Landlord Insurance

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Rhode Island Landlord Insurance

Rhode Island landlord insurance is quickly accessible from the best home insurance companies in RI using our online quoting tool. Get multiple quotes to compare rates in Providence, Warwick, Cranston and other cities where rental property owners need affordable coverage. Providence, RI is a beautiful city and that is why over 170,000 people call it home. Many people live in apartments and condos in Rhode Island which makes it a great place to have income properties.

What is a Peril?

Insurance companies use the word peril to describe an exposure to the risk of being damaged or injured. So a common peril that a landlord might incur is a wind storm or water pipe breaking. There are many perils that are listed on a home insurance policy so check yours to confirm what is not covered. Most policies are written in a fashion that states which perils are not covered and anything else is assumed to be covered.

Get Proper Home Insurance Coverage for Your Rental Property.

When you rent a home to others you need to have landlord insurance to cover the structure in addition to the liability exposure. Many landlords make the mistake of assuming a standard home insurance policy will cover them if they are landlords. You stand to lose a lot of money if the insurance company denies your claim in the event they were never informed that tenants were living there. It is easy and affordable to get landlord insurance from top companies. We can provide quotes from these companies so you can get properly insured.

Cost of Landlord Insurance in Rhode Island

The cost to insure your rental property in RI is dependent upon numerous rating factors that home insurance companies use to determine the proper premium. When you own a condo or townhouse the cost of landlord insurance is very minimal because usually you split that cost with the homeowners association which insurers the exterior of your unit. If you insure a single family home or rental complex then your insurance costs are going to be much higher due to the replacement cost of the building is solely your responsibility.

Here are a few of the most common rating factors that insurance companies use to determine your landlord insurance premium:

  • Credit rating - This is your personal credit rating which is similar to a FICO score but can be based on other specific criteria such as payment history and bankruptcy.
  • Deductible - The higher the deductible the lower the cost of insurance. Don't get a deductible you can't afford if you need to file a claim. The most common deductible is $1000 for all perils.
  • Building type - This can be numerous things including condo, single family, and townhouse including the materials used to construct the property.
  • Claim history - If you have one or more claims in the past 3 years as a homeowner most insurance companies will surcharge your premium. Some companies may not even accept your business if you have more than two.
  • Discounts - If you have more business with an insurance carrier they are more likely to offer discounts to keep all of your business with them.

How to Find The Cheapest Landlord Insurance in RI

Each insurance company is different in the way they determine your rate and how much the average policy will cost but here are ways to ensure the lowest cost premium based on the factors above.

  • Good Credit - The better your credit the lower the cost of your insurance. Many states are now allowing credit as a rating criteria so get used to it being used. Try to keep your past payment history spotless and a FICO score above 720 is considered excellent.
  • Improve the Location - There is not much you can do about the location once you have purchased the rental property but be sure to keep the home well-kept and surrounding trees cut back to minimize potential hazards. The better your property appears the lower the cost to insure it will be.
  • Building type - Condo and townhouse owners will likely have a home owners association which will cover the exterior of the home so you are only responsible for the interior. This can save you hundreds of dollars each year. If the unit includes custom building and expensive materials expect to pay more because the cost to replace those items is greater.
  • No Claim history - Try not to make a claim if it is a small value of $2000 or less. Most companies look at multiple claims as a sign that you are prone to making claims in the future. If you are deciding whether to make a claim or not contact your insurance agent and ask them personally. Don't call the claim department and ask them because they are likely to document the call and file it for future use.
  • More Discounts - Ask about multiple policy discounts and the combination of auto and home insurance. Sometimes combining your personal auto insurance with this policy can save you 20-30% off each policy.

Rhode Island's 5 largest cities by population

City
Population
Providence 178,042
Warwick 82,672
Cranston 80,387
Pawtucket 71,148
East Providence 47,037

*Data from 2010 Census Population by the Department of Economic and Community Development.

Common Landlord Insurance Claims in RI (Rhode Island)

Wind
(Most claims cost over $2,500 to repair wind damage)

Fire
(Most claims cost over $35,000 to repair damages from fire)

Liability
(Most claims cost over $7,300 to recoup liability damages)

Lightning
(Most claims cost over $1,700 to repair physical damages to property)

Freezing Water
(Most claims cost over $4,800 to repair damages)

NOTICE: The amounts listed above are for illustrative purposes only and should not be used to decide what coverage limits you need for your landlord policy. Speak with your insurance agent to determine the proper coverage limits.

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