Rhode Island Home Owner Insurance Policy

United Insurance obtains approval to write P&C insurance in Rhode Island

United Insurance Holdings, a property and casualty insurance holding company, has obtained approval from Rhode Island Department of Business Regulation, to write property and casualty insurance in the state as an admitted carrier.

This brings the total number of states in the US covered by UPC to four, along with Florida, Massachusetts and South Carolina.

United's CEO Don Cronin said by adding three additional east coast states over the past 13 months, they have significantly diversified their policy base into areas where their products and service fit the needs of homeowners, a process that continues to be their primary focus.

"The company will continue its expansion program. Its UPC subsidiary is in varying stages of discussion with other state insurance regulatory authorities regarding its desire to write property insurance in other states,"Cronin said.

Founded in 1999, United Property and Casualty Insurance Company, a subsidiary of United Insurance Holdings, writes and services homeowners insurance in Florida and South Carolina and is licensed to write property and casualty insurance in Massachusetts and Rhode Island.

Renters Insurance RI – Rhode Island | Itsagoodday.Org

Although there are variations from plan to plan, most Rhode Island homeowners insurance policies cover the major disasters that can befall a house. This includes fire, lighting taking out the central air conditioner unit, pipes breaking and causing water damage, or a tree dropping a limb and causing damage to the roof. Items such as these are covered under a general insurance policy, but damages that occur to your home as a result of a flood or an earthquake are not covered. In order to be insured against flood and earthquake damage special coverage must be purchased in addition to a regular policy.

Also, depending upon the area in which a house is located, many policies do not cover wind damage to a home. Many states have certain areas that are termed a ‘high risk’ for damages as a result of high occurrences of tornadoes, severe thunderstorms and hurricanes. If your home is located in one of these areas, your general insurance policy will not pay for damages brought on by the forces of nature. Unfortunately, after Hurricane Katrina, the areas deemed by insurance companies to be a “high risk” have grown considerably. Not only have the southern states bordering the Atlantic and the Gulf been affected by dropped policies and very high insurance premiums, the Mid-Atlantic and New England States have been negatively affected as well.

Although many homeowners’ insurance policies in Rhode Island have been dropped by insurance carriers after Hurricane Katrina, homeowners are still usually able to find insurance with other carriers, albeit at the cost of higher premiums and deductibles. However, the number of people in Rhode Island who need to be covered by state insurance pools has remained relatively low. A state insurance pool is a state-created insurer of last resort where the private market has dropped homeowners coverage or failed to provide initial coverage. It is operated jointly by private insurers who sell homeowners insurance in the state of Rhode Island.

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