Your home is one of your greatest investments. So it is important when you are searching the many Rhode Island home insurance companies for whatever type policy you want, to be armed with the facts and knowledge that will allow you to make an affordable and sound choice.
There are many different types of Rhode Island home insurance coverage and it is in your best interest to understand what is available and especially to formulate coverage that protects you and your home in the best way possible.
Most consumers don’t think a lot about home insurance. Like other types of insurance, your needs may change from year to year, depending on items you purchase (personal property) or perhaps upgrades and/or additions you may make to your property. These can all add value to your home, but it also means that you might need to increase the amount of coverage you have in case you ever need to file a claim. This is why it’s important to review your Rhode Island home insurance policy annually (or more often depending on your circumstances).
Many people think of the normal types of coverage for their home insurance- fire, storms, earthquakes, etc. It’s wise to remember that many policies don’t include natural disaster-type coverage. They are considered “extra”, which usually means the specific type of coverage (flood, earthquake, hurricane) has to be added separately and also at an additional cost over the normal policy amount. You want to make sure you have adequate coverage for theft, also.
Most people woefully underestimate the cost of what they would need to fully replace personal property remember you have to think of all possible items- furnishings, clothing, jewelry, electronic equipment. Smoke and water damage from a fire can be almost as devastating as the fire itself, so you need to protect yourself reasonably when choosing your Rhode Island home insurance coverage.
When you have read the following information and are ready to pick your personal policy, insuranceUSA.com is ready to assist you with quotes from many different sources so that you can choose the plan which is just right for you!
Choosing Your Rhode Island Home Insurance Policy
There are several different options to look at when you are shopping for a Rhode Island home insurance policy. Following are brief descriptions of each type of policy, but InsuranceUSA.com can explain the available for Rhode Island home insurance policy options and help you find the very best fit for your needs. In a nutshell, the policy categories are:
Homeowner’s -1 (HO-1): This type of Rhode Island home insurance policy is actually offered by very few insurers because it has very narrow definitions. This type of Rhode Island home insurance policy covers many types of damage, including fire, smoke, lightning, wind, hail, burglary, theft, breaking glass, bodily injury and vandalism. It also covers medical payments, personal property and living expenses if you have to live away from home for a limited amount of time due to damage.
Homeowner’s-2 (HO-2); This Rhode Island home insurance policy option covers everything listed in HO-1, as well we damage from falling objects, ice or snow, water from the plumbing system, damage to appliances, and leaks or ruptures from water heaters.
Homeowner’s-3 (HO-3): This Rhode Island home insurance policy is often called the Special Form Policy. It is the most widely used Rhode Island home insurance policy. This covers your home for most types of risks of physical loss, such as floods or earthquakes. You must read this policy very carefully so that you know exactly what is included in the coverage.
Tenant’s/Cooperative Owner’s (HO-4): This Rhode Island home insurance policy option is designed to insure an apartment’s contents, as well as offering personal liability for injuries that occur in the unit.
Homeowner’sw-5 (HO-5): This Rhode Island home insurance policy offers the same coverage as HO-3, but it also covers personal possessions for risk of physical loss. This type of protection can be added onto the HO-3 policy as a special personal property clause.
Condominium Unit Owner’s (HO-6): this for of Rhode Island home insurance policy offers the same coverage as HO-4, but it is designed for insuring condominiums.
Homeowner’s-8 (HO-8): This is a modified version of Rhode Island home insurance policy HO-1 and it provides an actual cash value coverage instead of replacement cost. This type of insurance is usually for older homes, where the property exceeds the market value.
Rhode Island home insurance policy options are generally divided into two categories: a monoline or a package policy. The monoline policy only contains one type of coverage. The package policy includes several different types of coverage, based on the requirements of the policyholder. It is generally a better deal financially to invest in a package policy.
Let insuranceUSA.com help you decide which type of Rhode Island home insurance policy is just right for you!
How Much Rhode Island Home Insurance Do you Need?
You may be asking how much Rhode Island home insurance do I need? The answer is only as much as needed to cover a loss but not so much that you can’t afford the premiums.
Most insurers will ask you have your house appraised by a professional home inspector before they’ll write you a policy. Furthermore, you will want to compile an inventory of all your major possessions such as furniture and appliances. Hang onto your receipts and take photographs. Also, update your policy at least once-a year or whenever you make any changes.
Should you ever have questions or concerns about your Rhode Island home insurance, make sure you contact your insurer for answers. And remember, InsuranceUSA.com is a great place to research Rhode Island home insurance and request a free quote!
Non-Renewals and Policy Cancellations
An insurance company cannot simply cancel an Rhode Island home insurance policy and it must remain
in effect for the “term period” provided nothing warrants its legal cancellation. Possible reasons for an insurance company discontinuing coverage during the term period include:
- Non-payment of premiums
- Felony conviction
- Modifying a residence so as to make it uninsurable
- Creating unsafe conditions at the property
- Committing fraud or otherwise submitting false claims
After the policy term period is over, an insurance company can cancel or not renew a policy for any legal reason. In such an event, adequate written notice must be provided prior to the cancellation or non-renewal.
Buying the Right Rhode Island Home Insurance
It is important to make sure that you are buying Rhode Island home insurance from a reputable source. In order to make sure that the company you are working with is properly registered with the Rhode Island authorities just ask for a copy of their Rhode Island license number. With this number you will be able to purchase your home insurance with real peace of mind.
A good Rhode Island home insurance company will give you a detailed questionnaire to complete before giving you a quote. Make sure that you complete the questionnaire carefully as it will help the company to provide you with a good quote.
Never underestimate the importance of good service from your insurance. The service levels that you look for should be as important as the price.
Buying the Right Rhode Island Home Insurance On-line
On-line comparison sites have taken a lot of the pain out of looking for Rhode Island home insurance. Just go to InsuranceUSA.com and your will get a great selection of providers to choose from. Make sure that when you use a site you answer the questions provided as carefully as you would on a paper questionnaire. These questions allow the comparison engine to do its job and give you the best options for your circumstances.
Cost should be only one of the factors that you consider when you are buying Rhode Island home insurance on-line. Being happy with the way a company answers your questions and works with you on claims is equally as important.