Cheap Rhode Island Homeowners Insurance

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Rhode Island Homeowners Insurance

To find Rhode Island homeowners insurance, you first must understand what is offered and what you need. We will show you how to find quotes for insurance, explain the different types of policies available, the coverage limits you should look for, frequently asked questions (FAQs), and of course how to save some money on your homeowners insurance in RI.  However, this is simply general information and you should still talk to each company to figure out what will work best for your needs for homeowners insurance in Rhode Island.

Rhode Island Homeowners Insurance - Where To Start?

The Internet has developed into a proven tool for consumer buying power. It forces companies to compete, and in turn lowers the rates for consumers! Many websites now offer multiple company comparisons.

Even if they don’t, it is important to get at least three quotes and to compare them to make sure they offer the same limits of coverage. Remember, the best insurance for the Joneses may not be the best choice for you.

Use our free quote tool at the top of the page to compare many different quotes from top insurance companies online. Get started with a free Rhode Island home insurance quote comparison now!

Rhode Island Homeowners Insurance Basic Information

There are different types of homeowner’s policies in Rhode Island (H01-H08), which include condo, homeowners and renters insurance. The most popular type is H03 as this covers your real property (home, garage, and potentially other structures on your lot) for all types of risks except those specifically excluded. Examples of some risks that are excluded are tornados, earthquakes and floods. For these risks you will need to purchase a separate policy to cover your real property. This contract also covers personal property, but these are covered only for listed “perils”, or risks.

Components Of A Rhode Island Homeowners Policy

A policy in Rhode Island is broken into two separate parts: property and liability coverage.

Property coverage includes four components:

  • The home or residence
  • Detached structures on the property not used for business or as a rental
  • Personal property
  • Loss of use of property or personal possessions

Liability coverage includes two components:

  • Personal liability (i.e. a claim brought against you for bodily injury or property damage done on your property)

  • Medical payments (i.e. claim occurs on your property resulting in medical attention)

Definitions Of Insurance Terms Used In Rhode Island Homeowners Insurance Policies

Understanding the terminology used by insurers will make your search a lot easier. Here are a few basic definitions of some of the most commonly used terms.

Replacement Cost:  the amount necessary to replace or rebuild your home or repair damages with materials of similar kind and quality without deducting for depreciation

Depreciation:  the decrease in the home’s value since the time it was built due to wear and tear

Actual Cash Value (ACV):the replacement cost minus the depreciation

Peril:  an event that can cause a loss such as theft or fire 

Rhode Island Homeowners Insurance FAQ

Many of your questions may be the same ones asked by others. Take a look to see if this short sample of questions fills in any of the gaps in your homeowners insurance knowledge.

What factors affect the price of homeowners insurance?

  1. Prior Claims- Through reports done at ChoicePoint, gathering information from your last homeowner’s policy, or from your history at that company, they will adjust the price accordingly by the number and severity of claims.  Typically, the lower the claims the less the premium will be affected.

  2. Your Credit Score - The better your credit score is, the more likely you are to pay your bills and keep your house maintained, thus the lower your premium.

  3. Home Condition- The more general upkeep that is done, the less likely you are to have claims.

  4. Home Construction Materials- Depending on the type of materials used to build it, this can affect your likelihood to submit claims (brick v. vinyl siding).

  5. Location of the Property - Is your location on the West coast, which is more likely to have earthquakes, or the East coast, which is more likely to have hurricanes?  Do you live in a neighborhood that statistically have more vandalism claims?  These are all factors that will affect your premium and should be taken into consideration before the purchase of a home.

What are some ways to save money on homeowners insurance?

  1. Insure your home for the replacement value, not the market value.

  2. Invest in things like a security system, deadbolts and smoke alarms to get discounts of 15-25% on your premium.

  3. Increase your company tenure (staying with a company for 3 years or more), and they may decrease your premium up to 5-10%.

  4. Raise your deductible.  More to pay out in the event something happens, but less to pay out of pocket monthly.

  5. Combine auto and homeowners policies and receive a discount on both ends with some companies!

  6. See if you can get group coverage through an alumni or business association - this can provide great discounted rates.

  7. Before purchasing a home, get a quote on what it would cost to insure it. This could be a deal breaker!

  8. Compare, compare, compare. The Internet makes it so simple to shop around, so take advantage of it.

  9. Keep an eye on your credit report.

  10. Update pipelines in your home if it is 10 years or older.  Of course, first check with your insurance company to make sure that this will help your rate, but most companies report the most common claim for homeowners is water damage from burst pipes.

How do you know what deductible to choose?

Remember that the deductible is what you will pay out of pocket if a claim is submitted, so pick something that you will be able to afford.  However, the higher the deductible, the lower your premium will be.

What is the difference between a named perils policy and an all risks policy?

A named perils policy will cover only the risks listed on the policy.  An all risks policy will cover everything except what is specifically excluded.  Obviously there will also be a price difference between the two policies!

What is the difference between actual cash value and replacement cost?

Actual cash value is the value after depreciation and replacement cost is what it costs to replace or rebuild whatever is damaged.  Most experts recommend insuring at a replacement cost, as actual cost value may not cover what you need replaced. 

Companies That Offer Homeowners Insurance In Rhode Island

Here is a partial list of some of the top insurance companies that offer coverage in RI:

Liberty Mutual

Allstate

AIG

Amica

State Farm

Compare Rhode Island Homeowners Insurance Quotes Now!

Use our free search tools at the top of the page to get started finding the cheapest homeowners insurance for your home.

Find the best policy in Rhode Island by comparing multiple companies!

Get started with a free Rhode Island home insurance quote comparison now!

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