The Best Cheap Homeowners Insurance in Providence, Rhode Island for 2022: Quotes and Reviews
In Providence, Rhode Island, the average cost of homeowners insurance varies by company, but residents pay an average of $2,511 per year or $209 per month. State Farm offers the cheapest option at roughly $1,359 per month, while MetLife has the most expensive at around $3,354, saving homeowners up to $1,995 annually if they examine their options. For those who value cost and quality, MoneyGeek also analyzed the best homeowners insurance in Providence.
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The Cheapest and Best Homeowners Insurance in Providence
The Cheapest Home Insurance Companies in Providence
One of the most important factors to keep in mind when looking for cheap homeowners insurance in Providence is the cost, as many companies offer policies with the same core coverages.
MoneyGeek examined insurers in Providence and found that, on average, the cheapest options for homeowners insurance with the initial baseline dwelling coverage of $500,000 are:
- State Farm: $1,359 per year
- AIG: $1,739 per year
Residents with pricier homes may need higher dwelling coverage, which pays for damages to a home’s structure, fixtures and permanently attached appliances that occur under a covered event. On average, the cheapest options in Providence for homeowners looking for $2 million in dwelling coverage are:
- AIG: $4,716 per year
- State Farm: $4,963 per year
Homeowners in Providence can look at the table below to see how rates can change based on dwelling coverage.
The Cheapest Home Insurance in Providence, Ranked
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Rates for policies with the initial baseline dwelling coverage of $500,000 included personal property limits of $200,000, while those with a dwelling coverage of $2 million had $800,000 in personal property limits. All rates included $100,000 in liability coverage.
For residents who live elsewhere in the state, MoneyGeek also examined homeowners insurance in Rhode Island.
The Average Cost of Homeowners Insurance in Providence for 2021
The average cost of home insurance changes based on your city and state. In Providence, residents pay an average of $2,511 per year for home insurance. This is $1,190 more than the Rhode Island state average of $1,321 and $408 more than the national average of $2,103.
Calculate the Cost of Home Insurance in Providence
The rates of home insurance are based on a lot of factors, from personal information such as your location and credit score to your policy preferences such as the dwelling and personal property coverage limits. Using MoneyGeek’s home insurance calculator, homeowners in Providence can compare quotes in Rhode Island.
Home Insurance Calculator
These are annual estimates. Get a personalized quote to determine your costs.
The Best Home Insurance Companies in Providence
Aside from looking at costs, Providence residents should also look at the insurer’s customer service and financial stability. This is to ensure that in the event that you make a claim, your concerns are handled quickly and efficiently, which is important when looking for the best home insurance options.
MoneyGeek’s study found that these companies offer the best homeowners insurance in Providence:
- Best Overall: State Farm
- Runner-up: Amica Mutual
These companies were ranked by MoneyGeek based on a unique scoring system that looked at affordability, user satisfaction and financial stability.
State Farm makes it easy for policyholders to increase their personal property limits, especially if they have high-value property such as jewelry. They also have add-ons for those who invested in home systems such as electrical generation systems or heating and cooling systems with their home system protection coverage.
State Farm earns MoneyGeek’s top score in Providence as it ranks well across categories, particularly in affordability. They also offer service line coverage, an add-on that protects against damages to underground piping and electric and service lines.Read MoneyGeek's State Farm home Insurance Review
Amica Mutual ranks highly in Providence due to its great customer service. They offer add-ons such as special computer coverage, which grants policyholders up to $4,500 in extra protection if they have more than standard hardware. This insurer also grants discounts to those who have alarm systems such as burglar alarms, sprinkler systems and fire alarms.
MoneyGeek’s runner-up is Amica Mutual, which scores highly in customer service. Their online quote tool lets users have a detailed level of customization, letting them determine the best options for their needs.Read MoneyGeek's Amica Mutual home Insurance Review
Cheapest Home Insurance Companies in Providence for Newly Constructed Homes
Homes that have just been recently built often come with cheaper insurance premiums. This is because modern houses are built with newer materials that are less susceptible to damage, which results in a decreased likelihood of a claim and less costly repairs. Newly-constructed homes in Providence cost an average of $1,898 per year to insure, which is $613 less than those who insure homes built in 2000.
On average, the companies offering cheap homeowners insurance in Providence for residents who have newly-built homes are:
- State Farm: $1,018 per year
- AIG: $1,596 per year
The Cheapest Home Insurance in Providence for New Homes, Ranked
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Cheapest Home Insurance Companies in Providence if You Have a Lot of Personal Property
Home insurance also has personal property coverage, which helps pay for any personal items in case of damage under a covered event. Those with high-value property may want to increase their limits. Note that the average cost to get $250,000 in personal property limits in Providence is $2,655, which is just $144 more than the average of $2,511 for $100,000 in property limits.
Homeowners in Providence interested in the cheapest home insurance options, on average, with high personal property limits can look at the following companies:
- State Farm: $1,497 per year
- AIG: $1,840 per year
Cheap Companies in Providence for Extra Personal Property Coverage
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Cheapest Home Insurance Companies in Providence for High Deductibles
All home insurance policies come with deductibles, which are the out-of-pocket expense that a policyholder will have to pay before making a claim. This often has a significant impact on the cost of premiums. The cheaper the premium, the higher the deductible and vice versa.
For policies in Providence with a $2,000 deductible, the average cost is $2,158, which is $353 less than policies with a $1,000 deductible.
The cheapest options for homeowners who want a higher deductible in Providence on average are:
- State Farm: $1,219 per year
- AIG: $1,660 per year
The Cheapest Companies in Providence for High Deductibles, Ranked
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Cheapest Home Insurance Companies in Providence if You Have Poor Credit
Insurers in Providence use many factors to determine home insurance premiums. One is your credit score. Residents with poor credit pay an average of $4,504 per year for home insurance, which is $1,993 more annually compared to those with decent credit standings.
The companies in Providence offering the cheapest insurance on average for those with poor credit are:
- State Farm: $1,359 per year
- Nationwide: $3,284 per year
The Cheapest Companies in Providence for Poor Credit, Ranked
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Getting Online Homeowners Insurance Quotes in Providence
Gathering quotes from numerous companies is crucial to get the best rates. However, residents in Providence must provide certain pieces of information before they can get quotes online. These include, but are not limited to, the following:
- The replacement cost of your home: This includes information about the cost of rebuilding your home, which will determine the appropriate dwelling coverage. To determine this, ask a construction professional for an estimate.
- The value of your personal property: To determine your personal property coverage limits, the insurer will ask for the value of the items in your home.
- Personal information: This includes information about your home, such as the address and who resides in it, along with your insurance history, among other things.
- Information about your house: The nitty-gritty details of the house, such as when it was built and how big it is, are also things your insurer will want to know.
Homeowners Insurance in Providence Analysis: Methodology
Six home insurance companies in Providence were analyzed by MoneyGeek using a sample profile of a Providence resident with a home built in 2000 that has 2,500 square feet. This profile looked for a policy with a dwelling coverage of $500,000, personal property coverage of $200,000 and a liability limit of $100,000. All policies followed a $1,000 deductible.
MoneyGeek gathered data in partnership with Quadrant, while customer satisfaction ratings were drawn from J.D. Power surveys. Quotes were collected for a home with varying coverage levels to calculate affordability scores.
In order to cater to a host of individuals with different preferences and situations, MoneyGeek also looked at quotes for homeowners that have newly-constructed homes, more dwelling or personal property coverage, higher deductibles and poor credit scores.
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