Finding a good price on home insurance is top of mind for many Rhode Island homeowners. The best way to do it is by comparison shopping. We analyzed average rates for large home insurers to help you find the best homeowners insurance in Rhode Island.
Cheap Home Insurance in Rhode Island Cost Comparison
It’s wise to compare quotes for home insurance if you’re looking for cheap homeowners insurance. Our analysis shows that home insurance costs vary considerably from one insurance company to another. You won’t know which insurer offers the best price without comparison shopping.
| Home insurance company | Average annual home insurance cost in Rhode Island |
|---|---|
|
Narragansett Bay Insurance
|
$643
|
|
UPC Insurance
|
$721
|
|
NLC Insurance
|
$830
|
|
$1,069
|
|
|
AIG
|
$1,151
|
|
PURE
|
$1,233
|
|
Amica
|
$1,601
|
|
Andover
|
$1,693
|
|
$1,724
|
|
|
Providence Mutual
|
$2,597
|
The best home insurance companies offer more than just a great price. They will also provide a variety of coverages to cover your specific needs.
Rhode Island Homeowners Insurance Cost Factors
Finding cheap homeowners insurance in Rhode Island will depend on several factors, such as:
- How much coverage you buy
- Your deductible amount
- Your location
- The cost to rebuild your home
- The materials your home is made of
- The age of your home
- The fire rating of your location
- The claims history of your location
- Your personal claims history
- Your credit
What Does Homeowners Insurance Cover in Rhode Island?
Your house structure is covered for any problem that’s not excluded in a standard home insurance policy, called an HO-3. Common exclusions include floods, earthquakes, sinkholes, power failure, wear and tear, vermin and insect infestations.
Your belongings (personal property) are covered for specific “perils” in a standard home insurance policy. Fires, tornadoes, theft, vandalism and explosions are just some of the problems covered by home insurance.
Your homeowners insurance will pay out up to the limits specified in your policy if you’re eligible for a claim.
It’s wise to familiarize yourself with how home insurance works to protect you so you can best determine how much home insurance you need.
A standard home insurance policy can be broken down into these main coverage types:
- Dwelling: This type of homeowners insurance pays to repair or rebuild your home if it’s damaged. It also covers attached structures, like a deck or garage.
- Other structures: Property that’s not attached to your house, like a barn, fence or shed, is covered under this type of coverage, which pays to repair or replace unattached structures.
- Personal property: This pays to repair or replace your personal belongings, or the contents of your house, after a problem like theft or fire. Your personal belongings include items like your furniture, clothing, rugs, jewelry, kitchen appliances and other items.
- Liability: This pays for property damage and injuries you accidentally do to others. For example, if a guest falls on your slippery kitchen floor and gets a head injury, your liability insurance can pay for a settlement or court judgment against you, and also your legal defense costs.
- Medical payments to others: This covers smaller medical claims made by people not in your household, no matter who was at fault for the injury. For example, if a guest falls on your front steps, medical payments coverage could pay for their visit to urgent care. Coverage amounts are small, such as $1,000.
- Additional living expenses: If you can’t live in your home due to a problem covered by your policy (like a fire), additional living expenses coverage pays for extra costs such as a hotel bill, restaurant meals and other necessary services, like a pet boarding service.
Flood Insurance in Rhode Island
Despite having 400 miles of coastline comprising about 14% of its total area, Rhode Island residents haven’t seen a standalone flood event declared a disaster in recent decades. However, surges and floods due to storms and hurricanes have been reported.
A standard homeowners insurance policy won’t cover flood damage. And with flooding becoming more frequent, you may want to consider flood insurance if your property is at risk.
Financial help from the government after a flood can be limited. It’s best to have your own flood insurance. Most people who have flood insurance buy it through the National Flood Insurance Program (NFIP), a federal program. Private flood insurance is also available.
FEMA’s Individuals and Households Program (IHP) can provide monetary and direct assistance after a major disaster or emergency, if you qualify. This program helps people find housing after a problem directly caused by a disaster and that’s not covered by insurance or other sources.
Tips for Buying Rhode Island Homeowners Insurance
Whether you’re about to close on your first house or you’re switching insurance companies, you want to buy a policy at a good price without sacrificing on coverage. Here are guidelines for both newcomers and longtime homeowners:
- Assess your rebuilding costs. Ask your insurance company what the cost would be to rebuild your home with equitable materials, based on labor costs in your area. You want your dwelling coverage amount to be equal to this estimate.
- Evaluate how much liability coverage you need. You should buy an amount that matches the value of what could be taken from you in a lawsuit. At least $300,000 is a good starting point.
- Consider add-on coverage for your belongings. If you have high-value items, jewelry or pricey musical equipment, you might want to consider scheduling personal property to insure your expensive possessions for their full value.
- Think about the benefits of replacement cost instead of actual cash value. Consider replacement cost coverage for your home and belongings—you will get the amount you need to replace your home and belongings with new versions.
- Assess coverage gaps. Some home insurance companies offer add-on benefits, for instance to help pay for damage from water backups, or provide higher limits for landscaping such as trees and shrubs.
- Ask for discounts. Make sure you’re getting all the discounts that match your homeowner profile. For example, you may get a discount for home security features, or for buying auto insurance and home insurance from the same company.
- Research financial ratings. Check financial strength ratings from companies such as A.M. Best or Standard & Poor’s. Some banks may not finance your mortgage unless the homeowner’s insurance company has at least an “A” financial strength rating.
- Compare quotes from multiple insurance companies. The price for the same policy can vary significantly among insurers. If you don’t shop around, you won’t know how much you can potentially save.
Find the Best Homeowners Insurance Companies Of 2024
Methodology
Average home insurance rates were calculated using data from Quadrant Information Services. Rates are based on a policy with dwelling coverage of $300,000 and liability coverage of $100,000.
