Last Updated on September 29, 2020 by Andrew Lee
Were you aware of the fact that the State of Rhode Island boasts of having more than half of all its homes classified as “owned” property? This is backed up by Livability, with it showing that RI’s owned homes percentage is at 60%. This makes the reason behind the significant number of established insurance companies in the state, which the National Association of Insurance Commissioners puts at 1,329. 1,302 of these are foreign licensed insurers, while 27 are domestic ones.
The advantage to this wide array of choices for policyholders is that insurance companies give them good rates, seeing as they have tight competition. This leaves the consumer with the concern of how to select the best provider. Fortunately, the Rhode Island Department of Business Regulation provides a comprehensive consumer guide to homeowners insurance in the state, and here are the key points you should know.
Pull down your homeowners insurance costs with these strategies
Nowadays, more and more Rhode Island consumers are quickly adopting premiums-reducing strategies that allow them to cut back on their insurance-related costs. And when you successfully implement these tactics, you don’t have to worry about sacrificing the overall quality of your coverage. What you can expect though is lower premiums, which means bigger savings. Looking for more info? Read this great article on home insurance.
RI Homeowners paid an average of $1,323 yearly of premiums compared to the national average of $952
What’s best for you
Even if a family member or a friend perceives their insurance policy as the best for them, it doesn’t automatically mean that choosing the same exact form, deductibles, and coverage would already provide you with a policy you can consider the best for you. You should base your choice on factors like your current financial status, credit score, and personal property you want insured among several others.
It’s also important that, before you have your existing policy renewed, you should review your needs and preferences first. It’s likely these have changed over the past months or year. This is particularly true if you have made several significant home improvements or bought other valuables. You want to maintain adequately insured but not overinsured, as this is one if the things that make homeowners insurance best for you.
Yearly evaluation: Allowing you to determine what’s currently best for you
The most suitable policy for you is one that properly satisfies all your needs and preferences. And one of the fastest ways to secure this is to conduct a thorough and complete evaluation of your policy on a yearly basis.
The key contributors you should carefully look at to assess the suitability of your Rhode Island homeowners policy include the following:
- Amount of Coverage – It’s vital you keep your coverage at an amount not less than what it takes to cover damages or losses you may incur after an insured peril occurs or takes place.
- Extent of Coverage – Aside from the perils most commonly included in standard policies, you should also take into careful consideration those that aren’t. This is especially true for the most destructive ones, like floods, earthquakes, and fires.
- Premiums Now and Then – Take the time to compare your premiums with the national and statewide average. This way, you can have a clearer picture as to whether or not you’re paying more than what you should.
An annual checkup of your homeowners insurance policy will give you more chances to secure the insurance policy most appropriate for you.