky of an investment you are (read: how much they’ll need to pay out later down the road). After all, insurers are for-profit with a real bottom line.
If they think you’re a good fit, they’ll offer your a quote based on things like how close you are to a fire station, how far away you are from the coast, how many square feet your place is, how well your home is built, etc.
How long does it take to get an insurance quote?
Getting an insurance quote has never been easier or faster.
Looking back just a few years ago, to get a quote you’d have to call an insurance agent and give all of your details over the phone, or even fill out a long questionnaire in person (yikes!). Insurers would pass on your info to others that’d crunch the numbers and eventually get back to you with a quote.
Nowadays, there are companies that can get you an online quote in no time, and even some that can you get a quote through your phone through an app.
Here at Lemonade HQ, it takes seconds to get a quote (literally!). People looking for insurance simply open the Lemonade App or go to lemonade.com, fill out a few questions with our chatbot, Maya, and instantly get a quote. Pretty cool, eh?
Selecting the best insurance quote
While most people will go with the company offering the lowest price, cheap isn’t always best.
We’d suggest that you look at things like coverage amounts, limits of liability, endorsements, and other cornerstones of your policy. Make sure the coverage your potential insurance company is offering is in line with your lifestyle, how much stuff your stuff is worth, and how much your place is worth if you’re a homeowner.
Another aspect to consider is customer service and ease of use.
If you don’t like waiting on the phone or dealing with agents, you may want to look into a company offering insurance through an app where you can file claims and update coverage by yourself. If you like the human element, then you should definitely look for a more traditional insurer that’ll take you through the process step by step.