Best Rhode Island Home Insurance (August 23)
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Are you looking to get the best home insurance in Rhode Island? We have reviewed all the major insurers to guide you in finding the best homeowners insurance in RI.
Key Takeaways
- Rhode Island homeowners insurance costs $1,348 annually.
- Insurers offer home insurance policies in the state starting at around $786 annually.
- Ensure to buy extra flood insurance in the state.
Rhode Island homeowners insurance: What you need to know
On average, home insurance in Rhode Island costs $1,348 yearly, which is lower than the national average rate. The rate is comparatively decent when compared to other states.
Rhode Island experiences severe weather that could damage homes. Due to its location near the coast, some homes may be affected by hurricanes, high winds, hail storms, thunderstorms, and even blizzards during winter.
Do you want even cheaper home insurance quotes in Rhode Island? We have got that covered for you!
What does a homeowners insurance policy cover?
Dwelling, Liability, Personal Property, Other Structures, Medical Payments to Others, and Additional Living Expenses are typical coverages a homeowners insurance policy offers. But additionally, you can get these coverages in the state.
- Flood insurance: Flooding is a significant risk in Rhode Island. A home insurance policy doesn't cover flood damage. You can buy it as a separate policy via a private insurer of FEMA's National Flood Insurance Program.
- Water backup coverage: You require this coverage if water backs up into a drain or sewer and damages your house or personal property. Although this damage is more common in basements and crawl spaces, it can occur in any water or drain line.
- Debris removal damage: Rhode Island experiences many hurricanes since it's a coastal state. Debris removal coverage may help you cover the cost of removing debris from your property following a storm or other covered loss. Most policies may cover debris removal, but it is best to increase your limits.
- Dwelling replacement cost coverage: This coverage pays you the entire replacement cost of your home's structure rather than deducting depreciation from a settlement. But not every home qualifies for this coverage. So always speak with your insurer about this option.
What isn’t covered by a typical homeowners insurance policy?
A home insurance policy doesn’t cover flooding, earthquakes, nuclear threats, power outages, insect and vermin infestations, war, wear and tear, sinkholes, or intentional loss. To ensure the coverages you receive, you must research your policy before buying one.
The cheapest home insurance companies in Rhode Island
With an average annual rate of $786, Narragansett Bay offers the most affordable Rhode Island home insurance. It is $562 less than the state average rate. If you want to find even cheaper home insurance in RI, it is best to compare the quotes and buy one.
| Insurer | Average annual rate |
|---|---|
| Narragansett Bay | $786 |
| Nationwide | $1,306 |
| Allstate | $1,415 |
| Amica | $1,774 |
| The Andover | $1,872 |
The best homeowners insurance in Rhode Island for those with poor credit
Insurers will check your credit score to see if you are a high risk for them to insure. Customers with poor credit scores will have to pay higher home insurance rates. Narragansett Bay has the lowest home insurance rates in Rhode Island for a homeowner with poor credit, with an average yearly premium of $1,027 yearly.
| Insurer | Average annual rate |
|---|---|
| Narragansett Bay | $1,027 |
| Nationwide | $1,694 |
| Allstate | $2,203 |
| Amica | $2,262 |
| The Andover | $3,417 |
The best homeowners insurance in Rhode Island for pool owners
While not all insurers charge higher rates for pool owners, some will do so due to the risk of injuries, which could lead to liability claims. Narragansett Bay has the lowest homeowners insurance rates for Rhode Island homes with swimming pools, with an average annual premium of $786.
| Insurer | Average annual rate |
|---|---|
| Narragansett Bay | $786 |
| Nationwide | $1,306 |
| Allstate | $1,415 |
| Amica | $1,774 |
| The Andover | $1,872 |
The best homeowners insurance in Rhode Island for dog owners
Owners of certain dog breeds may have to pay higher home premiums due to the increased possibility of filing a liability claim due to bites or other injuries. Narragansett Bay has the lowest rates for homeowners insurance in RI for a home with a dangerous dog breed, with a yearly average premium of $786.
| Insurer | Average annual rate |
|---|---|
| Narragansett Bay | $786 |
| Nationwide | $1,306 |
| Allstate | $1,415 |
| Amica | $1,774 |
| The Andover | $1,872 |
Homeowners insurance deductibles in Rhode Island
While buying a home insurance policy in Rhode Island, homeowners must consider many factors, including the deductible amount. The deductible is the sum an insurer should pay for a covered loss. Where you set your deductible can decide how much you pay for home insurance. So choosing a lower deductible means paying higher insurance premiums. The following table shows the average premiums associated with the deductibles offered by most home insurers.
| Deductible Level | Average annual rate |
|---|---|
| $500 | $1,280 |
| $1,000 | $1,169 |
| $1,500 | $1,133 |
| $2,000 | $1,049 |
| $5,000 | $949 |
Rhode Island home insurance prices by coverage levels
The coverage level you select substantially impacts the cost of your home insurance in Rhode Island. Carrying $100,000 in dwelling coverage costs an average of $615 annually in Rhode Island while carrying coverage up to $400,000 costs as much as $1,759 yearly.
| Dwelling coverage cost | Average annual rate |
|---|---|
| $100,000 | $615 |
| $200,000 | $974 |
| $250,000 | $1,169 |
| $400,000 | $1,759 |
Rhode Island homeowners insurance costs by city
The area where you live impacts the rate of home insurance in RI. Factors like ZIP Code, the volume of nearby claims, and the area’s theft rate can affect insurance rates. The following are the insurance rates in various cities.
| City | Average annual rate |
|---|---|
| Adamsville | $1,338 |
| Albion | $1,258 |
| Ashaway | $1,143 |
| Barrington | $1,132 |
| Block Island | $1,268 |
| Bradford | $1,224 |
| Bristol | $1,141 |
| Carolina | $1,139 |
| Central Falls | $1,262 |
| Charlestown | $1,260 |
| Chepachet | $1,250 |
| Clayville | $1,256 |
| Coventry | $1,263 |
| Cranston | $1,237 |
| Cumberland | $1,188 |
| Cumberland Hill | $1,188 |
| East Greenwich | $1,225 |
| East Providence | $1,242 |
| Exeter | $1,180 |
| Fiskeville | $1,257 |
| Forestdale | $1,213 |
| Foster | $1,274 |
| Glendale | $1,203 |
| Greene | $1,262 |
| Greenville | $1,259 |
| Harmony | $1,258 |
| Harrisville | $1,201 |
| Hope | $1,264 |
| Hope Valley | $1,155 |
| Hopkinton | $1,137 |
| Jamestown | $1,232 |
| Johnston | $1,276 |
| Kenyon | $1,149 |
| Kingston | $1,228 |
| Lincoln | $1,280 |
| Little Compton | $1,294 |
| Manville | $1,203 |
| Mapleville | $1,206 |
| Melville | $1,201 |
| Middletown | $1,212 |
| Misquamicut | $1,266 |
| Narragansett | $1,296 |
| Narragansett Pier | $1,296 |
| Newport | $1,268 |
| Newport East | $1,212 |
| North Kingstown | $1,167 |
| North Providence | $1,269 |
| North Scituate | $1,254 |
| North Smithfield | $1,221 |
| Oakland | $1,196 |
| Pascoag | $1,221 |
| Pawtucket | $1,190 |
| Peace Dale | $1,190 |
| Portsmouth | $1,189 |
| Providence | $1,321 |
| Prudence Island | $1,197 |
| Riverside | $1,289 |
| Rockville | $1,147 |
| Rumford | $1,287 |
| Saunderstown | $1,233 |
| Shannock | $1,154 |
| Slatersville | $1,208 |
| Slocum | $1,127 |
| Smithfield | $1,240 |
| Tiverton | $1,189 |
| Valley Falls | $1,188 |
| Wakefield | $1,170 |
| Wakefield-Peacedale | $1,234 |
| Warren | $1,172 |
| Warwick | $1,231 |
| West Greenwich | $1,267 |
| West Kingston | $1,186 |
| West Warwick | $1,238 |
| Westerly | $1,266 |
| Wood River Junction | $1,149 |
| Woonsocket | $1,193 |
| Wyoming | $1,149 |
Home and auto insurance bundling in Rhode Island
How can you lower the rate of home insurance in Rhode Island? One way is by bundling your auto insurance and home insurance policies.
| Average annual rate (without bundling) | Average annual rate (with bundling) | Yearly savings (in $) | Yearly savings (in percent) |
|---|---|---|---|
| $1,348 | $1,158 | $190 | 14.09% |
Home insurance discounts in Rhode Island
Using the discounts provided by your insurer is another way by which you can lower the rate of homeowners insurance in RI. But ensure to check which discounts you qualify for.
| Insurer | Bundling Discounts | Loyalty Discounts | Military Discounts | New Home Credit Discounts | Claim-Free Discounts | Protective Devices Discounts |
|---|---|---|---|---|---|---|
| Farmers | ✓ | ✓ | - | ✓ | ✓ | ✓ |
| Allstate | ✓ | ✓ | - | ✓ | ✓ | - |
| State Farm | ✓ | - | - | - | ✓ | ✓ |
| USAA | ✓ | ✓ | ✓ | - | ✓ | ✓ |
| Nationwide | ✓ | - | - | ✓ | ✓ | ✓ |
| Liberty Mutual | ✓ | - | - | - | - | - |
| Progressive | ✓ | - | - | ✓ | - | ✓ |
| Amica | ✓ | - | - | ✓ | ✓ | ✓ |
| Chubb | ✓ | - | - | ✓ | ✓ | ✓ |
Comparing common features across top companies
Are you trying to buy the best homeowners insurance in Oregon? Then check whether your insurer offers these features.
| Insurer | Identity Theft Protection | Valuable Possessions | Water Backup | Other Structures Coverage | Dwelling /Personal Property Replacement |
|---|---|---|---|---|---|
| Farmers | Optional | ✓ | No | Optional | Optional |
| Allstate | Optional | Optional | Optional | ✓ | Optional |
| State Farm | Optional | Optional | Optional | ✓ | Optional |
| USAA | ✓ | Optional | No | ✓ | ✓ |
| Nationwide | Optional | Optional | Optional | ✓ | Optional |
| Liberty Mutual | Optional | Optional | Optional | ✓ | Optional |
| Progressive | No | Optional | Optional | ✓ | ✓ |
| Amica | Optional | Optional | Optional | ✓ | Optional |
| Chubb | Optional | Optional | ✓ | ✓ | ✓ |
Common causes of home insurance claims in Rhode Island
These are a few reasons that lead to home insurance claims in the state.
Flooding: It is one major reason for home insurance claims in the state. Coastal flooding, hurricanes, and Nor’easters can cause flood damage to your home.
Does homeowners insurance cover flooding in Rhode Island?
Flooding doesn’t get coverage from a home insurance policy. So you must buy an additional policy via FEMA’s National Flood Insurance Program (NFIP) or from a private insurer. The coverage from private insurers may vary, but NFIP provides the following coverages.
- Your home's structure - $250,000
- Personal property - $100,000
Factors that affect home insurance rates in Rhode Island
Do you want to buy cheap home insurance in Rhode Island? Then check for these factors before buying one.
- Your location: Factors like your area's theft rate, ZIP Code, and the volume of nearby claims impact the cost of homeowners insurance in Rhode Island.
- Replacement cost: Home insurance costs in RI differ based on local labor and construction material costs.
- Age/condition: Newer properties are more expensive to insure than older properties.
- Claims history: Insurance companies will view you as a risk if you frequently submit claims. Expect your home insurance rates to increase then.
- Credit history: Most insurance companies will check your credit score before providing you with homeowners insurance coverage. If your credit score is poor, expect Rhode Island home insurance rates to increase.
- Dog breed: Many insurers label some dog breeds 'dangerous.' If your insurer considers your dog so, the price of Rhode Island home insurance will increase.
Tips for buying homeowners insurance
Are you looking to find the best home insurance in Rhode Island? Then follow these tips!
- Assess your rebuilding costs: Consult an agent or a reputed builder to see how much it would cost to reconstruct your home with affordable building materials and local labor.
- Review the advantage of replacement cost over actual cash value: You may purchase replacement cost insurance for your house and other belongings.
- Consider add-on coverage for your expensive items: If you own costly items like antiques, high-end electronics, sporting gear, and musical instruments, you&'ll need personal property coverage.
- Evaluate your liability coverage needs: Calculate the required minimum liability insurance limit.
- Assess coverage gaps: Many insurers offer high coverage limits for landscaping elements like trees and bushes.
- Check financial ratings: Most insurers have ratings from firms like AM Best and Standard & Poor's. For instance, some firms won't let you apply for a mortgage if your insurer doesn't have a minimum 'A' financial strength rating.
- Check for discounts: Ensure to use all the discounts the insurer offers.
- Compare quotes from various insurance companies: Rhode Island homeowners insurance premiums may vary depending on the insurer. To find an ideal home insurance policy in Rhode Island, you must compare quotes from all the insurers.
Most common disasters in Rhode Island
There aren’t many disasters that trouble the state. According to FEMA, the most common disasters in the state are snowstorms and hurricanes.
Disasters by month
According to FEMA, with eight and four disasters, March and September have been the busiest for declared disasters in Rhode Island.
| month | Number of disasters |
|---|---|
| January | 1 |
| February | 3 |
| March | 8 |
| April | 1 |
| May | 1 |
| June | 0 |
| July | 0 |
| August | 3 |
| September | 4 |
| October | 2 |
| November | 2 |
| December | 0 |
Disasters by year
According to FEMA, residents in the state deal with approximately one declared disaster annually. 2020 was the busiest year, with three declared disasters.
| year | Number of disasters |
|---|---|
| 2001 | 0 |
| 2002 | 0 |
| 2003 | 1 |
| 2004 | 0 |
| 2005 | 2 |
| 2006 | 0 |
| 2007 | 1 |
| 2008 | 0 |
| 2009 | 0 |
| 2010 | 2 |
| 2011 | 2 |
| 2012 | 2 |
| 2013 | 1 |
| 2014 | 0 |
| 2015 | 1 |
| 2016 | 0 |
| 2017 | 0 |
| 2018 | 0 |
| 2019 | 0 |
| 2020 | 3 |
How to get Rhode Island home insurance with Way.com
The rate of homeowners insurance in Rhode Island costs $1,348 yearly. However, you can find even more inexpensive homeowners insurance in Rhode Island. But how’s that possible? That’s where Way.com can help you!
You must use your app or website to gather quotes from all insurers in the state. Then you must compare the quotes and buy a home insurance policy with the lowest rate. Do you need extra help? Then our insurance agents in the state can help you. They will help you understand Rhode Island home insurance laws, the most complex insurance terms, coverages, and discounts.
So, contact our insurance agents in RI if you want to buy the best Rhode Island home insurance.
FAQs
What is the average cost of homeowners insurance in Rhode Island?
Home insurance in Rhode Island costs around $1,348 annually.
What types of homeowners insurance coverage are recommended in Rhode Island?
You must try to get the following coverage in the state.
- Hail/wind
- Hurricane
- Dwelling
- Personal property coverage
- Personal liability
- Medical Payment to Others
- Additional Living Expenses/Loss of Rent
What is the best homeowners insurance in Rhode Island?
Our research found that Narragansett Bay offers the best insurance, with an average annual rate of $786. But you always compare the coverages and discounts from all insurers to find the best home insurance policy.
How do I get homeowners insurance in Rhode Island?
To get homeowners insurance in Rhode Island, you must get quotes from all the insurers. You can also get the quotes online, but depending on the insurer, you may need to call or visit a local agency. You will usually need your birthdate, address, and info about your home, such as its age, roof age, and any custom features. Once a quote gets finalized, you can work with a representative to initiate your policy.
Access your digital insurance card through the app. You no longer need to carry your physical insurance card with you.
Receive reminders before your renewal. Way.com will also send new quotes from up to 45 insurance companies with your renewal reminder.
Keep everyone on your policy up to date by sharing your insurance information.
Make changes to your policy right from the app (coming soon) and ask for expert advice.
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