Find the Best Homeowners Insurance Rates & Companies in Rhode Island
Rhode Island has some of the most expensive home insurance rates in the US. Homeowners insurance in Rhode Island currently averages $1,551 per year, which is quite a bit higher than the national average of $1,211 per year. Property values, proximity to severe weather, and other factors contribute to Rhode Island's home insurance rates being higher than average.
Current home values in Rhode Island average $411,000. Since you pay so much for your home, it deserves to be protected with the proper coverage. Having a home insurance policy can help you keep your home after a major disaster.
Luckily an independent insurance agent in Rhode Island can help you get equipped with the right kind of home insurance for you. But for starters, let's take a look at homeowners insurance requirements and more in Rhode Island.
Best Homeowners Insurance Companies in Rhode Island
To get the best coverage near you, look no further than only the best home insurance companies in Rhode Island. These insurance companies can provide you with the best coverage options and rates around. Start with a handful of our top picks.
- Travelers: Founded in 1864, Travelers offers home insurance along with many other products for individuals and businesses. Travelers has extremely high ratings from both AM Best for financial strength and overall from the Better Business Bureau (BBB).
- Selective: Founded in 1926, Selective also offers home insurance and many other personal and business coverages. Selective has excellent ratings from both AM Best and the BBB.
- Peerless: Founded in 1901, Peerless offers homeowners insurance and personal auto insurance. Peerless also holds excellent ratings from both AM Best and the BBB.
- Encova: Founded in 2017, Encova offers home insurance and many other products. Encova has excellent ratings from both AM Best and the BBB.
A Rhode Island independent insurance agent can get you set up with the right home insurance for your needs.
What Can Homeowners Insurance in Rhode Island Cover?
Just a few of Rhode Island's most common natural disasters include tropical storms, hurricanes, winter storms, and severe storms. Being bordered on three sides by water, Rhode Island can often fall victim to major damage caused by inclement weather. Fortunately, having a home insurance policy can help residents get the reimbursement they need to help repair and rebuild their homes after many of these natural disasters.
Tropical Storms, Hurricanes, Winter Storms, and Severe Storms
Though home insurance can help cover some natural disasters, it can't cover all of them. A home insurance policy can reimburse for damage or destruction to your home or personal property caused by wind, hail, lightning, fire, snow, and ice, but not by natural flooding. So your home insurance policy can protect your property from many harsh elements that accompany Rhode Island's most common natural disasters, but you'll need extra coverage for flooding.
Flood Damage in Rhode Island
A separate flood insurance policy is required to get reimbursement after a natural flooding event like a hurricane damages your home or personal property. A Rhode Island independent insurance agent can help you find this coverage. Otherwise, you could be stuck paying out of pocket to repair or replace your home or personal belongings if they get damaged, lost, or destroyed by flooding.
The main coverages in a Rhode Island home insurance policy are:
- Personal property: In case your personal belongings, like clothing, etc., get stolen, damaged, or destroyed by a covered peril, this coverage can help pay to replace it or repair it.
- Loss of use: In case your home gets destroyed or badly damaged by a covered disaster and you have to temporarily stay at a hotel or face other extra expenses, this coverage can help pay these costs.
- Dwelling: In case your home's dwelling or structure gets vandalized, damaged, or destroyed by a covered disaster, this coverage can help pay for the repairs or rebuilding.
- Personal liability: In case you get sued by a neighbor or another third party for claims of personal property damage or bodily injury, this coverage can help pay associated legal expenses.
A Rhode Island independent insurance agent can help you find the right kind of homeowners insurance for you and your family.
What Won't Homeowners Insurance in Rhode Island Cover?
Rhode Island home insurance won't cover natural flooding damage. Fortunately, earthquakes are not a common concern in Rhode Island, because home insurance won't cover damage from those natural disasters, either. But there are still more disasters excluded by home insurance coverage, like:
- Failure of the homeowner to maintain the property
- Intentional or malicious acts against others
- Pest and insect infestation or damage
- Business-related losses (without an endorsement)
- Damage to personal vehicles stored at the home
- Sewer breaks and backups
Flood damage in Rhode Island
Flood damage to the home isn't always caused by rainfall or melted snow and ice. Sometimes homes can flood due to sewer problems, such as breaks and backups. Since home insurance excludes coverage for sewer backup and breakage damage, you'll need to talk to your Rhode Island independent insurance agent about adding a sewer backup endorsement to your policy. They can also help you add flood insurance for natural sources of flooding.
Average Cost of Homeowners Insurance in Rhode Island
Rhode Island ranks number six in the nation for the most expensive home insurance rates. Rhode Island residents pay about $1,551 per year for home insurance, which is noticeably higher than the US average of $1,211 per year. The increased cost of living in Rhode Island compared to most of the nation also contributes to higher home insurance prices, among other factors. But a Rhode Island independent insurance agent can still help you find affordable coverage near you.
Average Rhode Island Home Insurance Costs by City
Due to varying local crime rates and property values, home insurance rates are different by each specific city. For residents in the Rhode Island city of Newport, the highest home insurance prices in the state can be expected, at an annual average of $2,423. However, those living in the Rhode Island city of Woonsocket can expect the lowest average home insurance rates in the state, of about $1,083 annually.
Average Rhode Island Home Insurance Costs by City
National average burglary rate 3.76 per 1,000 people
National average home value $269,000
National average home insurance cost $1,428 year
| City | Avg. home value | Burglaries / 1,000 homes | Annual insurance cost |
| Coventry | $280,186 | 2.01 | $1,298 |
| Cranston | $245,600 | 1.95 | $1,296 |
| Cumberland | $280,229 | 1.51 | $1,415 |
| East Providence | $243,785 | 1.43 | $1,147 |
| Johnston | $289,900 | 1.98 | $1,294 |
| Newport | $750,013 | 3.18 | $2,423 |
| North Kingstown | $434,761 | 1.23 | $1,885 |
| North Providence | $280,229 | 1.82 | $1,178 |
| Pawtucket | $250,302 | 4.65 | $1,115 |
| Providence | $320,776 | 5.17 | $1,219 |
| South Kingstown | $434,761 | 1.10 | $1,948 |
| Warwick | $260,850 | 1.69 | $1,135 |
| West Warwick | $280,186 | 2.39 | $1,130 |
| Westerly | $350,380 | 2.04 | $1,580 |
| Woonsocket | $197,468 | 6.11 | $1,083 |
Popular Questions about Rhode Island Home Insurance
Home insurance in Rhode Island averages $1,551 per year, or about $129 per month. Rhode Island has the sixth-highest home insurance rates in the nation.
Rhode Island does not require homeowners insurance by state law. However, mortgage lenders almost always require residents to show proof of home insurance before they're able to take out a loan on a home.
Many different factors affect your home insurance rates, including your home's value, your personal claims history, local crime rates, your home's upgrades, and more.
Some of the most common natural disasters in Rhode Island are tropical storms, severe storms, hurricanes, winter storms, and flooding.
Yes, there are independent insurance agents across the state of Rhode Island who can easily help you get set up with all the home insurance and other coverages you need.
Homeowners insurance is not required by state law in Rhode Island, but it is often required by mortgage lenders.
There's no such thing as a one-size-fits-all insurance policy. With a wide variety of products and options at your disposal, you might need help from a professional to choose what you really need.
Rhode Island independent insurance agents can help you choose the right policies and options to meet your specific coverage needs. Because they're independent, these agents can work with several of the best home insurance companies in Rhode Island to find you the right coverage at a great price.
Do You Know What Your Rhode Island Home Insurance Covers?
Average Cost of Home Insurance Near You
The average monthly cost of home insurance in Cranston, RI is $108. You can expect your home insurance rates to vary based on your home's value, your personal claims history, and other factors.
Windstorms can cause major property damage in Cranston, RI, especially during hurricane season. Fortunately, Rhode Island homeowners insurance can cover the costs of repairing your home due to wind damage.
The average monthly cost of home insurance in Pawtucket, RI is $93. You can expect your home insurance rates to vary based on your home's value, your personal claims history, and other factors.
Residents in Pawtucket, RI need to be prepared for both common and unexpected disasters that can impact their homes. From lightning strikes to accidental house fires, having a home insurance policy is important for getting the reimbursement you need to repair your property.
The average monthly cost of home insurance in Providence, RI is $102. You can expect your home insurance rates to vary based on your home's value, your personal claims history, and other factors.
Winter storms in Providence, RI can cause significant damage to area homes. Snow and ice can cause roof collapses and other damage to homes and additional structures. Fortunately, home insurance often covers damage caused by severe winter weather.
The average monthly cost of homeowners insurance in Warwick is $95. You can expect your home insurance rates to vary based on your home's value, your personal claims history, and other factors.
The city of Warwick, RI is also vulnerable to hurricane damage. Though Rhode Island home insurance can't cover flood damage to your home caused by hurricanes, it can reimburse you for damage caused by strong wind.
The average monthly cost of home insurance in Woonsocket, RI is $90. You can expect your home insurance rates to vary based on your home's value, your personal claims history, and other factors.
A common hazard faced by homeowners in Woonsocket, RI is property crime. Despite its small size, this city has more than 250 burglaries reported every year, giving Woonsocket, RI one of the highest burglary rates in the state. Fortunately, a homeowners insurance policy covers damage to the home caused by vandalism and break-ins, as well as stolen property.
https://crisisequipped.com/what-natural-disasters-occur-in-rhode-island/