Rhode Island Condo Insurance

Rhode Island condo insurance is an excellent investment for residents of this beautiful state. Even though the cost of living may be high in Rhode Island, your condominium insurance does not have to break the bank. Instead of worrying about the contents of your Rhode Island condo spend more time visiting the wonderful beaches and scenic wineries found all over the state.

Before choosing a Rhode Island condo insurance policy you will need to make sure you understand your building's master policy and exactly what you will need to protect with your own coverage. There are many ways to save money on condominium insurance it just takes a little bit of time and effort. A great start is looking for multiple quotes online. Filling out the above form will get you on your way to great coverage and let you mind wander to more interesting things.

Condo Master Policy

Some Rhode Island condo owners believe the building master policy will take care of their entire unit in the event of a fire, flood or natural disaster. The truth is while the policy is somewhat like house insurance in that it takes care of the structure of the building; it does not include the individual tenant units. For example, a master policy will cover the roof, the exterior walls, the garages and carports, the pool, patio and any other common areas shared by the owners. The master policy will not cover the contents of your unit and probably will not cover the upgrades you have made. This is why Rhode Island condo insurance is so important. The time and money you have invested to make your home fit your style and taste would be at risk if there was a fire or other hazard and you were under insured. Make sure you look online for great rates today and protect your precious possessions.

Types of Condo Insurance

Once you have read through and understand your Rhode Island master policy you will be able to assess what you need to protect with your own Rhode Island condo insurance. Like renters insurance your policy will protect everything in your home including appliances and upgrades to the unit like granite countertops and hard wood floors. To make sure you have enough coverage you will need to conduct a home inventory of your items in Rhode Island. The easiest way to do this is to go throughout your unit and make a list of all the items you would need to replace if there was a disaster. You may even want to take pictures or video to have the most accurate list of your belongings. Keep a copy of the list or video somewhere outside of your own unit. You may want to keep a copy in a bank lock box, with your parents or friends who do not live in the same condo with you. If there is a fire you will need to have quick access to your policy to make the claims process easy.

Choosing between an actual cash value policy and replacement cost coverage depends on personal choice. Both are great forms of Rhode Island condo insurance and depending on what you are looking for and how much money you have in your budget for insurance you will be able to find a great rate to fit your needs. Actual cash value policies are nice because they are less expensive and still protect the items you want insured. If you choose this type of Rhode Island condo insurance in the event of flood or other storm you would receive a benefit amount equal to what your belongings are worth at the time of the loss. This probably will not be as much as you paid for the items, but it will give you some money to replace the most important items.

If you are looking for a more comprehensive coverage you may want to choose a replacement cost policy. This type of Rhode Island condo insurance will provide a benefit amount to go out and replace the items you have insured. Many people like this type of coverage because it is less of a hassle and you can get your life back on track quickly. Of course this Rhode Island policy will cost a little more since it provides a larger amount of protection, but it may be worth the extra expense. No matter which type of policy you choose you can find multiple quotes online quickly and be on your way to finding the best Rhode Island condo insurance to fit your unique needs.

Rhode Island condo insurance is a great investment in your current lifestyle. Condo living is a great way of life and finding quotes to protect your home is as easy as filling out a form. Do it today.

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