Cumberland, RI Home Insurance
Learn why Cumberland home insurance is so important to homeownership.
Cumberland is the northeasternmost town in Rhode Island, bordering the cities of Woonsocket, Central Falls, and Lincoln. It has a total area of 28.3 square miles. with 26.4 square miles on land. The other 1.8 square miles is water. The city is also a member of Providence County and has a history of several centuries.
The city boasts a population of 36,434 residents. Most of the city's population is between 35 and 54 years of age, with 90.9% high school graduates and 40.8% college graduates. Per capita income or the average spending power of residents is $46,179, with a median family or household income of $104,613.
The median home value in the city is $415,819, which is high compared to national averages. The town has 13,649 homes and apartments, with a homeownership rate of 77.8%. Most of the houses in the city are single-family, 3-bedrooms built sometime between 1940 and 1999.
Home costs make houses some of the most significant tangible assets you can own. As with any asset, you want to protect it. Home insurance is a way to protect not only your house and its structure but also your personal property from loss or damage. VIU by HUB can help you compare several insurance policies to determine the ones with the right coverages and most affordable premiums.
Homeowner insurance is not mandatory in any state, but mortgage lenders typically require it to protect their interests. Still, insurance is a wise choice regardless of any obligations. With the average cost of Cumberland Homes being over $400,000, insurance protects your finances against unreasonable or unexpected losses.
Without insurance, homeowners must pay out-of-pocket or with a loan to make any repairs or to rebuild following disasters that would be covered otherwise. Home repair costs vary depending on the severity of the problems but may cost thousands upon thousands, creating significant financial hardships for homeowners without coverage.
Cumberland home insurance costs, on average, $1,195, which is significantly less than the national average. The average annual price comes out to roughly $100 per month. The specific prices for individual buyers may differ from the projected average because of several factors influencing premiums and coverage rates. Some of the most common factors affecting home insurance costs include:
Cumberland, RI, is a safe and temperate location. The weather is typical of New England regions, with warm summers and cold but short winters. While the city faces major risks from high winds, other environmental concerns like flooding are moderate or minor.
Regarding crime, Cumberland is one of the safest cities in the nation. It ranks safer than 73% of all cities and towns in the United States. Also, the chances of becoming a victim of crime are one in 185, much safer than the national average. The odds of becoming a victim of property crimes are also lower, roughly one in 216.
While the city is safe with minimal environmental risks, home insurance is still a wise choice for all homeowners. The insurance protects you against potential future financial risks. You can use VIU by HUB to assess several policies simultaneously to find the right Cumberland home insurance for your budget and needs.
This information is intended for general informational purposes only and is not intended to constitute legal advice.
Cumberland, RI, Demographic Data
Cumberland, RI, Real Estate Appreciation & Housing Market Trends
