insurance in Providence RI

[Richard Moreno]

Any recommendations for insurance on a 3 family in Rhode Island ? I'm paying over $3500 year ! 

[Nicholas Bolcon]

Hi Richard, I'm fairly new to this game so I am hoping to learn something out of this too.

I think your question may be difficult to answer given that there are a ton of factors that go into insurance.  How high are your coverage limits, deductibles, etc.?  One thing I have learned so far is that some insurance companies will insure you for the replacement cost of the dwelling, however, others will just give you a buyer's policy for up to a certain amount.  The difference being that the buyer's policy does not cover total replacement if the house burns down and it essentially just covers your investment in the house.  I don't know what area you are in but in most areas of RI the mutli-family houses are very old.  So the total cost of replacement on a home that large is 4X-5X (or more) as much as the actual market value of the house, far more than what you paid for it.  This could be affecting your insurance rate.

$3500 does sound really high but it depends on a lot of factors.