When will my homeowners insurance coverage actually start?

The best answer to this question is to read your policy or consult your home insurance agent. The time between signing a home insurance contract and the policy going into effect differs from one company to another. Additionally, a homeowner's policy can be purchased to begin at a specified date, giving you personal control over when the policy begins to be effective.

Typically, a home insurance policy will have a 30 to 90 day waiting period before a claim can be filed. Insurance companies set up their policies this way to prevent people from committing fraud by purchasing coverage after the event has happened, or waiting until a severe storm is imminent before they purchase home coverage. Each company is able to set the waiting period individually, but this period will be specified in your policy.

If you are not going to be taking possession of the property for a period of time, you can also specify the date you want the coverage to begin. Simply inform the insurance company when you apply of the day you would like the coverage to start. This can be handy if you decide to switch from one insurance company to another, because you can time the termination of one policy with the effectiveness of the new one.

From the consumer point of view, it is best to have coverage on the home at all times. Even if the dwelling will be vacant for long periods, there are home insurance policies designed for empty homes, vacation residences, and for dwellings which are rented out.

Each type of home insurance has specifics that define what is covered, and each is designed for a specific type of home, such as landlord insurance covering only the dwelling and other structures, but not providing coverage for loss of use or tenant liability. When a tenant moves in, they are responsible for getting their own home insurance, called renters insurance, to cover their personal property and liability concerns.