Rhode Island Condo Insurance

Find the Best Condo Insurance Rates & Companies in Rhode Island 

Rhode Island may be a small state in terms of land mass, but there are many places within it to call home. Condominiums make ideal homes for many people since they can be spacious, beneficially located, and don't come with the hassle of lawn maintenance and upkeep. If you own a condo in Rhode Island, you might even have access to a pool, a community room, a gym, or other communal amenities. Just make sure you have a complete condo insurance policy to protect your investment.

A local independent insurance agent in Rhode Island can help you get set up with condo insurance today if you need coverage. These agents know exactly where to find the perfect blend of coverage and cost. First, though, here's a breakdown of Rhode Island condo insurance requirements, coverage options, average rates, and more.

Best Condo Insurance Companies in Rhode Island

There's no shortage of condominium insurance companies in Rhode Island. However, when you're looking for the best, you want to know right where to find them. Here are a few of our top recommendations for the best condo insurance companies in Rhode Island.

1. Stillwater: This carrier sells condo insurance and many other types of personal and business insurance. Stillwater has outstanding ratings from both AM Best and the Better Business Bureau (BBB), offers coverage nationwide, and provides 24/7 claims reporting.
2. Peerless: Peerless is a Liberty Mutual company with excellent AM Best and BBB ratings and 24/7 claims reporting. They sell several types of personal insurance, including condo.
3. Travelers: Travelers is a longstanding carrier in the industry, has great ratings from the BBB and AM Best, and offers a long list of discounts. They are a good option for condo insurance, as well as other types of personal coverage that you may need.

A Rhode Island independent insurance agent can help you get set up with a condo insurance policy from one of these top-rated carriers today. 

What's the Difference Between HO3 and HO6 Insurance?

Condo insurance is another form of homeowners insurance and is often referred to as HO6 insurance. Condo insurance or HO6 coverage includes protection for your personal liability and your personal property, including clothing, electronics, furniture, etc. 

An HO3 policy includes these protections and coverage for the home's structure or dwelling, including its foundation. Condo insurance policies don't include dwelling coverage because the structure of each condominium is typically covered by the homeowners association's master policy.

Is Condo Insurance Required in Rhode Island?

In many cases, condo insurance is required in Rhode Island. Most mortgage lenders require condo insurance as part of their contracts. 

Many condo associations in Rhode Island also require you to have condo insurance. Regardless of whether coverage is technically required, though, having a policy can help you get the reimbursement you deserve after an expensive disaster like vandalism or a fire.

What Does Condo Insurance Cover in Rhode Island?

Condo insurance is designed to protect you on a few different levels. In Rhode Island, condo insurance typically includes the following:

• Liability coverage: Covers medical expenses, repairs, and legal fees if someone is injured in your unit or if you damage someone else's property.
• Personal property coverage: Covers damage to the condo owner’s personal property, including furniture, clothing, artwork, electronics, etc.
• Loss of use coverage: Covers certain temporary living expenses (e.g., lodging, meals) if your unit is uninhabitable after a covered loss, such as a fire.

The property coverage in a condo insurance policy covers your property when it gets lost, damaged, or destroyed by certain covered perils. Condo insurance typically covers damage caused by:

• Fire and smoke
• Wind, lightning, and hail
• Theft and vandalism
• Explosions
• Burst pipes

Your policy may specify additional covered perils. The homeowners association's master policy determines the types and amount of condo insurance you need to protect your unit.

What's Not Covered by Rhode Island Condo Insurance?

Remember that condo insurance in Rhode Island won’t cover everything. Like homeowners insurance, your condo insurance may help cover water damage caused by burst pipes, but it may not cover sewer or drain backups or water damage caused by natural floods. Condo insurance in Rhode Island typically excludes the following:

• Flood or earthquake damage 
• Insect damage or infestation
• Intentional or malicious acts against third parties
• Routine maintenance expenses
• Water or sewer backup damage

You can often purchase a sewer backup endorsement for your condo insurance policy. Flood damage can be covered with a separate flood insurance policy, too. If your condo is located in an area along the coast or otherwise prone to flooding, talk to your agent about adding this coverage.

How Much Does Condo Insurance Cost in Rhode Island?

The average annual condo insurance premium in Rhode Island is $710, which is quite a bit higher than the current U.S. average of $455. 

However, your specific policy's costs may vary. Insurance companies evaluate certain risk factors, including the following, to calculate your condo insurance rates:

• The crime and weather risks in your area
• The construction materials used in your condo
• The value of your condo and personal property
• The coverage options, limits, and deductible you choose
• How much coverage is provided by the association master policy
• Your claims history

Ask your agent about common condo insurance discounts in Rhode Island to reduce the cost of your premiums.

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