Rhode Island homeowners insurance: what you need to know
Homeowners insurance in Rhode Island costs on average $1,388 per year or $116 per month. This is close to the national average cost of home insurance. The easiest way to find an affordable homeowners insurance policy in Rhode Island is to view prices from multiple companies.
Home insurance is an optional but important insurance coverage. 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.
Learn average home insurance rates in Rhode Island by referencing the below tables. Remember: your rates may differ, depending on your coverage limits.
Table of contents:
- Rates by company
- Rates by coverage amount
- Rates by deductible amount
- Rates by city
- Bundling savings
- Frequently asked questions
- Natural disaster coverage
The cheapest home insurance companies in Rhode Island
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 affordable homeowners insurance by viewing average rates from top Rhode Island home insurance carriers, detailed below. Then, check out the results of The Zebra's Customer Satisfaction Survey for a list of the best homeowners insurers.
AFFORDABLE HOME INSURERS IN RHODE ISLAND
| Insurance Company | Average Yearly Rate in Rhode Island |
| State Farm | $555 |
| Narragansett Bay | $606 |
| United | $796 |
| New London County Mutual | $846 |
| AIG | $1,120 |
Rhode Island home insurance prices by coverage levels
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.
POPULAR COVERAGE LIMITS IN RHODE ISLAND
| Coverage Level | Average Annual Cost |
| $100,000 Dwelling | $603 |
| $200,000 Dwelling | $962 |
| $250,000 Dwelling | $1,157 |
| $400,000 Dwelling | $1,747 |
Homeowners insurance deductibles in Rhode Island
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.
HOME INSURANCE PREMIUMS BY DEDUCTIBLE IN RHODE ISLAND
| Deductible Tier | Average Annual Homeowners Insurance Rate |
| $500 | $1,268 |
| $1,000 | $1,157 |
| $1,500 | $1,121 |
| $2,000 | $1,037 |
| $5,000 | $937 |
Rhode Island homeowners insurance costs by city
Not all Rhode Island cities have equal homeowners insurance rates. Prices depend on locally specific factors 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.
CHEAPEST CITIES FOR HOMEOWNERS INSURANCE IN RHODE ISLAND
| City | Average 12-Month Home Insurance Rate |
| Harrisville | $1,234 |
| Pascoag | $1,239 |
| Woonsocket | $1,242 |
| Harmony | $1,242 |
| Greenville | $1,247 |
Home and auto insurance bundling in Rhode Island
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 $178.
HOME AND AUTO BUNDLING DISCOUNTS IN RHODE ISLAND
|
Avg. Annual Rate (No Bundle) |
Avg. Annual Rate (w/ Bundle) |
Annual Savings ($) |
Annual Savings (%) |
| $2,076 | $1,898 | $178 | 9% |
Rhode Island homeowners insurance FAQs
Is homeowners insurance required in Rhode Island?
Rhode Island does not require homeowners insurance, though your mortgage lender may require you to carry it.
Natural disaster coverage in Rhode Island
Does homeowners insurance cover flooding in Rhode Island?
Flood damage — regardless of cause —is not covered by homeowners insurance policies. To insure your Rhode Island home against flood damage, acquire insurance through FEMA's National Flood Insurance Program (NFIP) or via a private insurer.
Flood insurance coverage from private companies may vary, but NFIP flood insurance covers:
- $250,000 for your home’s structure
- $100,000 for your personal property
If the value of your personal property and home exceeds these limits, consider purchasing a flood insurance policy from our partners at Neptune for additional protection.