Insurance companies base their home insurance rates on how valuable your property is and how likely it is that something bad will happen to it. The higher the probability that a damaging event will cause you to experience property loss or damage, the more expensive your home insurance policy will be. These potential damaging events are called "risks” or “exposures.”
Let’s take a look at how risky Rhode Island is compared to the rest of the United States.
The burglary rate in Rhode Island is lower than the national average. Insurance companies will look at crime rates in your ZIP code when determining how high your premiums will be.
- Average number of burglaries per 1,000 homes in the US: 3.76
- Average number of burglaries per 1,000 homes in Rhode Island: 3.59
Several insurance companies offer policy discounts to homeowners who have installed burglar alarms, deadbolt locks, and other security features in their homes. Talk to a local independent agent to learn whether you qualify for this or any other potential discounts.
Severe weather events, including hurricanes and winter storms, can wreak havoc on residential properties in this state.
- Number of federally declared disasters in RI since 1953: 25
- Most common causes of disasters in the state: Hurricanes, snow, and severe storms
- Average number of tornados per year in the state: 0.2
- Amount paid in home insurance claims in RI in 2016: $171,045,000
Be sure that your home insurance provides all the coverage you need before disaster strikes.
- Average home value in the US: $188,900
- Average home value in RI: $257,800