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Rhode Island Homeowners Insurance Quotes - Best and Cheapest (2022)

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Insurify Staff

By: Insurify Staff

Last Updated February 25, 2022


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Rhode Island Average Cost of Homeowners Insurance Rates (2022)

According to 2021 rates, the average cost of homeowners insurance in Rhode Island is $1204 per year and $100 per month. Rhode Island homeowners insurance rates are $194 per year less then the national average and about 14% less annually. When compared to the other US states that makes the cost of homeowners insurance in Rhode Island the 27th most expensive in the country, based on 2021 data.

For shoppers, the best way to find a homeowners insurance policy in Rhode Island is to evaluate all of the quotes from individual insurance providers and then decide on the policy that fits your requirements and budget level. Fortunately finding the right homeowners insurance coverage is easy with a tool like Insurify.

Insurify provides easy and fast home insurance quote comparisons for all kinds of homeowners nationwide. Insurify has helped thousands of customers receive accurate homeowners quotes for your property in Rhode Island in minutes.

Rhode Island Average Homeowners Insurance Rates
Average Cost Per Month$100
Average Annual Premium$1204
State Rank (Most Expensive)27th

Cheapest Insurance Companies for Homeowners in Rhode Island (2022)

For homeowners in Rhode Island, it's important that you evaluate all of your potential insurance options to ensure you are finding the best rate. Comparing the right insurance companies will allow you to get the best possible insurance rate for your home.

To simplify comparing companies, Insurify has analyzed rates from top insurance providers in Rhode Island. The following are the best insurance rates from carriers that offer homeowners insurance in Rhode Island.

Cheapest CompaniesQuotes

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How to Get Affordable Home Insurance in Rhode Island

Congratulations! Despite the seller's market in Rhode Island making finding a new home a tiring task, you've managed to snag yourself a beautiful home. Homeownership is a meaningful investment that comes with its own set of challenges and risks. Thankfully, knowing the right steps to protect your home investment can help you and your family enjoy your home in Rhode Island.

Protecting your property through homeowners insurance is one of the most important things you can do when buying a new home. Though it's not legally required to have home insurance in Rhode Island, your mortgage lender will probably require you to get home insurance before approving your loan.

Leaving your property and belongings unprotected from natural disasters and theft opens you and your family to risk. And the type of homeowners insurance and coverage options will depend on your property type, location, and other factors. Insurance coverage comes at a price, and you should get everything you need from home insurance at an affordable price.

Keep reading so you can find the best and cheapest Rhode Island home insurance.

Homeowners Insurance Quotes in Rhode Island by Company

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

As of 2021, the average home insurance premium in Rhode Island costs $1,610 annually, and the median home value is $257,800.

That's a lot of cash. As vital as these costs are, how is it that you are expected to pay these costs while providing for yourself and your family?

That's where Insurify comes in. Compare quotes in your area and find the best way to compare home insurance . You can adjust insurance coverage levels to fit your needs, leaving you with the best Rhode Island home insurance.

Average Annual Homeowners Insurance Premium in Rhode Island by Company

Average prices for standard homeowners insurance for a 7-15 year old home, $200,000 in coverage

Providence Mutual

Home Insurance Rates in Rhode Island by City

Much like housing costs, your Rhode Island home insurance will vary depending on which city you reside in. ZIP code variables, like nearby claims, local crime rates, and home costs, and risk variables, like natural disaster frequency, determine the price of average premiums. It all boils down to these variables plus what neighborhood you live in to determine how much you pay on dwelling coverage.

Home insurance rates in Rhode Island are a mixed bag, depending on which town you live in. They differ between being relatively high and low compared to the national average. Take a look at the most and least expensive ZIP codes in Rhode Island for home insurance.

CityMedian Home Price

What Does Home Insurance Cover in Rhode Island?

There are several types of home insurance. Specific terms of insurance policies may vary by state, 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:

    • Natural disasters (storms, fires, wind lightning, volcanic eruption)
    • Explosions
    • Theft
    • Damage from vehicles
    • Civil commotion
  • 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
    • 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.
    • 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.
    • 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.
    • 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.
    • 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.
    • 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 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 to enable them to qualify for a standard HO-3 policy, so an HO-8 policy is often the only option for them.

Rhode Island Home Insurance vs. Flood Insurance

While you will need to purchase separate flood insurance for coverage, certain factors determine if you live in a flood zone in Rhode Island that could also affect your overall home insurance premium. Your property may be in a flood plain or a flood insurance zone that applies to your property.

Flood insurance rates are also dependent on the approximate base flood elevation of your home. And most home insurance policies cover living expenses, medical expenses, and liability protection in case of flooding. Going with flood insurance is better than not being protected, even if you live in a low-risk flood area. Look into the National Flood Insurance Program for separate flooding insurance.

Natural Disasters and Best Homeowners Insurance in Rhode Island

Rhode Island is much like its neighbors Massachusetts and Connecticut. As a coastal state in the Northeast, Rhode Island is at risk for natural disasters such as hurricanes and winter weather storms. Communities with the greatest vulnerability of natural disasters are Providence, Warwick, Pawtucket, Cranston, and East Providence. Hurricane Sandy in 2012 devastated Rhode Island beaches along the south shore and leftover 122,000 Rhode Island residents without power.

Though Sandy cost the region around $62 billion, a much more massive storm is expected in the future. Historical natural disasters give insurance companies a reason to raise home insurance rates for vulnerable areas. You should be aware of your area's potential risks and get home insurance for a covered loss to fit your needs. Ask your insurance agent about additional coverage when discussing your coverage options.

Special Home Insurance Situations in Rhode Island

Unique elements of your home may affect homeowners insurance prices. Check out these quotes for some special situations that may impact your home insurance in Rhode Island.

Cheapest Home Insurance for Houses Near the Coastline in Rhode Island

Beachside living is wonderful. But the risk a nearby coastline may present to your home could end up increasing your home insurnace rates. The closer you are to the shore, the more at risk your property is to flooding. This will be reflected in your homeowners insurance rate.

Insurance CompanyAverage Annual Premium
Narragansett Bay$466

Cheapest Home Insurance for Houses With Swimming Pools in Rhode Island

Swimming pools fall under a category called attractive nuisances. Sure, they offer a fun way to cool off during warm summer months, but they also pose a major injury risk. For that reason, having a swimming pool in your yard could increase rates.

Insurance CompanyAverage Annual Premium
Providence Mutual$3,095
United P&C$534

Big savings in Little Rhody.

How to Find the Cheapest Home Insurance in Rhode Island

There's so much to see and do in Rhode Island that makes living in the state well worth the housing competition. Don't let those beautiful coastlines fool you. Rhode Island may be a wonderful place to live, but you need to consider the natural disasters that come with living in a coastal region. Thankfully, you won't have to pay an arm and a leg for home insurance. With enough education and resources, you are on your way to saving.
Use Insurify to compare home insurance premiums for your property in Rhode Island.

Rhode Island Homeowners Insurance FAQ

  • No. Homeowners insurance typically does not cover flooding. Though, there are portions of your home insurance policy that will cover liability, certain living expenses, and medical expenses. However, you can likely find separate flood insurance through the National Flood Insurance Program.

  • Insurance carriers such as Allstate and Liberty Mutual offer bundling on home insurance with car insurance. It's best to check with the insurance provider if they offer bundling. You may be able to get a discount on your homeowners policy by bundling, so it's worth checking with the insurance agent.

  • The best homeowners insurance companies in Rhode Island will depend on many factors, including price, customer service, rating, and insurance coverage offered. J.D. Power provides awards annually to top-rated insurance companies. It's best to double-check these variables before getting an insurance quote.

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The car insurance quotes displayed are based on an analysis of Insurify’s database of over 40 million quotes from 500 ZIP codes nationwide. To obtain representative rates, Insurify’s data science team performs frequent comprehensive analyses of the factors car insurance providers weigh to calculate rates including driver demographics, driving record, credit score, desired coverage level, and more.

Insurify’s analysis also incorporates the Insurify Composite Score (ICS) assigned to each insurance provider. The ICS is a proprietary rating that weighs multiple factors reflecting the quality, reliability, and health of an insurance company. Ratings used to calculate the ICS include Financial Strength Ratings from A.M. Best, Standard & Poor’s, Moody’s, and Fitch; J.D. Power ratings; Consumer Reports customer satisfaction surveys and customer complaints; mobile app reviews; and user-generated company reviews. 

With the above insights and ranking methods, Insurify is able to offer car insurance shoppers insight into how various insurance providers compare to one another in terms of both cost and quality. Note, actual quotes will vary based on unique attributes including the policyholder’s driver history and their garaging address.

Insurify Staff
Insurify Staff

Content Specialist at Insurify

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