Roughly 64% of Rhode Islanders own a home. But because the state is situated along the coast, many of the state’s houses are susceptible to damage from strong winds, hurricanes and storm surges. If you live in Rhode Island, having a homeowners insurance policy is important.
Before purchasing homeowners insurance, there are a few things to consider. You should determine how much coverage you need, what deductible you can afford and if you need coverage above and beyond your policy’s limits. If you have a mortgage, make sure you know the minimum amount of coverage required by your lender.
The top home insurance companies in Rhode Island
If you’re buying homeowners insurance for the first time, know that not all insurance providers are created equal. To simplify your shopping experience, we put together a list of the best Rhode Island home insurance companies.
- Amica: Rhode Island-based Amica is rated highly by J.D. Power, with 5-star ratings for overall satisfaction, policy offerings, price and customer service. Amica also offers auto, life, condo, renters, flood, small business insurance and more.
- Allstate: Allstate is known for providing comprehensive insurance coverage to homeowners in Rhode Island. Allstate also offers auto, renters, condo, business, motorcycle, identity theft, life insurance and more.
- Nationwide: Nationwide offers reliable home insurance and provides affordable premiums. The company offers a wide range of insurance policies, including auto, life, condo, renters, flood, pet, wedding, travel, dental insurance and more.
- RI Farm Bureau: Rhode Island Farm Bureau provides insurance through American National, which comes with discounts at over 300,000 merchants. Customers can also purchase auto insurance through this company.
To select these providers, we reviewed J.D. Power’s 2019 Home Insurance Study to find the top companies in the nation and identified the companies that serve Rhode Island. Then we evaluated each company based on overall satisfaction, price, coverage options, claims handling and customer service ratings. Below is a deeper look at ratings for the companies on our list.
|J.D. Power||AM Best||BBB|
|RI Farm Bureau||N/A||N/A||N/A|
Average homeowners insurance cost in Rhode Island
To determine the average cost for the insurance providers on our list, we got sample quotes for a 27-year-old single female living in Providence, RI. These rates are for a $300,000 home with $250,000 in liability coverage.
- RI Farm Bureau—$1,402
The cost of home insurance in Rhode Island is slightly higher than neighboring states. Because of its close proximity to the coast, homes in Rhode Island are at an increased risk of hurricane, flood and storm surge damage.
Home insurance coverage options in Rhode Island
The home insurance coverages available in Rhode Island are similar to what other New England states offer. If you’re in the market for home insurance, here are the coverages you can get:
- Dwelling: Dwelling insurance covers the physical structure of your home, as well as attached structures, like a porch or garage.
- Personal property: Personal property coverage protects your belongings inside and outside your home, like furniture, clothing and appliances.
- Liability: Liability insurance covers you in a lawsuit if you accidentally damage someone’s property or a guest injures themselves in your home. Liability insurance also covers situations like dog bites.
- Medical expenses: If someone hurts themselves in your home and you’re found responsible, your home insurance will cover their medical expenses.
- Additional living expenses: If your home is damaged in a covered peril and you’re unable to live there temporarily, additional living expenses will pay for your hotel and food bills.
If your home sustains damage in a hurricane or other natural disaster, your policy’s hazard insurance will help you repair any structural damage and personal property losses. The other portions of your home insurance policy will cover liability, medical expenses and additional living expenses.
In addition to these basic coverages, homeowners in Rhode Island should also consider purchasing flood insurance. Flood insurance is available through the National Flood Insurance Program.
Common causes of home insurance losses in Rhode Island
In 2017, property and casualty losses in Rhode Island totaled $1.2 billion, according to the Insurance Information Institute. Some of the most common causes of homeowners insurance claims in the state include high winds, storm surges and flood damage. In fact, 25,354 homes in the state are at-risk of damage from a category 4 hurricane.
Frequently asked questions
Is homeowners insurance required in Rhode Island?
No, homeowners insurance is not legally required in Rhode Island. However, if you have a mortgage on your home, your lender will likely require you to get insurance before you can be approved.
What is the best homeowners insurance in Rhode Island?
There isn’t one homeowners insurance company in Rhode Island that is the best option for every resident. Before you choose a provider, it’s important to shop around to find a company that will give you the best value and coverage options.
How much does homeowners insurance in Rhode Island cost?
On average, homeowners insurance costs $2,125 per year in Rhode Island. However, you may pay more or less than the average. Homeowners insurance is highly personalized. Factors like your age, gender, zip code and the size of your home are all used to calculate your rate.
How do I get homeowners insurance in Rhode Island?
To get homeowners insurance in Rhode Island, start by looking into the companies on our list. Pay special attention to the coverages, add-on policies and discounts that they offer. Then, get sample quotes from a few different providers to find the company that will offer you the best deal. You’ll be asked to submit some personal details and information about your home. If you’re not sure how much coverage you need, contact an agent who can help.