Stats in Your State
Understanding the housing market and the factors that affect insurance premiums is easy with data visualized for at-a-glance viewing. We’ve put together a number of statistics so readers can get a handle on the state of the housing market and home insurance industry in the state. Read on to get the full details below.
Homeowner Insurance Premiums
From 1999 to 2003, Rhode Island home insurance premium costs followed nationwide trends, but in 2004 the gap began widening as Rhode Island’s homeowners rates climbed. By 2007, Rhode Islanders were paying an average of almost $950 per year, roughly $140 more than the U.S. average.
Renter Insurance Premiums
Between 1999 and 2007, Rhode Island renters insurance rates nearly mirrored the U.S. average, remaining within $10 per year throughout the 2000s. But in 2008, Rhode Island saw average renters insurance premiums drop to less than $150 per month, largely due to the financial crisis across the U.S.
Existing Home Sales
Rhode Island’s housing market reached its highpoint in 2005 before plummeting steadily through the second half of the decade. From a high of nearly 20,000 existing homes sold in 2005, less than 14,000 existing homes were sold in both 2008 and 2010— a drop of more than 25%.
Flood Insurance in Region
With just over 100 claims filed between October, 2011 and September, 2012, Rhode Island had the fewest number of claims and least amount of damages due to flooding among all New England states. During that period, Rhode Island residents claimed roughly $2.3 million in expenses due to flooding.
Approximately one-third of Rhode Island’s housing market consists of homes built before 1939. Following the financial crisis in the late 2000s, development of new homes practically ceased, as illustrated by the chart below.
Rules in Your State
Rhode Island’s insurance regulations contain specifically prohibited and unfair practices, in regard to both the overall industry and individual property and casualty claims.
Representatives & Resources in Your State
Because no one can do it all on their own, we’ve listed some useful homeowners insurance resources for consumers. The Insurance Division of Rhode Island is a great place to start for consumers to learn more about how the insurance industry works, as well as how to shop for a good homeowners insurance policy and contact consumer advocates when difficult insurance issues arise.
Rhode Island Department of Business Regulation: Insurance Division
1511 Pontiac Avenue
Cranston, RI 02920
Consumer Information and Resources
The Insurance Division has put together a number of useful guides and informational pamphlets for consumers. The above link has the details you’ll need to become a better informed consumer.
Homeowners Insurance Consumer Guide
The homeowners guide to insurance outlines everything you’ll need to know to take full advantage of the options available to you and make the most of your insurance coverage, and how to choose the insurance policy that’s right for you and your home.
Federal Emergency Management Agency: Region 1
With both winter and summer storms threatening residents throughout the state, Rhode Island residents can prepare in advance for disaster using FEMA’s recommendations and disaster preparedness guides.