Rhode Island is a coastal state with the perfect mix of urban and rural communities. Renters make up a significant portion of the 1.1 million Rhode Island residents and occupy almost 40% of the housing units in the state.
That means that there are also many rental properties and landlords in Rhode Island. Landlords in Rhode Island need landlord insurance to protect their investment in their rental properties.
A local independent insurance agent can help you get landlord insurance quotes from multiple insurance companies in Rhode Island, so you can find the policy that best meets your needs and budget.
What Is Landlord Insurance?
Landlord insurance is similar to homeowners insurance. It protects your property in the event of a fire, storm damage, or other covered perils.
But landlord insurance is designed to protect landlords specifically. While it covers damage to the structure of a rental property, it does not cover the tenants' personal property.
In addition, landlord insurance provides liability coverage designed for the increased liability risks that landlords face.
How Much Does Landlord Insurance Cost in Rhode Island?
Landlord insurance generally costs about 25 percent more than a standard homeowners policy. This is because rental properties are seen as riskier than private dwellings.
The cost of landlord insurance in Rhode Island will vary based on your unique property and set of risk factors. If you own a single rental home in a rural area, you’ll pay less for rental insurance than the owner of a multi-family apartment complex in Providence or Warwick.
Landlord insurance premiums are also based on other factors, like the age and construction of your building. You may be able to save on your landlord insurance premiums if your buildings have fire sprinklers, burglar alarms, gated access, or other security systems installed in the complex and the rental units.
A local independent insurance agent can help you get landlord insurance quotes from multiple insurance companies in Rhode Island. You can compare costs and coverage and choose the landlord insurance policy that best fits your budget.
What Does Landlord Insurance Cover in Rhode Island?
Landlord insurance in Rhode Island provides several different types of coverage:
- Property insurance: Covers the building itself and any other structures such as a garage or shed for any physical damage caused by fire, lightning, wind, hail, ice, snow, or other covered perils. It covers any personal property you may have on the property (e.g., maintenance equipment, appliances, etc.). It does not cover your tenants’ possessions.
- Landlord liability coverage: Protects you if someone is injured on your property or if you are responsible for damaging someone else’s property. Landlord liability insurance covers the costs of any medical treatment or property repairs required. It also covers legal costs (e.g., attorney fees, court costs, and financial settlements or judgments).
- Loss of rental income: Coverage for your lost rental income if your tenants have to move out so you can make repairs to your building after a fire, storm, or some other covered peril.
Other types of optional coverage may be available as well.
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Can a Landlord Require Renters Insurance in Rhode Island?
Rhode Island state law does not require your tenants to purchase renters insurance, nor does it require you to purchase landlord insurance.
Many landlords, however, require tenants to purchase renters insurance to avoid disputes arising from damage to the renter's belongings, as well as any disputes over liability claims or lawsuits.
If you require your tenants to have renters insurance, it must be spelled out as part of the lease agreement, with specific tenant responsibilities and the consequences of not providing proof of insurance made clear.
Does Landlord Insurance Cover Tenant Damage in Rhode Island?
Your landlord insurance does not always cover tenant damage in Rhode Island.
Landlord insurance typically covers sudden and accidental damage caused by a tenant. So if a tenant accidentally causes a kitchen fire, any damage to walls, countertops, cabinets, and other covered parts of the building, the damage should be covered by your landlord insurance. But the damage to your tenants' furniture, cookware, and so on will not be covered by your landlord insurance. It will be covered by their renters insurance if they have it.
If an appliance you provided was damaged in the fire, it would likely be covered under the landlord insurance policy. But if an appliance breaks due to normal wear and tear, a typical Rhode Island landlord insurance policy would not cover it.
Any intentional tenant damage will not be covered by landlord insurance in Rhode Island. A standard landlord insurance policy can’t protect you if a tenant punches in a wall, kicks in a door, or otherwise intentionally damages some part of a unit. But you may be able to purchase additional vandalism coverage that covers certain kinds of intentional damage to your rental property.
What Are the Best Landlord Insurance Companies in Rhode Island?
Local independent insurance agents make comparison shopping for landlord insurance easy. They can obtain quotes from the best landlord insurance companies in Rhode Island and ensure that you're getting your policy at a competitive price.
Why Shop Landlord Insurance with an Independent Insurance Agent in Rhode Island?
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.