Rhode Island Landlord Insurance
Get a complete analysis of Rhode Island landlord insurance costs, coverages & companies.
Written by
Christine Lacagnina has written thousands of insurance-based articles for TrustedChoice.com by authoring consumable, understandable content.
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Jeff Green has held a variety of sales and management roles at life insurance companies, Wall street firms, and distribution organizations over his 40-year career. He was previously Finra 7,24,66 registered and held life insurance licenses in multiple states. He is a graduate of Stony Brook University.
Find the Best Landlord Insurance Rates & Companies in Rhode Island
Rhode Island has an ideal mix of urban and rural communities. Renters make up a significant portion of the state's residents, which means there are many rental properties and landlords in Rhode Island. If you're a landlord who rents out property to tenants, you must ensure you're protected by landlord insurance.
Fortunately, an independent insurance agent in Rhode Island can help you find the best landlord insurance policy for the job. They'll ensure you get set up with the right amount of coverage. But up first, here's a deep dive into Rhode Island landlord insurance requirements, costs, and more.
Best Landlord Insurance Companies in Rhode Island
You can likely find landlord insurance from many different carriers in your area. But when you want the best coverage around, it can be greatly beneficial to have an idea of where to look. Here are a few of our top recommendations for the best landlord insurance in Rhode Island to get you started.
- Foremost Insurance: This insurance company sells landlord insurance and many other types of personal insurance. Foremost has excellent ratings from AM Best and the Better Business Bureau (BBB), offers many discounts, and provides 24/7 claims reporting services.
- Encova: This insurance company sells landlord insurance and many other types of personal and business insurance. Encova has great ratings from both AM Best and the BBB and offers 24/7 claims reporting.
- REinsure Pro: This insurance company sells landlord insurance and many other types of property insurance. REInsure Pro is highly rated by the BBB and is known for its fast claim responses.
A Rhode Island independent insurance agent can shop and compare landlord insurance quotes from each of these local carriers and others that offer coverage in your state.
What Is Landlord Insurance?
Landlord insurance is similar to homeowners insurance because it protects you against losses due to damaged or destroyed property in the event of a fire, storm damage, vandalism, and other covered perils.
In addition, landlord insurance provides liability coverage designed for the increased litigation risks landlords face. Tenants, guests, and other third parties can sue landlords for bodily injury or personal property damage claims, and landlords must have the proper protection to avoid potentially hefty financial losses.
How Is Landlord Insurance Different from Home Insurance?
There are certain aspects of business insurance included in landlord insurance, which sets it apart from home insurance. Since landlords collect rent and profit from their tenants, they must have protection in case they can't rent out their property due to instances of fire, vandalism, etc.
Loss of income coverage is included in landlord insurance and can help landlords continue their typical stream of income during temporary covered closures. Landlord insurance is also different from home insurance because its coverage limits consider the increased risk of tenant damage to property.
Is Landlord Insurance Required in Rhode Island?
Landlord insurance isn't mandatory by state law in Rhode Island. However, many landlords consider the cost of their coverage well worth it, considering what they might have to pay out-of-pocket without it. Just one lawsuit or fire caused by a tenant could potentially lead to bankruptcy without a policy. So you may want to get a policy even if you're not technically required to have one.
What Landlord Insurance in Rhode Island Can Cover
Landlord insurance policies can be customized according to your wishes. In Rhode Island, the following coverage options are typically available to choose from:
- Dwelling coverage: This can help pay for repairs to your rental property's dwelling and attached structures (e.g., decks and garages) in case fire, smoke, vandalism, windstorms, hail, falling objects, or your tenants damage or destroy your property.
- Loss of income coverage: This can reimburse you for lost rental income and provide a continuation of coverage for other expenses if a rental property becomes temporarily uninhabitable due to a covered loss, such as hail damage, vandalism, or a fire.
- Liability insurance: This can cover tenant or other third-party lawsuit expenses related to claims of bodily injury or personal property damage.
- Other structures coverage: This covers losses related to the damage or destruction of detached structures (e.g., sheds, fences, etc.) against the same perils as dwelling coverage.
- Premises medical protection coverage: This covers medical expenses if a tenant gets injured in a covered event while living at your rental property.
- Optional coverage: Landlords may want to add more coverages to their policy, and some additional options to choose from include rent guarantee insurance, natural disaster insurance, vandalism coverage, burglary coverage, rental property under construction coverage, building code coverage, employer liability insurance, and landlord contents insurance.
A Rhode Island independent insurance agent can help you build the ideal landlord insurance policy.
What Landlord Insurance in Rhode Island Will Not Cover
Rhode Island landlord insurance doesn't come without exclusions. Review your policy to be certain that it doesn't cover the following:
- Rental property wear and tear
- Flood or earthquake damage or destruction
- Water or sewer backup damage or destruction
- Loss, theft, damage, or destruction of your personal property
- Routine maintenance costs
- Intentional or malicious acts to third parties
Some landlord insurance policies may include coverage for one or more of the above perils, or you may be able to add endorsements or other customizations to gain coverage. Make sure to read your specific policy in-depth to be aware of any coverage gaps.
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Average Cost of Landlord Insurance in Rhode Island
Unfortunately, Rhode Island is one of the most expensive states in the U.S. for landlord insurance. It costs an average of $2,038 per year to get landlord insurance in Rhode Island. Of course, coverage costs can vary based on the following factors:
- The number of rental units you own
- The number of "attractive nuisances" at your rental units, such as pools
- The exact location of your rental units
- The age, size, and condition of your rental units
- Your claims history
Luckily, you can often reduce your coverage rates by securing Rhode Island landlord insurance discounts. Just ask your agent to check for any discounts you may qualify for on your coverage.
Popular Questions about Rhode Island Landlord Insurance
You're not required by law to get landlord insurance in Rhode Island. However, many landlords still choose to get coverage to protect them against the cost of lawsuits and other disasters.
Tenant damage to your rental unit dwellings is covered by landlord insurance in Rhode Island. However, tenant damage to your personal property typically is not covered.
It costs about $2,038 annually to get landlord insurance in Rhode Island. The state has some of the highest landlord insurance rates in the nation.
We found that Foremost Insurance is currently the best landlord insurance company in Rhode Island. Foremost's discount options, coverages, rates, and customer service secured the insurer our top recommendation.
No, landlords don't have to cover their renters' property in Rhode Island, so landlord insurance isn't designed to cover it. That's why most landlords require tenants to get renters insurance before moving in.
In Rhode Island, landlord insurance doesn't usually cover eviction costs. However, you might be able to get additional coverage or endorsements to reimburse you for eviction-related expenses.
Rhode Island independent insurance agents can help you find the landlord insurance you need from a top-rated local carrier. Independent insurance agents work hard to find quality coverage at the most affordable rate. They'll shop and compare landlord insurance quotes from several carriers for you.
And down the road, they can help you file landlord insurance claims or update your coverage as needed. Your agent can help you find landlord insurance in Providence or wherever you reside.
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