Rhode Island Insurance: All Your Needs in One Place

If you own a house in Rhode Island, you can protect your investment and finances by purchasing a homeowners insurance policy. In Rhode Island, home insurance can:

• Cover your property: Dwelling insurance pays for loss or damage to the structure of your home, while contents insurance covers loss or damage to your personal property.  
• Cover against displacement: Loss of use insurance covers your extra living expenses if a covered event renders your home unsafe for habitation until repairs are made.
• Cover against liability lawsuits: Homeowners liability insurance covers expenses related to personal liability lawsuits if you or a member of your household is responsible for someone else experiencing property damage, injuries, financial losses, or other harm.

A local independent insurance agent can explain your policy in greater detail and help you determine how much coverage is sufficient in each category.

Vehicle owners in Rhode Island need to carry car insurance. Your policy must meet or exceed the state’s minimum coverage requirements. This means that as a Rhode Island resident, your car insurance policy must include:

• Auto liability coverage: This pays for other people’s injuries or property damage if you are at fault for an accident. Your policy must provide, at a minimum:
  • Bodily injury liability coverage per person: $25,000
  • Bodily injury liability coverage per accident: $50,000
  • Property damage liability coverage per accident: $25,000

In addition to the coverage required by law, you can add several options to your car insurance policy. Some of the optional coverage you are likely to see offered by insurance companies in Rhode Island includes collision insurance, comprehensive insurance, uninsured motorist insurance, gap insurance, and towing and roadside assistance.

A local independent insurance agent can help you determine which types of optional coverage are a good fit for you and your family.

Businesses, large and small, can benefit from the protections of a good business insurance plan.

In most cases, low-risk businesses with fewer than 100 employees and less than $1 million in annual revenues can qualify for a business owners policy (BOP). These policies are the least expensive option but only provide general liability insurance, commercial property insurance, and business interruption insurance in limited amounts.

Medium- and large-sized companies, as well as high-risk small businesses, will need to get their coverage through a business insurance policy package. Buying coverage this way lets business owners choose from a wide variety of liability, property, and other commercial insurance products so they can build customized plans to meet their companies' specific coverage needs.

If you own a company in Rhode Island, consult a local independent insurance agent for help finding suitable coverage at the most affordable price.

If an employee is injured on the job or is diagnosed with occupational illnesses, workers’ compensation insurance can help. This insurance protects employees and employers from financial losses by covering medical treatment, disability pay, vocational rehabilitation, and other related expenses.

In Rhode Island, if you have regular employees, you must carry workers' compensation insurance. Exceptions are made for sole proprietors, independent contractors, and certain real estate, agricultural, and domestic employees.

Policies may be purchased from a commercial insurance provider or through Rhode Island’s state-administered fund. With approval, qualified businesses may opt to self-insure.

The main purpose of life insurance in Rhode Island is to help your dependents financially if you should pass away. While it’s not a subject most people wish to discuss, it is essential to start estate planning before it’s too late.

The decision about when to purchase insurance requires looking at your current circumstances. If you have dependents, it’s a wise idea to purchase life insurance, but that isn’t the only deciding factor. Even if other people don’t rely on you for security, you may still want to consider purchasing a life insurance policy. A small policy can be enough to help your family handle estate settlement and final expenses.

Premiums are generally much less expensive if you buy your policy while you are still young and healthy. Talk to an independent insurance agent to learn more about life insurance and to discuss whether term life or whole life is the better option for you.

While a few landlords and rental agencies may require their tenants to carry renters insurance, most do not. Though typically optional, renters insurance is a good and affordable way to protect your property and finances if you are a renter in Rhode Island.

Renters insurance is designed to cover financial losses related to property damage, theft, displacement, and liability lawsuits.

In Rhode Island, the average renters insurance policy costs just $182 a year, or just $15 a month. Talk to a local independent insurance agent to learn more about what renters insurance can do for you.

Umbrella insurance, sometimes referred to as excess liability insurance, is secondary insurance coverage that can significantly boost the liability protections offered by the policies you already have. It is a good idea if you are among the Rhode Island residents with a lot in assets and savings that you want to protect.

Because umbrella insurance coverage does not kick in unless your primary insurance coverage has been exhausted, these policies are usually very affordable.

Personal umbrella insurance policies are typically sold in million-dollar increments at around $200 to $300 a year for every million dollars in coverage purchased. Commercial umbrella insurance policies usually cost around $500 yearly for every million dollars in coverage purchased. An independent insurance agent can help you find the best policy for your situation.

Residents of Rhode Island can purchase insurance products designed to protect against losses caused by hazards they are likely to encounter. In this state, these risks include:

• Storms: Including snowstorms, ice storms, windstorms, thunderstorms, hurricanes, and tropical storms
• Falling objects: Including things like uprooted trees, fallen branches, and hailstones
• Fires: Including damage caused by flames, smoke, water, and firefighting efforts
• Floods: Around 12% of properties in RI have a significant risk of flood damage
• Property crimes: Including burglary, theft, vandalism, and arson

Independent insurance agents live and work in your Rhode Island community, so they know the risks you face as a property or business owner in your neighborhood. Talk to an independent insurance agent near you for help ensuring you are suitably covered against all potential risks.

Nearly all homeowners, renters, and business insurance policies exclude coverage for damage caused by floods. Unfortunately, more than 34,000 properties in this state have a significant risk of sustaining flood damage over the next thirty years.

To be protected against financial losses related to flooding, you can purchase flood insurance. Affordable policies are available through the National Flood Insurance Program (NFIP), a program administered by FEMA.

If your home or business is in a flood zone and you still owe money on a mortgage or home equity loan, your lender will require you to carry flood insurance. Otherwise, this coverage is optional. When deciding whether to purchase a policy, consider that the average compensation per flood claim in Rhode Island is $25,500. Flood policies take 30 days to go into effect.

When you are shopping for any type of insurance, you are likely to have a lot of questions, such as:

• How much coverage is enough?
• Which Rhode Island insurance company will offer me the best rates?
• Who can explain the terms of my policy in an easy-to-understand way?
• Which coverage options are a good fit for me?

Independent agents are here to help. With more than 150 independent agencies located throughout Rhode Island, finding an independent agent near you should be easy. Contact a local independent insurance agent to start comparing customized insurance quotes for policies that are right for you.