Rhode Island homeowners insurance overview

The best homeowners insurance in Rhode Island offers two things: Low premiums and a high level of coverage. The challenge is finding the “perfect” policy while being bombarded with unfamiliar terms. Here’s a breakdown of what some of those terms mean.

Different types of homeowners coverage

Policies come in all shapes and sizes, from barebones to all the bells and whistles. The good news is that the best homeowners insurance companies offer them all. Choosing the right policy is a matter of determining how much protection a homeowner needs. For example, if a homeowner has an expensive wine cellar or home theater, they may want a more comprehensive policy.

Level of coverage

Although a basic policy is the least expensive option, there’s a problem with barebones policies. A basic policy with zero bells and whistles may not fully cover the homeowner in the event of a loss. It benefits a homeowner to carefully consider the level of coverage they need before shopping for the best homeowners insurance in Rhode Island.

Amount of deductible

When a homeowner suffers a loss and makes a claim, they pay an insurance deductible. The deductible is the amount they must pay toward a repair or replacement. Let’s say there’s a fire in the basement. It’s contained but still causes $25,000 worth of damage. If the homeowner has a $1,000 deductible, that means they’re responsible for paying the first $1,000, and the insurance company will pick up the remaining $24,000. One way to keep premiums low is to opt for a higher deductible.

Potential discounts

One of the simplest ways to land cheap homeowners insurance in Rhode Island is to ask about policy discounts. Nearly all insurers offer a full menu of home insurance discounts. These discounts cover everything from whether the home has an alarm system to how recently the roof was replaced.

What are the most common homeowners insurance claims in Rhode Island?

Knowing the most common Rhode Island home insurance claims helps a homeowner narrow down which types of coverage are most vital.

Wind and hail

Nationally, wind and hail are the most frequent causes of insurance claims, and Rhode Island is no exception. Wind and hail can damage everything from roofs to siding and windows.

Lightning strikes and fire

Other common claims include lightning strikes and fire. As anyone who has ever dealt with fire knows, it can lead to devastating losses.

Water damage

Nationally, the average rainfall is 38 inches. In Rhode Island, annual precipitation averages 42 to 46 inches. Rain and snowfall lead to issues like wet basements, damaged roofs, and slip-and-fall accidents.

Homeowners insurance coverage options and discounts in Rhode Island

Once again, the best homeowners insurance in Rhode Island provides great coverage at an affordable price. The easiest way to land a low price is to take advantage of discounts. Here, we highlight coverage options and illustrate how discounts can reduce annual premiums.

Coverage options

A quick rundown of the eight types of homeowners insurance includes:

• One type covers renters.
• One type covers mobile homes only.
• The other six types of coverage range from basic to comprehensive.

A comprehensive policy may include protection for things like expensive upgrades and other expensive-to-replace features.

Discount options

One factor in finding low-cost insurance in Rhode Island is claiming as many discounts as possible. Here are some of the most common:

• Installing a burglar alarm saves an average of 7%.
• Upgrading the electrical system saves an average of 5%.
• A roof upgrade saves an average of 8%.
• Bundling home and auto coverage can save up to 19%.

Five cheapest cities in Rhode Island for homeowners insurance

As insurance companies determine rates, they take into account many factors, including:

• Area crime rate
• Value of surrounding property
• Cost to rebuild
• How far a home is from a fire station

The five cheapest cities in Rhode Island for homeowners insurance are: