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Best homeowners insurance in Rhode Island for 2024

Based on Bankrate’s extensive research, Amica, Allstate and Nationwide are some of the best home insurance companies for Rhode Island homeowners.

Updated Feb 01, 2024
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Compare the best homeowners insurance companies in Rhode Island

According to proprietary rate data from Quadrant Information Services, the average annual homeowners insurance premium in Rhode Island for $250,000 in dwelling coverage is $1,476, or $123 per month. However, Bankrate knows that to find the best homeowners insurance company, you likely need to consider more than just rates. For that reason, we also analyze third-party customer service scores from J.D. Power, AM Best financial strength ratings, coverage offerings, digital tools and more.

Based on our in-depth study, Amica, Nationwide, Allstate, PURE and Narragansett Bay Insurance Co. may be among the best home insurance companies in Rhode Island, as shown in the table below:

Insurance company J.D. Power Average monthly premium Average annual premium
844
/1,000
$66
$789
Read review
812
/1,000
$102
$1,220
Get a quote
809
/1,000
$138
$1,659
Get a quote
Not rated
$105
$1,264
Get a quote
Narragansett Bay
Not rated
$91
$1,090
Get a quote
*Premiums are for $250K in dwelling coverage **USAA not officially ranked by J.D. Power due to eligibility restrictions
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The home insurance market can be complicated, but Bankrate's insurance editorial team used our unique perspective to bring readers information they need to make educated decisions when shopping for home insurance.

46

years of industry expertise

122

carriers reviewed

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ZIP codes examined

1.2M

quotes analyzed

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Quick Facts
Moneybag
$382/year
average savings through Bankrate
Two Thirds
2 out of 3 homes
are underinsured
Insurance Home
1 out of every 20
insured homes makes a claim each year
Circle Check
100% of homes
need insurance before getting a mortgage
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The top 5 home insurance companies in Rhode Island

Best for excellent customer service

4.6

Rating: 4.6 stars out of 5

Avg. premium for $250K dwelling

$66/mo

Avg. premium for $250K dwelling

$789/yr

Customer satisfaction

844/1,000

Best for robust coverage options

4.3

Rating: 4.3 stars out of 5

Avg. premium for $250K dwelling

$102/mo

Avg. premium for $250K dwelling

$1,220/yr

Customer satisfaction

812/1,000

Best for home-sharing

4.2

Rating: 4.2 stars out of 5

Avg. premium for $250K dwelling

$138/mo

Avg. premium for $250K dwelling

$1,659/yr

Customer satisfaction

809/1,000

Best for high-value homes

3.3

Rating: 3.3 stars out of 5

Avg. premium for $250K dwelling

$105/mo

Avg. premium for $250K dwelling

$1,264/yr

Customer satisfaction

Not rated

Best for cheap rates

Avg. premium for $250K dwelling

$91/mo

Avg. premium for $250K dwelling

$1,090/yr

Customer satisfaction

Not rated

Narragansett Bay Insurance Co. is rated by Demotech rather than AM Best

Additional Rhode Island home insurance companies to consider

The Andover Companies

The Andover Companies

Who this may be best for

Homeowners looking for comprehensive coverage and personal property protection

The Andover Companies is a Massachusetts-based insurer that stands out for its extensive coverage options, including more generous dwelling and personal property coverage than many insurers. The company shows evidence of fewer consumer complaints than expected, making it a potential choice for homeowners seeking robust protection. However, it does not offer online quotes and is limited to select Northeastern states and Illinois.

Andover Companies could be a great option for those who prioritize comprehensive coverage and personal property protection, especially in Rhode Island's unique coastal environment.

Providence Mutual Insurance Company

Providence Mutual Insurance Company

Who this may be best for

Homeowners with specific coverage needs

Specializing in protecting homes, valuables and memories, Providence Mutual offers comprehensive homeowner's insurance. Coverage includes protection for your home and other structures, personal property, personal liability and additional living expenses in case of temporary displacement. It also provides unique endorsements like the Anchor Advantage for increased coverage limits, The 1800 for substantial savings on personal property replacement, Service Line coverage for repairs, Equipment Breakdown for modern appliances and discounts on combined auto insurance policies. This insurer might be ideal for homeowners looking for a tailored insurance solution, particularly those with specific coverage needs or seeking bundled discounts.

How Bankrate chose the best home insurance companies in Rhode Island

To find the best Rhode Island homeowners insurance companies, our editorial team researched and reviewed some of the biggest providers in the state by market share. Then, each insurance company was evaluated using our unique methodology and assigned a Bankrate Score consistent with the findings.

Bankrate Scores, which are out of 5.0 points, are based on features like financial strength, customer experience, claims handling, and online and mobile resources. We also pulled rate data from Quadrant Information Services to determine average premiums for each home insurance provider and factor affordability into the Bankrate Scores.

When comparing Rhode Island home insurance companies, using Bankrate Scores may make it easier to see how an insurer might stack up against its competitors. Many factors contribute to Bankrate Scores, so companies with the highest scores are typically well-rounded and excel in multiple areas rather than standing out for one thing.

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Finding cheap home insurance in Rhode Island

Finding affordable Rhode Island homeowners insurance can be a challenge, particularly due to the state's unique insurance market. However, experts say it's important to explore ways to save on premiums. One effective strategy is to obtain multiple insurance quotes, typically three to four, to compare coverage options and rates. This approach may allow Rhode Islanders to find a balance between adequate coverage and cost-effectiveness. Additionally, discussing your specific needs with insurance agents could uncover potential discounts or tailored coverage options that align with your budget. Back to top Caret Up

Cheapest home insurance companies in Rhode Island

Identifying the best cheap home insurance in Rhode Island involves considering various factors unique to the state's insurance landscape. While prices for home insurance can fluctuate based on individual circumstances, it's generally beneficial for homeowners to compare quotes from different insurers. This comparison not only offers insights into the most cost-effective options but also helps in finding coverage that suits specific needs.

The following table will highlight companies known for offering relatively affordable home insurance in Rhode Island, although it's crucial to remember that the cheapest option may not always be the most suitable for every homeowner's requirements.

Carrier Monthly premium for $250k coverage Annual premium for $250k coverage Savings vs state avg. for $250k coverage
$66
$789
- $687
Narragansett Bay
$91
$1,090
- $386
$102
$1,220
- $256
$105
$1,264
- $212
$138
$1,659
+ $183
*based on $250K dwelling coverage

How to get cheap Rhode Island home insurance

Homeowners insurance is not a legal requirement, but if you don't own your home outright, your lender will likely require you to carry a policy as a condition of your mortgage. Even if you don't have a mortgage, your home is likely one of the most significant purchases you’ll make in your lifetime, and experiencing a loss without the proper coverage could lead to a devastating blow to your finances.

However, just because homeowners insurance may be valuable doesn’t mean it has to break the bank. Following the tips below could help make it easier to find the best cheap home insurance in RI:

  1. Determine your coverage needs: Knowing how much homeowners insurance you need might be tricky, but it may be an important step in ensuring that you aren’t overpaying for your policy. Making a home inventory and meeting with a licensed agent may help you determine the right amount of coverage for your home and budget.
  2. Think about your priorities: Price is not the only consideration when choosing a home insurance provider, and it may not always serve you to go with the cheapest insurance. You might prefer face-to-face customer service in lieu of digital policy management or vice versa. When narrowing down your list of potential home insurance providers, you may also want to zero in on your priorities.
  3. Request and compare quotes: When you know what coverage you need and what company features you’re looking for, you can begin to request quotes. Many major carriers provide online quotes, but due to the complexity of home insurance, some may find it worthwhile to speak directly with an agent. Requesting quotes with the same (or similar) coverage levels and endorsements across companies may help you accurately compare rates across carriers.

Best home insurance discounts in Rhode Island

Each home insurance company offers its own unique suite of savings opportunities. However, you might find some discounts are common across carriers, including:

Many insurers offer bundling discounts if you choose to purchase multiple policies from them like home and auto, auto and renters, home and umbrella, etc. Depending on the insurer, you could save up to 30 percent on your policy if you bundle.
Installing safety features like burglar alarms or a sprinkler system may net you a discount with many carriers.
Newer roofs usually withstand wind and hail damage better than older ones. For this reason, some insurance companies offer a discount to those with a roof under a certain age.
Some insurance companies offer a discount to first-time homebuyers, perhaps to ease some of the financial stress these policyholders are likely feeling after such a large purchase.

How to save on home insurance policy renewals in Rhode Island

Saving on home insurance policy renewals in Rhode Island can potentially be achieved through several methods:

  • Review and update coverage needs: Regularly assess your coverage to ensure it aligns with your current needs. Changes in your home or personal property might mean you can adjust your coverage levels.
  • Shop around: Before renewing, compare quotes from multiple insurers. This might help you find the most competitive rates for the coverage you need.
  • Inquire about discounts: Ask your insurer about eligible discounts, such as for home improvements, security systems or bundling policies.
  • Increase your deductible: Opting for a higher deductible could lower your premium, but ensure it's an amount you can comfortably afford in case of a claim.
  • Maintain a good credit history: In some cases, a higher credit rating could lead to lower insurance costs.
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Understanding home insurance costs in Rhode Island

Understanding home insurance costs in Rhode Island involves considering various factors that impact premiums. The state's coastal location can influence insurance rates due to the increased risk of weather-related damages. Additionally, the age of the home, its construction type and proximity to fire services are significant factors. Homeowners should also be aware that individual circumstances, such as the home's value and personal claims history, can affect insurance costs. It's beneficial for Rhode Island homeowners to compare rates and consider these factors when evaluating their home insurance costs. Back to top Caret Up

How much is home insurance in Rhode Island?

On average, Rhode Island homeowners insurance costs $1,476 per year for a policy with $250,000 in dwelling coverage. This is slightly less than the average cost of home insurance in the U.S., which is $1,759 per year for the same coverage amount.

The cost of home insurance in Rhode Island is comparable to neighboring states. For example, home insurance costs an average of $1,262 per year in Massachusetts and $1,623 in Connecticut. Like other homeowners in New England, Rhode Island homeowners have specific considerations when it comes to home insurance.

For example, Rhode Island experiences some severe weather that could potentially damage homes. Due to its location along the coast, some homes in the state could be impacted by hurricanes and heavy winds, as well as hail storms, thunderstorms and even blizzards during the winter months.

Home insurance rates in Rhode Island can be impacted by a variety of factors. When you apply for a policy, the insurance company may account for things like your home’s age, credit score, claim history, the size of your home and the city and ZIP code to determine your premium.

Rhode Island homeowners insurance rates by city

Homeowners insurance rates in Rhode Island can vary significantly by city, influenced by local factors such as weather patterns, crime rates and the general cost of living. This variability makes it essential for homeowners to understand how their location within the state might impact their insurance premiums. Below, you will find a map and a searchable data table that provides detailed information on homeowners insurance rates across different cities in Rhode Island, offering valuable insights for comparison and decision-making.

  • Clayville: $1,370 per year — 7 percent below state average
  • Harrisville: $1,373 per year — 7 percent below state average
  • Oakland: $1,373 per year — 7 percent below state average
  • Forestdale: $1,377 per year — 7 percent below state average
  • Manville: $1,377 per year — 7 percent below state average
  • Ashaway: $1,895 per year — 28 percent above state average
  • Barrington: $1,820 per year — 23 percent above state average
  • Little Compton: $1,741 per year — 18 percent above state average
  • Charlestown: $1,708 per year — 16 percent above state average
  • Newport: $1,663 per year — 13 percent above state average

*Rates are for $250,000 in dwelling coverage.

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Insuring your Rhode Island home

Insuring your Rhode Island home requires thoughtful consideration of the state's specific challenges, such as its coastal location, which might increase the risk of weather-related damages. With the potential for severe weather events, it's crucial to explore various coverage options to ensure adequate protection for your home. Understanding these risks and ensuring your insurance policy adequately covers them can help safeguard your investment and provide peace of mind. Back to top Caret Up

What does home insurance cover in Rhode Island?

A standard HO-3 home insurance policy generally covers a range of perils, with dwelling and other structures typically covered on an open perils basis (meaning they are covered unless explicitly excluded) and personal property on a named perils basis. Relevant perils for Rhode Island might include:

  • Hail or windstorms: Given Rhode Island's coastal location, windstorms can pose a significant risk, potentially causing damage to the structure of homes.
  • Weight of snow, ice or sleet: Rhode Island's winter weather can lead to heavy snowfall, with the weight causing potential damage to roofs and other structures.
  • Freezing of systems and appliances: The freezing of plumbing, heating and air conditioning systems is also a concern, particularly during the colder months, and could lead to costly damages.

Additional home insurance coverage types in Rhode Island

Most homeowners insurance policies in Rhode Island will include basic coverage types, like dwelling, personal property, other structures, liability, medical payments and loss of use coverage. In addition, you might want to consider purchasing endorsements or separate policies for more protection. These could include:

  • Flood insurance: According to FEMA flood maps, Rhode Island has a fairly high risk for flooding. Flood damage is not covered by standard homeowners insurance policies. Some companies, like Narragansett Bay Insurance, offer a flood insurance endorsement, but you will typically need to purchase a separate policy to obtain coverage.
  • Water backup coverage: If water backs up into a sewer or drain line and damages your home or personal property, you will need this endorsement to have coverage. This type of damage is relatively common in basements and crawl spaces, but it can happen in any water or drain line.
  • Debris removal coverage: As a coastal state, Rhode Island has the potential to experience hurricanes. Debris removal coverage could help to pay for the cost of removing debris from your property after a storm or other covered loss. Most policies have a standard amount of debris removal coverage, but you may want to increase your limits.
  • Dwelling replacement cost coverage: This coverage is designed to pay you for the full replacement cost of your home’s structure rather than taking depreciation out of a settlement. Not all homes qualify, though, so be sure to talk to your provider about this option.

Working with a licensed insurance professional may be helpful when you are choosing coverage. Agents typically have the additional expertise needed to assess your situation and help you choose appropriate endorsements and coverage levels.

Related content:

Common Rhode Island home insurance problems

Homeowners in Rhode Island face unique challenges when insuring their homes. The coastal location makes properties susceptible to storm and flood damage, potentially increasing insurance costs and complicating the process of obtaining coverage. Additionally, older homes common in the state may pose difficulties in securing affordable insurance due to the higher risks associated with aging structures. Here are some common challenges:

  • Increased risk of coastal weather damage: Proximity to the ocean heightens the risk of storm-related damages.
  • High flood risk: Many areas may require separate flood insurance, which can add to the overall insurance cost.
  • Older homes: These may be more expensive to insure due to the higher likelihood of claims related to age-related issues.

!

Recent news in Rhode Island homeowners insurance market

In a significant development for Rhode Island's homeowners insurance market, President Biden approved a Major Disaster Declaration on Jan. 7, 2024 for the state. This follows severe storms, flooding and tornadoes that occurred from Sept. 10-13, 2023. This declaration enabled federal funding for Providence County, assisting individuals with grants for temporary housing and home repairs, and offering low-interest loans to cover uninsured property losses. Residents and business owners in the designated areas can now seek recovery assistance, marking a crucial step in the state's recuperation efforts.

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Written by
Ashlyn Brooks

Ashlyn Brooks is a finance writer with more than half a decade of experience, known for her knowledge in areas such as taxes, insurance, investing, retirement, finance news, and banking products.

Edited by Editor, Insurance