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Home insurance is an optional but important insurance coverage. It keeps your investment insured in the event your house suffers damage from a common incident. Homeowners insurance protects your dwelling, personal property, and other buildings in the event of an array of misfortunes, including fire, theft, vandalism, or wind damage.
Unlike auto insurance, homeowners policies aren’t controlled by state legislation. Even so, major differences exist in homeowners insurance costs from state to state. Homeowners costs in a given state may vary based on the frequency and value of home insurance claims made statewide, and also on the price of the belongings and home you're insuring.
The easiest way to find an affordable homeowners insurance policy in Rhode Island is to view prices from multiple companies. Learn average home insurance rates in Rhode Island by referencing the below tables. Remember: your rates may differ, depending on your coverage limits.
Homeowners insurance rates in Rhode Island can vary depending on the insurer you use. State Farm offers the most affordable home insurance in Rhode Island, at just $555 per year. This compares favorably to the state average cost of $1,388, offering an $833 price break on the state's average rate.
Start shopping for a homeowners insurance policy by viewing average rates from top Rhode Island home insurance carriers, detailed below.
| Company | Average Annual Rate in Rhode Island |
| State Farm | $555 |
| Narragansett Bay | $606 |
| United | $796 |
| New London County Mutual | $846 |
| AIG | $1,120 |
Not all Rhode Island cities have equal homeowners insurance rates. Prices depend on locally specific variables such as the number of claims filed in the immediate area, meaning your specific ZIP code impact how much you pay.
The most affordable homeowners insurance in Rhode Island is found in Harrisville. The average home insurance policy in Harrisville costs $1,234 per year — $154 less than the average policy in other Rhode Island cities. The below cities have the most affordable homeowners insurance in Rhode Island.
| City | Average Annual Home Insurance Rate |
| Harrisville | $1,234 |
| Pascoag | $1,239 |
| Woonsocket | $1,242 |
| Harmony | $1,242 |
| Greenville | $1,247 |
How much you pay for home insurance coverage is greatly affected by the level of coverage you choose. In Rhode Island, carrying $200,000 dwelling coverage costs an average of $962 per year, while maintaining coverage up to $400,000 costs as much as $1,747 per year.
| Coverage Level | Average Annual Rate |
| $100,000 Dwelling | $603 |
| $200,000 Dwelling | $962 |
| $250,000 Dwelling | $1,157 |
| $400,000 Dwelling | $1,747 |
Rhode Island homeowners have numerous choices to make when deciding on a homeowners insurance policy, including how much their deductible should be. The deductible is the total amount that the insured contributes toward a covered loss. Where you set your deductible can play a large part in how much you pay for insurance.
On the whole, choosing a lower deductible means that your insurance premiums will be higher. Therefore, if you need your home insurance rates to be lower, you'll need to keep your deductible higher. It's worth noting that a homeowners deductible should only be as high as you can reasonably pay if you actually suffer a loss.
The following chart shows the average premiums affiliated with deductibles offered by most home insurers.
| Deductible Level | Average Annual Homeowners Insurance Rate |
| $500 | $1,268 |
| $1,000 | $1,157 |
| $1,500 | $1,121 |
| $2,000 | $1,037 |
| $5,000 | $937 |
If you want to save on insurance, consider purchasing your home and auto policies from the same insurance company. A home and car insurance bundle in Rhode Island can lead to substantial savings on auto insurance. Bundling policies in Rhode Island leads to a yearly discount of $178.
| Avg. 12-Month Auto Insurance Rate (No Bundle) | Avg. Annual Auto Insurance Rate (Bundle) | Annual Bundle Savings | % Savings with Bundle |
| $2,076 | $1,898 | $178 | 9% |
A great way to save is to bundle your home and auto insurance policies. Get started today!
Rhode Island does not requrie homeowners insurance, though your mortgage lender may require you to carry it.
