Rhode Island Insurance

If you own a home in Rhode Island, you need to know about the home owners insurance laws, policies and cost to consumers in this state. Home owners insurance is a type of property insurance that covers your home and its contents from various risks, such as fire, theft, vandalism, storm damage and liability claims. Home owners insurance is not mandatory in Rhode Island, but most mortgage lenders require it as a condition of your loan. Home owners insurance policies vary in terms of coverage, limits, deductibles and premiums. You should compare different options and shop around for the best deal that suits your needs and budget.

The average cost of home owners insurance in Rhode Island is $1,551 per year, according to the National Association of Insurance Commissioners (NAIC). This is higher than the national average of $1,211 per year. The cost of home owners insurance depends on many factors, such as the location, size, age and condition of your home, the amount of coverage you choose, the type of policy you buy and your credit score. You may also qualify for discounts if you have multiple policies with the same insurer, install security devices or make home improvements.

The Rhode Island Department of Business Regulation (DBR) regulates the home owners insurance industry in the state. The DBR oversees the licensing, solvency and market conduct of insurance companies and agents. The DBR also enforces the laws and regulations that protect consumers from unfair or deceptive practices by insurers. If you have a complaint or dispute with your insurer, you can contact the DBR's Insurance Division for assistance or file a complaint online.

Home owners insurance is an important investment that can protect your home and your financial security. You should review your policy periodically and update it if necessary to reflect any changes in your situation or needs. You should also understand your rights and responsibilities as a policyholder and know how to file a claim in case of a loss. By doing so, you can enjoy peace of mind and confidence as a home owner in Rhode Island.