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Rhode Island Homeowners Insurance Rates

Rhode Island homeowners insurance rates are not cheap. In fact, looking at average insurance rates through out the U.S., the homeowners insurance rates in Rhode Island rank the 8th most expensive insurance at a whopping $849 per year. How can you protect your home and your possessions without breaking the bank? There are several things that you can do, and several different ways to lower your RI homeowners insurances rates and premiums.

Your Rhode Island Home Insurance Rates: Things That You Can’t Control

These are items that you can’t do a lot to change. So why are they even mentioned? If you are in the market for buying a new house, keeping these items in mind before purchasing that new home will help you save some money on homeowners insurance.
           

  • The home Disclosure Report. Insurance companies keep track of claims filed on a house by address. If the home is in a high crime area or has a history of flooding problems, rates are going to be higher. If you are thinking about buying a house, ask for the home disclosure report. It could save you some aggravation and high premiums in the long run.
  • Fire Protection Class. The response time and distance from the closest fire hydrant can affect your rates.
  • The Age And Construction Materials of your home. The older the home, the more it costs to insure it. That seems backward, but when you consider that building materials become less stable over time because of normal wear and tear and environmental factors, there is greater chance that an older home will be more prone to damage. A house constructed of brick costs less to insurance than a house constructed solely of wood. In fact, purchasing a home with brick construction can save you between 5% to 15%.
  • Age Of Electric And Plumbing Systems. Newer electrical and plumbing have a less chance of failure than systems that are fifty or sixty years old. Some insurance companies will give you up to a 15% discount for purchasing a new home.
  • Flood Areas. Once again, if you are shopping for a new home, avoiding flood areas can save you as much as $400.

12 Ways to Lower Your Rhode Island Homeowners Insurance Rates

  1. Know Your Credit Score. The current theory is people with a lower credit score will file more claims. Whether this is true or not, a lower credit score can drive up your homeowners insurance rates as much as 50%.
  2. Buy Multiple Policies. A lot of times the carrier of your auto insurance or life insurance policy can also provide you with homeowners insurance. Many companies offer between a 5% and 15% discount for carrying more than one policy with them.
  3. Install An Alarm System. Having a home security system can reduce your premium as much as 20%. The simple act of installing deadbolts can save you 5% on your homeowners insurance.
  4. Senior Citizen Discounts. If you are over the age 55, insurance companies will give you as much as a 10%. The reason is senior citizens usually stay home more and notice fires quicker and they have more time to maintain their home.
  5. Stop Smoking. 23,000 fires are caused each year by smoking. Often time insurance companies will give you a discount if there are no smokers in the home.
  6. Make Your Home More Disaster Resistant. Your insurance agent can help you out with this. You may be able to save on your insurance by installing storm shutters or by reinforcing your roof.
  7. Raise Your Deductible. A deductible is the amount of money you have to put out toward a loss before the insurance company will pay a claim.   The higher the deductible the lower your rates. The trick is not putting yourself in a tight spot with this one by raising your deductible too high.
  8. Do Not Confuse Rebuilding Costs with the cost of what you paid for your home.  The land your house stands on isn’t at risk for theft, fire and other perils covered in homeowners insurance. If you ensure the house for what you paid for it you will be paying a lot more than you need to.
  9. Look Into Group Coverage. Some larger employers offer insurance benefits that give you a discount at a named insurance agency just because you work somewhere.
  10. Review Your Policy Yearly. Insurance companies often change how they do things or based on your current home inventory you may require more or less coverage than you did a year before.
  11. Stay With The Same Insurance Company. Many companies will reward you with a five to ten percent drop in rates if you stay with them over the years.
  12. Compare Quotes from at least 3 different insurance companies every 6 months to make sure that you still have the best value. 

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