Best homeowners insurance in Rhode Island for 2023

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

The top 5 home insurance companies in Rhode Island

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.

How much is homeowners insurance in Rhode Island?

On average, Rhode Island homeowners insurance costs $1,233 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 $1,428 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 $1,199 per year in Massachusetts and $1,244 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.

How to find the best cheap home insurance in Rhode Island

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 Rhode Island:

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: Other than cheap rates, what else do you need from your insurance company? If you value excellent customer service, you may want to review the most recent J.D. Power insurance studies. Maybe you’re tech-savvy and prefer to handle your insurance digitally. In that case, you may want to seek out companies with highly-rated mobile apps. This holistic approach might help you narrow down what companies will work best for you and your needs.
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.

Common 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:

Home insurance coverage options 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.

Frequently asked questions