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Cheap Rhode Island Homeowners Insurance

To find the cheapest Rhode island homeowners insurance, you must first know what you are looking for and what you really need. This article will walk you through what coverage to look for, what options you have, what the approximate costs should be, and most importantly, how to save money by getting a cheap homeowners policy in RI. As your read the suggestions, remember that cheap homeowners insurance, in Rhode Island or anywhere else, only protects you if it meets your needs. 

The Basics Of Cheap Rhode Island Homeowners Insurance

There are multiple types of homeowners policies in Rhode Island (H01-H08), but the most common form is the H03. As mentioned in the article on how to obtain a quote, the H03 is meant to cover your real property (home, garage, and potentially other structures on your lot) is covered for all types of risks except those specifically excluded. Things that you will often see excluded are earthquakes, flood, and high and severe winds.

Before you compare prices on various quotes, you’ll need to consider the additional coverage each policy requires. Since Rhode Island is a coastal state, obviously flooding is a major concern. Both your potential insurer and your mortgage lender will have requirements or suggestions for coverage based on your specific location in the state.

If you would like to compare rates, requirements, and policies from multiple insurance companies online then simply enter you zip code into the box at the top of the page to begin the comparison process. Get started saving money on RI homeowners insurance now!

How Components Impact A Cheap Rhode Island Homeowners Policy

The truth of the matter is that Rhode Island is one of the more expensive states in regards to homeowners insurance. That doesn’t mean that you can’t lower your rates and find a cheaper premium. It does mean, however, that you must understand what you do and don’t get for your money.

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

Property Coverage includes four components: your home or main residence, any separate structures like a garage or shed, your personal property, and additional expenses incurred by needing to live elsewhere for an extended period of time. Generally, there will be some sort of reimbursement for this last incident.

Liability Coverage includes two components. The first is your personal liability for any claim brought against you for bodily injury or property damage done on your property. Imagine that your tree fell onto your neighbor’s car. The second is for medical payments if a claim occurs on your property resulting in medical attention. This could involve someone slipping on your icy sidewalk.

5 Factors That Affect Cheap Rhode Island Homeowners Insurance

  1. Claims History – 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. Credit Rating – This is simply based off 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 Maintenance – The more general upkeep that is done, the less likely you are to have claims.
  4. Home Construction – Depending on the type of materials used to build it, this can affect your likelihood to submit claims (brick v. vinyl siding).
  5. Your Location – 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. 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? Obviously Rhode Island does not see hurricanes but these are all examples of the different kind of risks that the actuaries at the various RI insurance companies compare and contrast in order to determine their rates.

Tips To Help Find Cheap Rhode Island Homeowners Insurance

  1. Insure your home for the replacement value, not the market value.
  2. Invest in the following to get discounts of 15-25% on your premium: Security System, Deadbolts, and Fire Alarms.
  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. This will mean that there is more to pay out of pocket 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. Ask your Rhode Island homeowners insurance agent for local discounts.
  9. 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.
  10. Compare, compare, compare. The Internet makes it so simple to shop around, so take advantage of it. Use our free comparison tool to find quotes from multiple insurance companies.

Companies That Offer Cheap Homeowners Insurance in RI

Liberty Mutual 

Allstate

AIG

Amica


State Farm

Compare Cheap Rhode Island Homeowners Insurance Quotes Now!

Use our free search tools at the top of the page to get started finding the best rates for cheap Rhode Island homeowners insurance and saving money now!

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