Rhode Island’s capital is a bustling city that hasn’t lost touch with its historical roots; even the city’s name dates all the way back to 1636 when Providence was first incorporated as a small town. Providence is home to Brown University, the Rhode Island School of Design, and Johnson and Wales University, all of which contribute to the area’s academic, art, and culinary scenes. Providence residents can enjoy the peace of days at the beach and nights by the WaterFire, all within the city’s limits. Plus, the Renaissance City is only a short drive from Boston and a few hours from New York City for those who prefer spending their weekends in a slightly busier metro.

Life in Providence is like a walk in Roger Williams Park. But the coastal city is also prone to natural disasters like hurricanes, nor’easters, floods, and snow, which can leave the area’s homes susceptible to serious storm damage. Plus, Providence’s property crime rates are double Rhode Island’s average, so protecting your property is a must.

Whether this is your first time searching for home insurance or you’re looking to save on your current policy, Insurify’s comparison tools make it easy to find the best homeowners insurance in Providence. Compare homeowners insurance companies, insurance costs, and coverage options with Insurify to find the perfect policy for you in just a few minutes.

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How to Find Cheap Home Insurance in Providence

Homes in Providence cost roughly $270,000 on average, but median home costs are as high as $650,000 in certain neighborhoods. With such high property values and area risks like hurricanes and winter storms, you’re going to want to protect your home from potential damage.

A home insurance policy will generally offer property and casualty protection, meaning your home is covered from risks like natural disasters and vandalism and your family is protected if someone is hurt on your property. Although you aren’t legally required to insure your home, your lender will likely require you to purchase homeowners coverage if you have a mortgage. Every home insurance policy is different, and you can cater your policy offerings to your insurance needs. 

But every policy also has exclusions, and you’re likely to need additional coverage, so keep reading for a full guide on Providence home insurance

For general information on Rhode Island home insurance, check out our guide to the best homeowners insurance in Rhode Island.

Cheapest Home Insurance in Providence by Company

Homeowners insurance rates aren’t always designed with savings in mind. That’s where Insurify comes in.

As of 2020, the average cost of home insurance in Providence is $1,610 annually, and the median home value is $271,588. 

Providence has some of the highest insurance rates in Rhode Island, but you can save on your premiums by shopping around and getting home insurance quotes from multiple insurance agencies. Every policyholder has different preferences, so your insurance provider should offer options that are important to you, whether you value great customer service, comprehensive coverage options, or considerate discounts for bundling your home and auto insurance policies

You may qualify for better rates with national insurers like State Farm, Allstate, or Nationwide, or even with mutual companies like Amica or Liberty Mutual. Whether you choose a well-known company or go with a local insurance agent, check your potential providers’ J.D. Power ratings to see which company will best meet your needs. 

Average Home Cost in Providence Average Annual Insurance Premium in Providence
$271,588 $1,610

Cheapest ZIP Codes in Providence for Home Insurance

Just as home prices differ from the East Side to the West End, so do home insurance rates across Providence.

This is because home insurance pricing is based on ZIP code–specific variables like your neighborhood’s property costs, crime rates, and even the number of home insurance claims your neighbors have filed over the years. Since every Providence neighborhood is different and faces different natural disaster risks, homeowners in Federal Hill will have different annual premiums than those in Blackstone.

Rates in Providence are still higher than the state and national averages, but you could save or pay even more simply because of your community. Here are the most and least expensive ZIP codes in Providence for home insurance.

Most Expensive Real Estate in Providence Cheapest Real Estate in Providence
College Hill $641,799 Smith Hill $239,125
Downtown $343,879 Manton $245,084
Elmhurst $282,218 Federal Hill $275,941
Home value data from zillow.com 

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Home Insurance Coverage Types in Providence

There are several types of home insurance. Specific terms of insurance policies may vary by city, but in general, the standard policy types are as follows:



  • The simplest and least comprehensive type of homeowners insurance
  • Provides coverage for a handful of potential problems, including
    • Dwelling coverage for damages from some natural disasters (storms, fires, wind, lightning, volcanic eruption), 
    • explosions, 
    • theft, 
    • damage from vehicles, 
    • or civil commotion. 

Broad Form

  • Broad form homeowners insurance policies include all basic form coverage, plus protection from:
    • falling objects, 
    • damage from the weight of ice, snow, or sleet, 
    • freezing of household systems including HVAC and pipes, 
    • sudden and accidental damage to pipes and other household systems from artificially generated electrical current, 
    • accidental discharge or overflow of water or steam,
    • sudden and accidental damage. 
  • HO-2 policies typically cover both dwelling protection and personal property.
  • In some cases, broad form coverage may also include liability coverage. However, it still only covers the specific damages listed in the policy.

Special Form

  • The most common form of homeowners insurance is known as a “special form” policy.
  • While HO-1 and HO-2 policies are “named peril” policies (meaning they only cover dangers that are specifically listed in the policy), HO-3 policies are “open peril” policies meaning they’ll cover all dangers except those specifically excluded in the policy documents.

Tenant’s Form

  • HO-4 policies, also known as renters insurance, are for people who lease rather than own their homes. 
  • Tenant’s form policies typically cover all the same dangers as HO-2 policies. 
  • These policies include personal property coverage and liability coverage but don’t cover the physical structure of the house. 
  • Some HO-4 policies may also include loss of use coverage for the tenants.


  • Comprehensive form policies are usually the broadest and provide the highest level of coverage; not surprisingly, they also tend to be the most expensive type of homeowners insurance policies.
  • The biggest difference between HO-3 and HO-5 policies is that most HO-3 policies are “actual cash value” policies, whereas typically HO-5 policies are “replacement cost value” policies.
  • An actual cash value policy will only reimburse you for the actual value of a damaged or destroyed item, while a replacement cost value policy will reimburse you for however much it would cost to completely replace or repair the damaged or destroyed item (up to the coverage limits on the policy). 
  • HO-5 policies also provide personal property coverage against a wider range of dangers than the typical HO-3 policy. Many HO-5 policies also have extra coverage for high-value personal property, such as jewelry and artwork.

Condo Form

  • Not surprisingly, condo form insurance is for condominium owners. HO-6 policies generally protect against the same types of dangers as HO-3 policies. 
  • They provide dwelling protection coverage with a twist: HO-6 policies cover the walls, floors, and ceiling of the condo unit but not the rest of the building. 
  • These policies also include personal property and liability coverage and may include loss of use coverage.

Mobile Home Form

  • If you own a mobile home or manufactured home, you likely have an HO-7 policy. 
  • Mobile home form policies are typically identical to HO-3 policies, except they’re designed specifically for mobile and manufactured homes.
  • Like HO-3 policies, they provide dwelling protection coverage, other structures coverage, personal property coverage, liability coverage, and possibly loss of use coverage as well. 
  • HO-7 policies generally only protect the home when it’s stationary; if you plan to move your mobile or manufactured home, you’ll need to get a special policy to cover it while it’s in transit.

Older Home

  • Older homes have generally been built to less stringent code standards than recently built homes, and so insurers have designed a specialized type of homeowners insurance policy for them. 
  • HO-8 policies often only cover the basic perils listed in HO-1 policies and generally apply to homes that are registered landmarks or otherwise deemed historic homes. 
  • Owners of registered landmarks are typically forbidden from making the updates to HVAC, electrical, and other parts of the home that would enable them to qualify for a standard HO-3 policy, so an HO-8 policy is often the only option for them.

Protect Your Providence Home with Flood Insurance

Providence’s hurricane wall has done wonders to reduce residents’ risk of flooding after a storm. But homeowners along any of Providence’s rivers are still prone to serious flood damage, and home insurance policies don’t include floods as a covered loss.

The only way to make sure you aren’t left paying for expensive flood damage is to purchase a flood insurance policy. Since Providence participates in the National Flood Insurance Program, which aims to provide affordable flood policies to homeowners in high-risk areas, you can purchase flood coverage through your private insurer or the NFIP. 

Flood insurance is important, regardless of whether your home is located in a Federal Emergency Management Agency–designated flood zone. But don’t procrastinate on purchasing coverage; most flood insurance policies have a 30-day waiting period before coverage kicks in to prevent homeowners from purchasing last-minute protection before a storm.

Check Your Policy for Potential Exclusions

Providence’s risk of nor’easters and winter storms paired with potential wind and hail exclusions is a recipe for disaster. Rhode Island is one of 19 states that require separate wind and hail deductibles, so it’s important to check your policy to see what your coverage does and doesn’t include. 

If your homeowners coverage excludes windstorms, hail, or hurricanes, talk to your insurance agent about your wind and hail options. Many insurance companies offer separate wind and hail deductibles for homeowners in high-risk areas like Providence. That way, you don’t need to purchase a comprehensive policy or an entirely separate wind insurance policy to protect your home. These deductibles are often set as a percentage of your dwelling coverage, so your insurer will subtract this (rather than your standard homeowners deductible) from your reimbursement if you need to file a wind and hail claim. 

Still have questions? Insurify has answers.

Frequently Asked Questions - Providence Homeowners Insurance

Does my Providence home insurance policy cover earthquake damage?

No, homeowners policies don’t cover damage caused by ground movement. Rhode Island occasionally experiences minor earthquakes, so you could benefit from purchasing additional earthquake insurance. Talk to your local agent to see if the additional coverage will be worth the cost.

Do I need additional hurricane insurance in Providence?

Hurricane coverage in Rhode Island falls under your windstorm coverage. If you have a separate wind and hail deductible, this should cover any damages that hurricanes may cause, but make sure to check your specific policy so you don’t rely on coverage you don’t have.

Will installing a home security system lower my home insurance premiums?

Many insurance providers offer discounts for policyholders with security systems, cameras, or even deadbolt locks. Check with your insurer to see how much you could save by installing a home security system and to learn more about your home security discount options

Conclusion: How to Find the Cheapest Home Insurance in Providence

Owning a home in Providence comes with risks, but protecting your property doesn’t need to be hard. With Insurify’s comparison tools, you can find cheap home insurance that fits your home’s needs in just a few minutes; that way, you can get the perfect coverage as quickly as possible.

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Yep, it’s that easy.  

Updated January 13, 2021

Jacklyn Walters is a freelance writer for Insurify. Jacklyn has a background in journalism and is passionate about informing and serving others through writing. In her spare time, Jacklyn enjoys running, practicing yoga, and writing music.