Condo Insurance in Rhode Island

Experts break down condo insurance costs, coverage, companies, and more in Rhode Island.

Ann Herro, Insurance Expert Written by Ann Herro
Ann Herro, Insurance Expert
Written by Ann Herro

Ann Herro has been writing about insurance and employee benefits for over 15 years. She has covered topics as easy as insuring a car, and as difficult as transparency in healthcare costs.

Reviewer: Jeffrey Green Reviewed by Jeffrey Green
Reviewer: Jeffrey Green
Reviewed by Jeffrey Green

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.

Exterior view of modern apartment building. Find Rhode Island condo insurance.

Rhode Island is a small state, but there are still many places within it to call home. Condominiums and townhouses make ideal homes for many people. They can be spacious, beneficially located, and perfect for those who want to forego the worries 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.

But finding the perfect condo may be easier than finding the right condo insurance policy to protect your investment.

An independent insurance agent in Rhode Island can help you understand condo insurance and find you the best coverage for your needs. A local agent can help you get quotes from multiple insurance companies to make the best choice.

What Is Condo Insurance

Condo insurance in Rhode Island is also known as an HO-6 insurance policy. It is different from renters insurance and different from regular homeowners insurance. Condo owners usually need to insure only a portion of the building in which they live and their personal property. In contrast, the condo owners association will carry an association master policy covering the building(s) and common elements.

Association master policies typically fall into one of the three following categories. It’s important to know what type of coverage your association master policy provides to purchase the right coverage for your unit.

  • Bare walls coverage: Insures the basic elements of a building’s structure (walls, roof, floors, elevators, etc.). The unit owners must obtain coverage for interior features like countertops, bathroom and kitchen fixtures, flooring, appliances, carpet, cabinets, wall coverings, and other items within individual units. Owners might also need to purchase coverage for the interior walls of their respective units.
  • Single entity coverage: Insures the basic structure and specific items within individual units other than the owners' personal property. Improvements made at an owner's expense and builder-installed things like countertops, fixtures, carpeting, etc., are not covered.
  • Modified single entity/all-in coverage: Protects fixtures, installations, or additions/improvements within the interior surfaces of individual units' perimeter walls, floors, and ceilings. Under these types of association master policies, unit owners have a more limited need for coverage.

Association master policies can vary even further. Find out what you own when you buy your condo. With the help of an independent insurance agent in Rhode Island, you can determine how much coverage you need for your personal property and any structural elements for which you need to purchase coverage.

What Does Condo Insurance Cover in Rhode Island?

A typical condo insurance policy in Rhode Island provides the following types of coverage:

  • Liability coverage: Covers medical expenses, repairs, and legal fees if someone is injured in your unit or if you damage someone else's property.
  • Building property coverage: Covers damage to any parts of the unit itself (walls, fixtures, etc.) that the unit owner must cover according to the association master policy.
  • Personal property coverage: Covers damage to the condo owner’s personal property, including furniture, clothing, artwork, electronics, etc.
  • Loss of use coverage: Provides certain temporary living expenses (e.g., lodging, meals) if your unit is uninhabitable after a covered loss (e.g., after a fire).

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

  • Fire and smoke
  • Wind and hail
  • Theft
  • Explosions
  • Vandalism
  • Lightning
  • Burst pipe

Your policy may specify additional covered perils. The association master policy that your condo association has will determine the types and amount of condo insurance that you need to protect your unit.

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, rain, and ice dams, but it may not cover sewer or drain backups or water damage caused by floods.

You likely can purchase a sewer backup endorsement to your condo insurance policy if you need that type of coverage. Flood damage can be covered with a separate flood insurance policy purchased from the National Flood Insurance Program (NFIP), a program administered by the federal government.


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How Much Does Condo Insurance Cost in Rhode Island?

The average annual condominium insurance premium in Rhode Island is $465. Your condo insurance premiums may be higher or lower than the state average, but this figure is a good rule of thumb to keep in mind.

Insurance companies evaluate certain risk factors, including the following, to decide what to charge you for condo coverage:

  • The crime and weather risks in your ZIP Code
  • The construction materials used in your condo
  • The value of your condo
  • The coverage options, coverage limits, and deductibles that you choose
  • How much coverage is provided by the association master policy, and how much coverage you need to fill the gaps

An independent insurance agent can help you understand your condo insurance quotes and can help you find the best condo insurance in Rhode Island to fit your needs and budget.

What Are the Best Condo Insurance Companies in Rhode Island?

The best condo insurance companies in Rhode Island are those that have a proven track record and good customer support. Independent agents in Rhode Island can help you find the companies that have the best ratio of service to cost for your unique situation.

Why Shop Condo Insurance with a Rhode Island Independent Insurance Agent?

Instead of getting an online quote, find an independent insurance agent now, and get a one-on-one consultation and affordable options for the best coverage for your unique needs. Your agent will work with you free of charge, offering you a variety of options so you can make the best choice. 

What’s more, your agent will be there for you when claim time comes. They know the ins and outs of the process and will make sure your claim is handled appropriately.

Contact an agent today for a free, no-obligation consultation.

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