Best Rhode Island Homeowners Insurance Quotes (2024)

State Farm offers some of the cheapest homeowners insurance policies in Rhode Island, with average annual premiums of $1,478 for a policy with $300,000 in dwelling coverage.

Elizabeth Rivelli
Elizabeth Rivelli
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  • Auto, home, health, and life insurance expertise

Elizabeth has extensive insurance industry experience, having written for Insureon, Rate Retriever, and Insurify. She’s also finance and insurance editor for Car and Driver.

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Katie Powers
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Katie PowersAuto and Life Insurance Editor
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Katie uses her knowledge and expertise as a licensed property and casualty agent in Massachusetts to help readers understand the complexities of insurance shopping.

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Andrew Huang
Data reviewed byAndrew Huang
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Andrew HuangVP, Marketing & Analytics
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Updated November 18, 2024

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The average cost of home insurance in Rhode Island is $2,036 per year for a policy with $300,000 in dwelling coverage and a $1,000 deductible, which is lower than the national average.

Many homes in Rhode Island, especially along the coast, are susceptible to damage from heavy rains, flooding, and storm surges.[1] Basic homeowners insurance is essential in Rhode Island, but some homeowners may need to supplement their standard policy with flood insurance for more protection.

Here’s what you need to know about home insurance in Rhode Island.

Quick Facts
  • The cheapest home insurance companies in Rhode Island are State Farm, Amica, and AIG, according to Insurify data.

  • Rhode Island home insurance is slightly cheaper than the national average of $2,377 for a policy with $300,000 in dwelling coverage and a $1,000 deductible.

  • AIG is the best Rhode Island home insurance company for high-value homes.

Best home insurance companies in Rhode Island

Many reputable home insurance companies serve homeowners in Rhode Island. The best homeowners insurance in Rhode Island for you depends on your situation, specific needs, and budget.

Insurance Company
IQ Score
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores.
Average Annual Premium
Best For
State Farm8.2$1,478Cheapest rates
Amica8.2$1,493Customer satisfaction
AIGN/A$1,652High-value homes
Nationwide8.4$2,016Coverage options
  • Our editorial team spent more than 350 hours developing the Insurify Quality (IQ) Score and scoring insurance companies. The IQ Score objectively analyzes and calculates a score for insurers using more than 15 crucial criteria. The team weighted criteria by importance to the consumer — factors such as customer reviews and affordability influence the score more than availability and third-party ratings.

    We rate each company on a 1 to 10 scale based on five categories: financial ratings, customer satisfaction, affordability, customer support and transparency, and availability. Insurify updates ratings once a year or as more recent information becomes available.

    • Third-party financial ratings: Insurify uses data from AM Best, S&P, Moody’s, and more to compare insurance companies’ credit and ability to pay out future claims.
    • Customer satisfaction: To calculate this score, Insurify analyzed more than 28,000 customer reviews across 155 car insurance companies. We also consider third-party ratings from J.D. Power, the National Association of Insurance Commissioners, and Trustpilot.
    • Affordability: Our data scientists analyzed more than 90 million real-time auto insurance rates from our partners across the U.S., as well as available discounts, to calculate an affordability score.
    • Customer support and transparency: This measures coverage options, ease of claims filing, and the insurer's transparency surrounding discounts, coverages, and claims process.
    • Availability and reach: Insurify scores availability and reach by identifying the number of states in which insurers offer coverage and company size by market share.

Cheapest rates: State Farm

Compare personalized, real-time quotes
IQ Score
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores.
9.3/10
JD Power
J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale.
842
$300,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $300,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$123/mo
$500,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $500,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$180/mo

State Farm is the largest home insurance company in the country by market share, and it’s a popular option for Rhode Island homeowners who want the cheapest coverage. State Farm has the lowest home insurance rates in the Ocean State, on average. The insurer is also among the top home insurance companies for overall customer satisfaction, with an above-average rating in the J.D. Power 2023 U.S. Home Insurance Study.

Pros
  • Lowest home insurance rates

  • Excellent third-party ratings

Cons
  • Fewer available discounts than some competitors

  • Not many optional coverages

Best for customer satisfaction: Amica

Compare personalized, real-time quotes
IQ Score
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores.
8.3/10
JD Power
J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale.
862
$300,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $300,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$186/mo
$500,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $500,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$286/mo

Headquartered in Lincoln, Rhode Island, Amica is the best homeowners insurance company for customer satisfaction. In the J.D. Power 2023 U.S. Home Insurance Study, Amica ranked second out of 22 home insurance companies.

Another benefit of Amica is that its policyholders are eligible to earn dividends. Depending on Amica’s financial performance, you can potentially earn up to 20% back on your premiums paid during the policy period. The company also offers excellent discounts and coverage options.

Pros
  • Second-highest J.D. Power customer satisfaction rating

  • Policyholders are eligible to earn dividends

Cons
  • Can’t purchase a policy online

  • Not as many specialty coverage options as some insurers

Best for high-value homes: AIG

Compare personalized, real-time quotes
IQ Score
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores.
NR
$300,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $300,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$118/mo
$500,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $500,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$175/mo

If you own a high-value home in one of Rhode Island’s most desirable locations, like Newport, AIG is an excellent option for home insurance. AIG specializes in insuring high-value homes that have unique coverage requirements. Standard policies include coverage for landscaping, breakage of fragile items, and pet damage. You can also get replacement cost coverage for your home and personal property.

Homeowners can access AIG’s proactive loss prevention services that can reduce the risk of certain claims. For example, AIG can assist with personal security systems and Architectural Legacy Services to preserve historic older homes.

Pros
  • Customizable coverage for high-value homes

  • Various available loss prevention services

Cons
  • No advertised discounts

  • Quotes not available online

Best for coverage options: Nationwide

Compare personalized, real-time quotes
IQ Score
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores.
8.7/10
JD Power
J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale.
815
$300,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $300,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$163/mo
$500,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $500,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$272/mo

Nationwide has the best coverage options out of the Rhode Island home insurance companies evaluated. Nationwide’s standard home insurance policies include the basics, plus credit card coverage and law and ordinance coverage. You can add optional endorsements like identity theft coverage, service line coverage, dwelling replacement cost coverage, water backup coverage, and flood insurance.

Nationwide also sells Brand New Belongings and Better Roof Replacement coverages. Additionally, the company has some of the best available discounts, with savings for having no prior claims, living in a gated community, installing protective devices, having prior insurance, and more.

Pros
  • Excellent selection of available add-on coverages

  • Good variety of home insurance discounts

Cons
  • Below-average J.D. Power customer satisfaction score

  • More complaints than expected for home insurance, according to the National Association of Insurance Commissioners (NAIC)

Cheapest home insurance in Rhode Island

Home insurance companies in Rhode Island charge different rates for coverage. State Farm has the cheapest home insurance in the Ocean State, with an average premium of $1,478 per year for a policy with $300,000 in dwelling coverage.

In the table below, you can see which homeowners insurance companies have the cheapest rates for Rhode Island homeowners. Average annual premiums reflect costs for a policy with $300,000 in dwelling coverage.

Insurance Company
Average Annual Premium
State Farm$1,478
Amica$1,493
AIG$1,652
Pure Companies Group$1,706
Nationwide$2,016
Narragansett Bay Insurance$2,074
Allstate$2,154
Andover Companies$2,200
Metropolitan$2,287
Providence Mutual Group$4,540

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Cost of homeowners insurance in Rhode Island

Rhode Island’s average home insurance premium is $2,036 per year for a policy with $300,000 in dwelling coverage. To compare, the national average is $2,377 per year.

Home insurance companies personalize premiums for every homeowner. Some of the biggest factors that can affect the cost of home insurance include your ZIP code, the size of your home, the type of home insurance you purchase, your coverage limits, and more.

Cost of homeowners insurance by dwelling coverage amount

Home insurance premiums in Rhode Island can vary significantly depending on the dwelling coverage limit you choose. Policies with higher dwelling coverage limits have more expensive premiums. Experts recommend choosing a dwelling coverage limit that matches the cost of rebuilding your home after a covered loss.[2]

Below, you can see the average cost of homeowners insurance in Rhode Island based on the coverage limit. Average annual premiums reflect costs for policies with a $1,000 deductible.

Coverage Limit
Average Annual Premium
$100,000$920
$200,000$1,504
$300,000$2,036
$400,000$2,565
$500,000$3,073

Cost of homeowners insurance by deductible

Your policy will have a home insurance deductible, which is the amount you have to pay out of pocket when you file a claim. Choosing a higher deductible means you’ll pay more toward a claim, but your premium will be lower. Policies with a low deductible have higher premiums.

In the following table, you can see the average Rhode Island home insurance premium by the deductible amount for a policy with $300,000 in dwelling coverage.

Deductible Amount
Average Annual Premium
$500$2,101
$1,000$2,036
Learn More: How Much Homeowners Insurance Do You Need?

Learn More: How Much Homeowners Insurance Do You Need?

How to get cheap homeowners insurance in Rhode Island

Rhode Island homeowners can use these strategies to get cheaper home insurance:[3]

  • Look for discounts. Some home insurance companies offer discounts that can help you save money. For example, you might be able to earn a discount for being claims-free or living in a gated community.

  • Install protective devices. You can often get a lower home insurance premium if you install certain protective devices in your house, like a security system or fire sprinklers.

  • Bundle policies. Purchasing two insurance policies from the same insurer, like home insurance with auto insurance or life insurance, can usually help you earn a discount on one or both premiums.

  • Compare quotes. It’s a good idea to shop around and compare quotes from a few different insurers to find the cheapest policy for your situation.

How much homeowners insurance do you need in Rhode Island?

Rhode Island doesn’t legally require home insurance. But it’s often a lender requirement if you have a mortgage.

It’s important to choose enough coverage to protect your home and your liabilities and understand what your home insurance policy covers. Depending on your situation, you may need to supplement your home insurance with endorsements.

You should choose a dwelling insurance coverage limit that will cover the full cost of rebuilding your home back to its prior condition in the event of a covered loss. Most home insurance policies cover your personal belongings at 50%–70% of your dwelling coverage limit, but you may need to add an endorsement if you keep valuables in your house, like art or fine jewelry.

For liability insurance, you should choose a coverage limit based on your personal assets that could be at risk in a lawsuit. This includes real estate, vehicles, boats, money in retirement accounts, and savings.

Most home insurance companies provide several coverage limit options for medical payments insurance and loss of use insurance. Choosing higher coverage limits will provide more financial protection, but your premium will be more expensive.

Due to Rhode Island’s coastal geography, some homes in the state are near or in flood zones. Standard home insurance policies don’t cover flood damage, so you might need to purchase a separate flood insurance policy to protect your home from flooding.

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What are some of the biggest risks when owning a home in Rhode Island?

Rhode Island homeowners face some risks that can cause serious property damage, like severe weather. Here are some of the most notable perils for Ocean State residents:

  • illustration card https://a.storyblok.com/f/162273/150x150/0194b78427/weather-96x96-orange_043-flood.svg

    Flooding

    In Rhode Island, flooding is becoming more common due to heavy rainstorms fueled by climate change. Sea levels are also rising, which increases the risk of storm surges. Rhode Island has more than 400 miles of shoreline, and homeowners who live near the coast might be good candidates for flood insurance. The most common way to get flood insurance is through the National Flood Insurance Program, but some private insurers also offer this coverage.

  • illustration card https://a.storyblok.com/f/162273/150x150/a72798aa06/weather-96x96-green_016-snow.svg

    Winter storms

    Certain parts of Rhode Island can get up to 55 inches of annual snowfall.[4] Standard home insurance policies cover property damage caused by the weight of snow, sleet, and ice, and freezing. So, for example, if your pipes freeze and suddenly burst, your insurance company could cover the repairs, assuming you took precautions to prevent them from freezing.

  • illustration card https://a.storyblok.com/f/162273/150x150/0a25826e6f/weather-96x96-yellow_010-windy.svg

    Windstorms

    Hurricanes don’t typically hit Rhode Island directly, but the remnants of hurricanes can travel up the East Coast and bring high winds to the Ocean State. Homeowners insurance covers windstorm damage. Homes in high-risk areas, like on the beach, sometimes have a separate windstorm deductible that applies to wind-related claims.

Rhode Island homeowners insurance FAQs

The following information can help answer your remaining questions about finding the best homeowners insurance in Rhode Island for your specific coverage needs.

  • How much is home insurance in Rhode Island?

    The average annual cost of home insurance in Rhode Island is $2,036 for a policy with $300,000 in dwelling coverage and a $1,000 deductible. This is higher than the national average cost of $2,377 per year for the same amount of home insurance.

    Because Rhode Island has more than 400 miles of coastline, many people with homes on the coast will need to purchase a separate flood insurance policy, which comes at an added cost.

  • Which company has the cheapest homeowners insurance in Rhode Island?

    State Farm has the cheapest homeowners insurance in Rhode Island, with an average annual premium of $1,478 for a policy with $300,000 in dwelling coverage and a $1,000 deductible.

    Amica and AIG also offer affordable coverage in the state.

  • Does Rhode Island require homeowners insurance?

    Rhode Island state law doesn’t require homeowners to purchase home insurance, but most mortgage lenders do. If you have a mortgage, you’ll likely need to purchase homeowners insurance.

    It’s important to purchase homeowners insurance, even if you don’t need to, because it can protect the structure of your home and your personal belongings in the event of covered damages or loss. Home insurance can also cover your liability if someone visits your property, sustains an injury, and sues you.

  • What is the most common type of homeowner insurance?

    An HO-3 (special form) is the most common home insurance policy. It covers your dwelling and personal property from a range of perils, including fire, windstorms, and vandalism. It also includes other structures and liability coverage.

Sources

  1. United States Environmental Protection Agency. "What Climate Change Means for Rhode Island."
  2. Insurance Information Institute. "What is covered by standard homeowners insurance?."
  3. Insurance Information Institute. "How to save money on your homeowners insurance."
  4. Rhode Island Department of Environmental Management. "Overview of Climate in Rhode Island."
Elizabeth Rivelli
Elizabeth Rivelli

Elizabeth Rivelli is a freelance writer covering insurance and personal finance. She has extensive knowledge of various insurance lines, including property and casualty, health, and life insurance. Her byline has been featured in dozens of publications, including Investopedia, Forbes, Bankrate, NextAdvisor, and Insurance.com

Katie Powers
Edited byKatie PowersAuto and Life Insurance Editor
Photo of an Insurify author
Katie PowersAuto and Life Insurance Editor
  • Licensed auto and home insurance agent

  • 3+ years experience in insurance and personal finance editing

Katie uses her knowledge and expertise as a licensed property and casualty agent in Massachusetts to help readers understand the complexities of insurance shopping.

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Andrew Huang
Data reviewed byAndrew HuangVP, Marketing & Analytics
Headshot of Andrew Huang, Directory of Analytics at Insurify
Andrew HuangVP, Marketing & Analytics
  • Chartered financial analyst

  • 12+ years in data analysis and marketing

Andrew applies his vast knowledge of analytics and insurance industry trends to help inform Insurify’s content and marketing efforts.

Featured in

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