A home is often the most expensive purchase you will make in your lifetime. It is crucial to protect such an investment with an insurance policy that you can rely on.
Home insurance policies vary significantly both in price and the amount of coverage offered. It is in your best interest to work with an insurance agent who can help you find a policy that meets your needs and is within your financial boundaries. Our OceanPoint agents will get to know you and will take the time to find the best homeowners insurance coverage for you.
At OceanPoint, we work closely with our partner insurance companies and will select the policy that is right for you!
Am I Legally Required to Have Homeowners Insurance?
- if you finance a home with a lender
- if you live in specific areas subject to natural disasters (typically, floods and earthquakes)
- if you own your home with no mortgage. (However, it is advisable to maintain your home insurance policy after the mortgage is paid-off in order to protect your investment.)
What factors affect the price of my home insurance premiums?
Your Home: the age, structure, outbuildings, and other features such as in-ground swimming pool, etc
Location: a home located in a coastal community or an area prone to other types of natural disaster will carry higher insurance premiums than homes in lower risk areas.
Installation of safety and security devices: burglar alarms, home monitoring systems, fire extinguishers, sprinkler systems can lower your insurance premiums
Your Credit Score: The insurance companies may use your credit history for premium rating purposes, in accordance with Rhode Island state Laws. Insurance claims statistics show relationships between credit history and claim frequency.
Claims History: Individuals with a history of insurance claims will pay a higher premium than those without claims.
What is covered by home insurance?
Dwelling: your home, structures (decks and fences) and outbuildings ( garages, garden sheds, etc.)
Personal property: this is defined as the contents of your home such as your clothing, furniture, computers, appliances, whether damaged, stolen or destroyed.
Liability: protects and pays for defense if you are sued for bodily injury or property damage associated with the ownership of your home.
Medical Payments: covers medical costs for people hurt on your property for injuries such as dog bites which happen on your property.
Loss of use: covers the cost of expenses when your home is inhabitable and undergoes repairs.
What optional insurance coverage can I purchase?
Guaranteed Replacement Cost: full cost of home replacement even if it exceeds the policy value.
Replacement Cost on Contents: pays for replacement of contents at today’s prices without depreciation.
Scheduled Personal Property Endorsement: protects valuable items like jewelry, fine arts or musical instruments that require separate coverage.
Water/sewer backup up: pays for damage normally excluded from coverage that is a result of a sewer/drain/sump pump backup.
Bundled Insurance Discounts:
Discounts of up to 20% are available for bundling your auto policy with your home policy. You would also enjoy the convenience of working with one insurance agent to manage both of your policies.
Choosing your homeowners insurance can be incredibly complex with many types of coverage to be considered. An OceanPoint Insurance agent will work closely with you through this complicated process to select the best policy at the most affordable rates.
Contact our team and get the coverage you can count on!