The average cost of home insurance in Rhode Island is $2,292 per year for a policy with $300,000 in dwelling coverage, 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.
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.
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 $120 per month 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 monthly premiums reflect costs for a policy with $300,000 in dwelling coverage.
Rhode Island’s average home insurance premium is $2,292 per year for a policy with $300,000 in dwelling coverage. To compare, the national average is $2,532 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.
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 monthly premiums reflect costs for policies with $300,000 in dwelling coverage.
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.
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.
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.
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:
The following information can help answer your remaining questions about finding the best homeowners insurance in Rhode Island for your specific coverage needs.
The average annual cost of home insurance in Rhode Island is $2,292 for a policy with $300,000 in dwelling coverage. This is lower than the national average cost of $2,532 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.
State Farm has the cheapest homeowners insurance in Rhode Island, with an average monthly premium of $120 for a policy with $300,000 in dwelling coverage.
Amica and AIG also offer affordable coverage in the state.
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.
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.
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