The small city of Central Falls is home to about 20,000 people. This culturally diverse city offers all the appeal of a small town with all the amenities of a larger city just a short drive away. If you have purchased a house in this vibrant, community-oriented city, you can protect your investment with a solid homeowners insurance policy.
A local independent insurance agent can provide assistance and advice when you are looking for the best policy to cover your Central Falls home. Contact an insurance agent near you to learn more and you can start comparing customized homeowners insurance quotes from a selection of top-rated providers in no time.
How Much Does Homeowners Insurance Cost in Central Falls, RI?
Home insurance rates in the state of Rhode Island have historically been higher than the national average. And in recent years as storm severity has been increasing, the rates have gone up even higher. Comparing quotes from a variety of insurers has the potential to save you hundreds of dollars a year.
- National average yearly premium: $1,211
- Rhode Island average yearly premium: $1,551
Of course, your actual home insurance quotes are likely to differ from the average rates listed above. This is because costs are calculated on a case-by-case basis and can vary according to several factors such as the following.
- The size and value of your home
- The year your house was built, and the materials used in its construction
- The type of home you are insuring (e.g., single-family detached home, multi-family home, rental property, condo, townhouse, manufactured home, vacation home, tiny home, etc.)
- The crime rate and weather risks in the ZIP code where your house is located
- Your claims history and credit score
- The size of your deductible
- Whether you are bundling your homeowners coverage with other policies like car insurance or life insurance
Comparing rates lets you choose the homeowners insurance policy that offers the best price for the coverage you want. Independent insurance agents in Central Falls make comparison shopping easy.
What Are the Risks Faced by Homeowners in Central Falls?
Your home insurance policy is designed to cover against most of the damaging risks you are likely to face as a homeowner in Central Falls.
Catastrophic events in Rhode Island
- Number of federally declared disasters in Rhode Island: 25
- Most common causes of disasters in the state: Hurricanes, snow, and severe storms
- Average number of tornadoes per year in Rhode Island: 0
- Number of hurricanes that have directly hit Rhode Island: 9
- Average amount of property damage per year in RI: $171 million
- 1 in 15 insured homes has a claim each year
Residents of Central Falls have a high risk of sustaining hurricane damage. While only nine hurricanes have directly hit Rhode Island, this state is still susceptible to damage as hurricanes and tropical storms work their way up the coast. Since 1930, the city of Central Falls has been impacted by 36 hurricanes.
In addition to hurricanes, homeowners in Central Falls may experience property damage due to fires, property crime, and severe weather events including electrical storms, tropical storms, tropical cyclones, windstorms, hail, heavy snows, freezing temperatures, and ice accumulation.
Fortunately, you can expect all of these hazards to be covered by your Central Falls homeowners insurance policy.
A Word about Flood Damage in Central Falls, RI
It is important to be aware that flood damage is not covered by homeowners insurance. This holds true even when the flooding is the direct result of a covered hurricane or tropical storm.
Floods pose a very real risk in Central Falls, especially for residents with properties near the Blackstone River. If your house is located in a FEMA designated flood zone, you will be required by your lender to carry flood insurance until your mortgage is paid in full. Otherwise, this coverage is optional.
If your house is located outside of a flood zone, that does not mean you do not need to worry about floods. FEMA reports that more than 20 percent of all flood claims filed are for properties that are in low-risk areas. Also, according to FEMA, just one inch of water in your home can cause as much as $25,000 worth of property damage.
Therefore, whether or not it is required, having flood insurance coverage can end up saving you a lot of money in the long run. You can discuss your flood risk with a local independent insurance agent who can help you secure an affordable flood insurance policy through the National Flood Insurance Program (NFIP).
Why Is Liability Insurance Important for Central Falls Homeowners?
In addition to covering your house and its contents, homeowners insurance can also give you a significant amount of liability protection. Most insurance companies offer between $100,000 and $300,000 worth of coverage.
Homeowners liability insurance is designed to cover expenses such as court costs, legal fees, and financial damages if you or a member of your household is responsible for accidental injuries, property damage, or financial losses to others.
The following are some examples of times your homeowners liability insurance may prove invaluable.
- If a visitor in your home is severely injured due to negligence of upkeep on your part, such as if your house has a loose stair tread or an uneven walkway
- If your child accidentally breaks your neighbor’s picture window while playing in the backyard with friends
- If your dog gets loose and bites somebody
- If you accidentally cause injuries or damage to another while away from home, such as while hitting the links at the nearby Louisquisset Golf Club
- If you are accused of libel or slander
Dog bites account for the majority of homeowners liability claims. That is why most insurance companies will charge more for liability coverage if you have a dangerous breed of dog. Rates can also increase if your house has a pool, trampoline, or other hazardous features.
If you have a lot to lose and want more liability coverage than your home insurance can provide, an independent insurance agent can also help you purchase an umbrella insurance policy. This is a highly affordable way to boost all of your liability coverage.
Talk to your insurance agent to learn more about what homeowners liability insurance can do for you.
Does Central Falls Homeowners Insurance Cover against Burglaries?
The burglary rate in Rhode Island is lower than the national rate, and in Central Falls, the rate is even lower. This was not always the case, however. As recently as 2013, the burglary rate in this city was about five times higher than it is today.
- Number of burglaries per 1,000 homes in the US: 3.76
- Number of burglaries per 1,000 homes in Rhode Island: 2.66
- Number of burglaries per 1,000 homes in Central Falls: 2.44
In the unfortunate event that you are the victim of a burglary, you may find it reassuring to know that your homeowners insurance can reimburse you for your losses as well as for any resultant damage to your home.
Be sure to keep a copy of the police report because you will need it when you file a claim. Your local insurance agent can offer guidance and support throughout the claims process if you need assistance.
Why Work with an Independent Insurance Agent in Central Falls, RI?
Independent agents in Central Falls make finding the right insurance policies easy. These agents can answer your insurance-related questions and can offer trustworthy guidance and advice when you are shopping for coverage.
Also, because independent agents are free to work with several different insurance companies, they can do the comparison shopping legwork for you. That way, you can be sure that you are getting the coverage you need at a competitive price.
Find an insurance agent in Central Falls to get started.
TrustedChoice.com Article | Reviewed by Jeffrey Green
©2020, Consumer Agent Portal, LLC. All rights reserved.