Rhode Island Condo Insurance

Connecting you to your next Rhode Island condo insurance provider.

Getting a Condo Insurance Quote in Rhode Island

Many Rhode Island residents choose condos over apartments when renting, but choosing the right condo insurance can be confusing. So we have listed some key things to keep in mind when negotiating your condo insurance to make sure that you get the policy you need for the right price. There are a lot of factors that can affect the price of your yearly Rhode Island condo insurance, so we've made it our goal to help make the condo insurance purchasing process as uncomplicated as possible.

Difference in Costs of Condo insurance in Providence, RI Compared to State Average

10 %

Difference in Costs of Condo insurance in Cranston, RI Compared to State Average

2 %

Difference in Costs of Condo insurance in Warwick, RI Compared to State Average

4 %

Difference in Costs of Condo insurance in Pawtucket, RI Compared to State Average

4 %

Rhode Island Condo Insurance Statistics at a Glance

There are many things that can affect the purchasing price of condo insurance; taking into account rising property values, Rhode Island condo insurance coverage for renters can be very expensive. Rhode Island is ranked as the 42nd most expensive state in the USA for condo insurance, with residents paying an average of $69 a month or $828.00 annually in condo insurance premiums. Even though these rates are high, they are becoming more affordable over time which is very beneficial to renters. Most cities in Rhode Island have similar average monthly rates, but Bristol, RI, was shown to be the cheapest city at $658.00 per year or $54.83 per month. By contrast, Narragansett, RI, has the highest condo insurance rates in the state at $779.50 per year or $64.96 per month. Different insurance companies have significant differences in rates, so it's important to shop around if you're searching for condo insurance in Rhode Island.

  • $601

    Average Annual Cost of Condo Insurance in Rhode Island

    The average cost of condo insurance in Rhode Island on an annual basis is $601.

  • $50

    Average Monthly Cost of Condo Insurance in Rhode Island

    The cost of condo insurance in Rhode Island is roughly $50 per month.

  • 32%

    Percentage of Income on Ownership for Condos in Rhode Island

    Residents of Rhode Island spend an average of 32% of their income on condo ownership.

  • 38 years

    Median Age of a Property Which Requires Rhode Island Condo Insurance

    The average age of a property requiring condo insurance in Rhode Island is roughly 38 years.

What Affects the Costs of Your Condo Insurance in Rhode Island

There are several factors that can cause condo insurance coverage in Rhode Island to vary in price. This is because insurance companies take many factors into account when calculating your individual risk and policy requirements when trying to determine a quote for your condo insurance coverage. Many external factors can influence the purchase price of your condo insurance in Oklahoma, including the location of your condo, the age of your condo, and its building quality. There are benefits to this as agents can see if you're entitled to discounts. But you can influence the final pricing of your condo insurance yourself by monitoring your credit history, claims history from other insurance providers, your driving record, calculating the price of personal belongings that will be held on the premises, the details of tenants, and the quote can also be affected by whether you own or rent the condo. To get the best insurance quote possible, we strongly recommend you have as much of this information prepared as possible before obtaining a condo insurance quote for your Rhode Island property.
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Average Cost of Condo Insurance in Rhode Island by City

An HO6 insurance policy is the most common type of condo insurance in Rhode Island. Whether you're living in Providence or Cranston enjoying city life or own a property in a town like Newport, you will likely need a H06 insurance for your condo. To give you an idea of how much it will cost to insure your condo, we've compiled a list of projected condo insurance quotes. The following rates are based on all of the insurance costs for your respective town or city in Rhode Island, therefore depending on where your condo is located in your neighborhood; your final cost could differ dramatically from the figures quoted below.

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Choosing the Best Condo Insurance Company in Rhode Island for Your Needs

Spending the time looking for a condo insurance company that meets all of your requirements is worth the effort; not only will you have complete peace of mind once your property is protected, but you will also have financial security. So don't settle for the most affordable option on the market; shop around and compare what different insurers can offer you. Don't let yourself be forced into signing an insurance package that you are not 100% satisfied with; a dependable company will work with you until you are happy, not just to increase their own profit margins. Look for condo insurance providers that reward their long-term customers with discounts for their loyalty or provide package insurance reductions. Finally, be sure your provider is accredited. Look at the Rhode Island Department of Insurance website to find out their licensing status, fiscal stability and complaint history.

The Top Rated Condo Insurance Companies in Rhode Island Based off Consumer Ratings

State Farm has held the position of top insurance provider for the United States for over 50 years. In Rhode Island, a study conducted by JD Power revealed that State Farm scored an average of 4 out of 5 for their coverage options, billing and payment services, customer support services, and claims which are higher than average when compared to other providers. In Rhode Island, State Farm also obtained an NAIC complaint ratio of 0.2. Like most condo insurance companies in Rhode Island, they offer premium discounts on renovated condos and dwellings that have been made to withstand better any natural disasters which could occur in The Ocean State. When analyzing the available statistics of insurance firms alone, Amica has the greatest JD Power rating in the state at 5, while MetLife has the lowest at 2. The condo insurance provider in Rhode Island with the lowest complaint ratio is PURE with 0.04, while United P&C has received the highest NAIC criticism ratio at 6.58.

Rhode Island Condo Insurance Requirements

Under the Condominium Ownership Act, a condo unit owner in Rhode Island is permitted to purchase insurance for their own benefit but isn't required to do so. The Act states that if, at a time of loss, the unit owner has an insurance policy that covers exactly the same danger as the coverage of the association, then the institutions' policy will provide the insurance that is key and will take precedence. The law requires condominium institutions to obtain insurance for the condominium building itself. But, condo unit owners should still consider purchasing insurance policies to cover their liability, their possessions, any developments they install, or for coverage for any loss or event not covered by the association's coverage.

What's Covered with Your Condo Insurance in Rhode Island

When looking for your next condo insurance policy, you will notice that the majority of condo insurance companies in Rhode Island will provide standard coverage, which can include construction property policy, private property policy, loss of use coverage, and liability policy. Building property policy covers you for any damage to the interior of your condo (floors, walls, tiles) and also protect you against the loss of permanent fixtures resulting from a covered event, such as a fire. Personal property policy protects your personal belongings, like furniture, electronics, and clothing, from a covered event. If you're held accountable for physical injury or property damage, a liability policy offers financial protection for you with a liability policy. Normally a condo insurance plan in Rhode Island insures you for $100,000. Moreover, If your condo becomes uninhabitable and you need to live outside of your condo due to a covered event and are now paying more than you would live in your condo, then this will cover for the increased living expenses.

How to Get Rhode Island Condo Insurance Discounts

Every insurance provider in Rhode Island has its own reduction or loyalty program. Be sure to take advantage of these schemes when you are shopping for your insurance and always ask clerks about any discounts that may be available to you or your family. You will find that there are often many discounts available to you, including discounts for new customers, multi-policy and bundled discounts, loyalty discounts and annual/paid-in-full discounts.

Getting the Best Rhode Island Condo Insurance Rates

If you are looking to save on your condo insurance, then shopping around for quotes is critical. Give us a call, and we can work together to find you the best deal on the market. Ask a friend to refer you to their condo insurance provider; you may receive a referral reduction that will benefit both of you—the higher your deductible, the lower your insurance price. However, you have to make sure that your deductible is not too high, as in the case of a loss, you are responsible for the costs. You should contact as many insurers as possible and discuss their available discounts for their insurance policies, ask providers if they offer bundle deals or if they can package multiple plans together for a discounted rate. For example, talk to your car insurance provider and ask them if they can decrease your premium if you buy condo insurance from them. Providers often reduce the insurance premiums of their loyal customers as an incentive to stay with this company. Some of these discounts can save you an average of 10% on your yearly premiums.