Having a comprehensive insurance policy is an absolute must for any homeowner, but finding the right policy is often easier said than done. Getting covered doesn’t have to be a hassle! With Obrella, you can take the stress out of choosing a home insurance policy. Connect with professional insurance experts who know all the ins and outs of Rhode Island home insurance policies. They can help you sort through your options from several providers and customize your coverage depending on your needs. They can even bind your policy—all in one simple call.
Rhode Island Home Insurance Costs
Home insurance premiums in Rhode Island cost homeowners around $1,233 annually. That’s nearly $200more than the national average of $1,034 per year. In comparison to the rest of the country, Rhode Island has the seventh highest home insurance premiums of any state.
- Median Home Value: 248,700
- Household Income: 58,633
- Percent of Income on Home Ownership: 36.10%
In Rhode Island, the median home value is $247,400, and the average household size is 2.4 people. Residents of Rhode Island have a median household income of $55,902, 36% of which is spent on home ownership costs. This ranks Rhode Island as the sixth most expensive state in the nation to own a home. As a Rhode Island homeowner, you understand the importance of home insurance.
Contact an insurance expert to compare policies and make sure yours is giving you all the coverage you need for your Rhode Island home. Call [mapi-phone-link /] today!
Calculating Premiums for Home Insurance in Rhode Island
There are a number of factors that can influence how much your homeowners insurance will cost. The rate you’ll pay for your insurance premium is primarily based on the size of the home, the year it was built, and building costs in the area.
The cost of your insurance is directly proportional to the amount of risk that the insurance company assumes by insuring your house. Consequently, environmental factors such as earthquakes, floods, and tornadoes and high crime rates can drive up the cost of your policy. Your credit score may also affect your insurance premium.
You may pay more if you have a swimming pool or guest house, as well, as these types of amenities make your home more valuable, which increases the potential cost of damages. The good news, though, is that there are ways you can lower your home insurance rates. One of the best ways to keep your costs manageable is to install extra protection, like motion-sensitive lights, a security system, or surveillance cameras.
Rhode Island Homeowners Insurance
The majority of Rhode Island home insurance companies have multiple coverage options to pick between; here are a couple of those options:
- HO-1: Limited Coverage
- An HO-1 policy provides protection against any of the first 10 classified disasters: fire or lighting, windstorms or hail, explosions, riots, damage caused by aircraft, damage caused by vehicles, smoke, vandalism, theft, and volcanic eruption. In most states, however, this type of policy is no longer available.
- HO-2: Basic Policy
- A basic policy, HO-2 insures your home in the event of all 16 classified disasters.
- HO-3: Standard, most popular
- The majority of people in Rhode Island purchase this type of policy because of its extensive coverage and relatively few exceptions.
- HO-8: Older Home
- This policy guards against declining home values by reimbursing homeowners on an actual cash value basis. However, some more aged homes may not qualify for complete replacement cost policies.
Standard Rhode Island Homeowners Insurance Coverage
Do you know what’s covered under your insurance policy? Home insurance coverage will typically only reimburse you if the damage to your home or the personal injury of another on your property is the result of a situation explicitly covered in your policy’s terms. So for example, if your home sustains damage due to flooding but your policy does not cover flooding, you will bear the sole responsibility for the cost of repairing your home. Check out the definitions of some of the most common home insurance coverages below:
- Coverage A – Dwelling
- Covers damages to a home and any structures attached to the home. This includes damages to any of the home’s heating system, permanent air conditioning, wiring, or plumbing.
- Coverage B – Other Structures
- Structures not physically connected to the house are protected under Other Structures coverage. This includes free-standing sheds, fences, guest homes, and detached garages.
- Coverage C – Personal Property
- In the event of damage or loss of personal possessions, Personal Property coverage will compensate the homeowner for the value of the item be it clothing, furniture, electronics, or jewelry. Personal Property coverage also extends to personal possessions that are damaged or lost outside the home, such as items in a storage unit.
- Coverage D – Loss of Use
- If home repairs prevent you from inhabiting your house, Loss of Use coverage can help. This coverage reimburses the homeowner for their living expenses for as long as they are unable to live in their home.
- Coverage E – Personal Liability
- If anyone sustains injuries on your property and files a suit alleging that you’re at fault, Personal Liability covers any financial losses you may sustain.
- Coverage F – Medical Payments to Others
- If someone gets hurt on your property or by your pet, this coverage will take care of any resulting medical bills.
Rhode Island Insurance Resources
The Insurance Division of the Department of Business Regulation:Monitors all insurance transactions in Rhode Island, including homeowners insurance. The division is accredited by the National Association of Insurance Commissioners, and works to ensure an equitable insurance market for consumers. They provide comprehensive information about home insurance policies, as well as overseeing fraud, claims, and complaints. The division also monitors the activities of insurance companies licensed to do business in Rhode Island.
Shopping for home insurance can be intimidating. With all the different options to sort through, it can be difficult to decide on the best policy to keep your home protected. Fortunately, you have Obrella. Give an experienced insurance agent a call and he/she can determine your coverage needs, help you review different policies, and discuss your options with you. They can even get your policy bound over the phone! So don’t let shopping for home insurance be more difficult than it needs to be use our resources to find what you need quickly and easily.
Before making any final decisions on your insurance company, it is important to learn as much as you can about your local insurance providers, and the coverages they offer. Call your local insurance agent to clear up any questions that you might have. Questions to consider asking include, “What is the best coverage plan for me/my family/my situation?” “What are the minimum coverage requirements in my state and what form of coverage do you recommend?” “Do you guys offer any bundle discounts if I take out both my auto insurance and home insurance with you?” and “What is the average rate of insurance quotes you guys offer?
Before making any big insurance decisions, use our free tool to compare insurance quotes near you. It’s simple, just plug in your zip code and we’ll do the rest!
To talk to a Rhode Island-licensed insurance professional about your home insurance policy options, call today at [mapi-phone-link /].