A home insurance policy is about more than securing where you live. The right policy can help Rhode Island homeowners protect their belongings from damage, theft and even liability for accidents on their property. To help you find the best home insurance policy, MoneyGeek researched and ranked the top insurance companies on several factors, including affordability and customer satisfaction. Using MoneyGeek’s ranking system, you can discover which policy works for your home type — including homes with pools and high-value homes — and homeowners with a low credit score.
The Best Homeowners Insurance Companies and Cheapest Quotes in Rhode Island for 2020
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The 5 Best Homeowners Insurance Companies in Rhode Island
You can get the best homeowners insurance in Rhode Island by comparing multiple providers on criteria such as coverage features, ability to pay claims, cost, customer service quality and other important elements. You can then pick a company that has a good record of providing a swift and hassle-free claim and reimbursement procedure.
To assist you in getting the best home insurance in Rhode Island, MoneyGeek ranked the leading five firms based on the cost of their insurance packages, J.D. Power’s customer satisfaction score and AM Best’s financial stability rating — which reveals a carrier’s ability to pay claims.
1
State FarmScore: 94
5/5
Affordability
4.1/5
User Satisfaction
5/5
Financial Stability
A State Farm home insurance policy covers personal property, personal liability, medical payments to others and loss of use. Supplemental options include extra coverage, identity restoration and earthquake insurance. Discounts are offered for damage-resistant roofing material, having multiple insurance plans with State Farm, security devices and sprinkler systems.
Read MoneyGeek's State Farm Home Insurance Review2
AIGScore: 84
4.4/5
Affordability
4/5
User Satisfaction
4/5
Financial Stability
AIG's primary home insurance protection includes all-risk coverage for your house, other structures and personal property, extended replacement cost home and other structures coverage, guaranteed replacement cost coverage, deductibles up to $100,000, unlimited loss-of-use coverage and more. Additional coverage perks include loss-prevention services for those in areas prone to hurricanes or wildfires, unlimited building ordinance or law coverage, loss-assessment coverage (up to $100,000), landscaping coverage, $25,000 business property coverage, lock-replacement coverage and more.
3
NationwideScore: 81
3.7/5
Affordability
4.3/5
User Satisfaction
4.5/5
Financial Stability
Nationwide’s homeowners insurance packages include personal liability, personal property, credit card coverage, additional living expenses, detached structures, ordinance and medical payments. You can get additional coverage for roof replacement, new belongings, flood, earthquake, water backup, valuables and identity theft for an extra fee.
Read MoneyGeek's Nationwide Home Insurance Review4
MetLifeScore: 81
3.9/5
Affordability
4/5
User Satisfaction
4.5/5
Financial Stability
MetLife's basic home insurance coverage includes dwelling, liability, free identity protection and expenses, personal contents, GrandProtect for high-worth homes, condo and landlord. MetLife pros include customizable policies, round-the-clock claims and single deductible for auto and home insurance.
Read MoneyGeek's MetLife Home Insurance Review5
AllstateScore: 73
3/5
Affordability
4.2/5
User Satisfaction
4.5/5
Financial Stability
Besides standard home insurance features, Allstate offers optional coverage for water backup, valuable personal property, business property, sports equipment, green improvement reimbursement, identity theft restoration, electronic data recovery and musical instruments. Allstate's services and plans include customizable coverage, financial strength, diverse discounts, educational website and sophisticated app.
Read MoneyGeek's Allstate Home Insurance ReviewWhat Is the Average Cost of Homeowners Insurance in Rhode Island?
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$0
home insurance is 0.0% more than the average.
The average home insurance rate in Rhode Island is $1,321 for a dwelling coverage baseline amount of $250,000. This average yearly premium is 37.2% cheaper than the national average of $2,103. Carriers estimate homeowners insurance rates in Rhode Island based on factors such as crime rate, property value, exposure to natural calamities and others.
Home Insurance Calculator: Estimate the Cost of Homeowners Insurance in Rhode Island
To decide the cost of homeowners insurance in Rhode Island, providers could typically evaluate several points, including your home’s location, age, roof quality, location and closeness to a fire department, among others. Houses in hazardous areas may be more exposed to risks and therefore could have higher home insurance rates.
Home Insurance Calculator
State
Rhode Island
Dwelling Coverage
$250,000
Deductible
$500
Liability
$300,000
Personal Property
$150,000
Credit Score
Excellent
low end
on average
high end
These are annual estimates. Get a personalized quote to determine your costs.
The Cheapest Homeowners Insurance Quotes in Rhode Island
State Farm is a good option for cheap homeowners insurance in Rhode Island for an average dwelling cost of $250,000. State Farm’s average annual rate is $748, which is $573, or 43.4%, cheaper than the state average. It’s wise to compare homeowners insurance quotes from several firms to analyze their coverage features and prices, and then pick a suitable package for your property.
Cheapest Homeowners Insurance by Dwelling Coverage
Dwelling Coverage:
$250,000
Company
Amountper year
1. State Farm
In 2020, State Farm ranked #1 for the cheapest homeowners insurance with $250,000 in dwelling coverage in Rhode Island.
$748
2. AIG
In 2020, AIG ranked #2 for the cheapest homeowners insurance with $250,000 in dwelling coverage in Rhode Island.
$1,068
3. Amica Mutual
In 2020, Amica Mutual ranked #3 for the cheapest homeowners insurance with $250,000 in dwelling coverage in Rhode Island.
$1,363
4. MetLife
In 2020, MetLife ranked #4 for the cheapest homeowners insurance with $250,000 in dwelling coverage in Rhode Island.
$1,389
5. Nationwide
In 2020, Nationwide ranked #5 for the cheapest homeowners insurance with $250,000 in dwelling coverage in Rhode Island.
$1,497
Best Cheap Homeowners Insurance Companies for Expensive Homes
If your property is costly, like a $2 million residence, there are options to get the best home insurance in Rhode Island. AIG provides the most affordable average rate for a $2 million house in this state. Its average premium is $4,716 per year, which is much less than the average yearly cost of $14,804 — offered by Nationwide, the most expensive carrier in the state. It’s smart to compare quotes from multiple companies and select an apt plan for your budget and home’s needs.
Cheapest Homeowners Insurance Companies for High-Value Homes
Company
Amountper year
1. AIG
In 2020, AIG ranked #1 in Rhode Island for the cheapest homeowners insurance for high-value homes.
$4,716
2. State Farm
In 2020, State Farm ranked #2 in Rhode Island for the cheapest homeowners insurance for high-value homes.
$4,963
3. Amica Mutual
In 2020, Amica Mutual ranked #3 in Rhode Island for the cheapest homeowners insurance for high-value homes.
$8,270
4. Allstate
In 2020, Allstate ranked #4 in Rhode Island for the cheapest homeowners insurance for high-value homes.
$11,202
5. MetLife
In 2020, MetLife ranked #5 in Rhode Island for the cheapest homeowners insurance for high-value homes.
$14,433
Best Homeowners Insurance Companies if You Have a Pool
For pool houses with an average dwelling cost of $250,000, State Farm presents the best homeowners insurance in Rhode Island with an average annual cost of $748. It’s recommended to check with your insurance company if their protection includes payment for the cost of damage to your pool because of a weather-related calamity.
Cheapest Homeowners Insurance for Pool Home
Company
Amountper year
1. State Farm
In 2020, State Farm ranked #1 in Rhode Island for the cheapest homeowners insurance for homes with a pool.
$748
2. AIG
In 2020, AIG ranked #2 in Rhode Island for the cheapest homeowners insurance for homes with a pool.
$1,080
3. Nationwide
In 2020, Nationwide ranked #3 in Rhode Island for the cheapest homeowners insurance for homes with a pool.
$1,497
4. Allstate
In 2020, Allstate ranked #4 in Rhode Island for the cheapest homeowners insurance for homes with a pool.
$1,900
Cheapest Home Insurance in Rhode Island if You Have Poor Credit
Carriers use your credit score to determine your premium amount. It’s good to have a high credit score as providers utilize this criterion to understand your ability to make regular home insurance premium payments. State Farm is a good bet for best homeowners insurance in Rhode Island for those with poor credit. Its average annual price is $748 for a dwelling coverage baseline amount of $250,000.
Cheapest Homeowners Insurance for Poor Credit
Company
Amountper year
1. State Farm
In 2020, State Farm ranked #1 for the cheapest homeowners insurance for owners with poor credit in Rhode Island.
$748
2. Nationwide
In 2020, Nationwide ranked #2 for the cheapest homeowners insurance for owners with poor credit in Rhode Island.
$1,497
3. AIG
In 2020, AIG ranked #3 for the cheapest homeowners insurance for owners with poor credit in Rhode Island.
$1,953
4. Amica Mutual
In 2020, Amica Mutual ranked #4 for the cheapest homeowners insurance for owners with poor credit in Rhode Island.
$1,996
5. MetLife
In 2020, MetLife ranked #5 for the cheapest homeowners insurance for owners with poor credit in Rhode Island.
$3,503
How to Get Homeowners Insurance Quotes in Rhode Island
Your home insurance provider will need your basic personal details like your name, Social Security number, address and phone number to prepare your personal quote. They could ask about the current worth of your property, possessions and any add-on elements. They will then give you a tailored quote based on the information and responses you provide.
Compare Home Insurance Rates
Ensure you're getting the best rate for your home insurance. Compare quotes from the top insurance companies.
Other Considerations for Homeowners Insurance in Rhode Island
If your area is exposed to hazardous weather conditions, then it’s wise to prepare for emergencies before the event by investing in proper home insurance coverage. Carriers determine your home insurance price in Rhode Island by analyzing factors such as the crime statistics, weather risks and average property value in your region.
Rhode Island ranks 40th in the U.S. for the number of property crimes per 100,000. FBI statistics show that there were 2,317 violent crimes and 17,561 property crimes in the state in 2018. Rhode Island ranks 14th for home value, with an average property price of $300,808.
Do You Need Flood Insurance in Rhode Island?
Rhode Island ranks 43rd for flood risk with about 26,500, or 6.9%, of homes exposed to this peril in this state. You could look to prepare for this danger by getting coverage via a government-sponsored National Flood Insurance Program (NFIP) plan. Additionally, you could consider purchasing a supplemental private package to raise the coverage amount.
Do You Need Hurricane Insurance in Rhode Island?
Rhode Island ranks 17th for hurricane risk with about 17,345 homes facing the threat of a category 3 storm. The average cost of repairing damage caused by this type of storm is $5,081.
Methodology
MoneyGeek analyzed homeowners insurance premiums from 16 of the top insurance companies in Rhode Island that were provided in partnership with Quadrant. Our analysis includes quotes from ZIP codes across Rhode Island. Quotes were gathered with an average home profile of 2,500 square feet, built in 2000, with an average dwelling coverage value of $250,000, liability coverage of $100,000 and personal property coverage of $100,000.
Sources
- AM Best. "Rating." Accessed August 27, 2020.
- Business Insider. "Here's the typical home price in every state — and what you can actually get for that money." Accessed August 10, 2020.
- FBI. "2018 Crime in the United States." Accessed August 10, 2020.
- First Street Foundation. "The First National Flood Risk Assessment Defining America’s Growing Risk." Accessed August 10, 2020.
- Flood Factor. "Find Your Home’s Flood Factor." Accessed August 10, 2020.
- Insurance Information Institute. "Facts + Statistics: Hail." Accessed August 10, 2020.
- Insurance Information Institute. "Facts + Statistics: Hurricanes." Accessed August 10, 2020.
- Insurance Information Institute. "Facts + Statistics: Wildfires." Accessed August 10, 2020.
- J.D. Power. "Homeowners’ Satisfaction with Property Claims Reaches Record High as Insurers Focus on Relationship Management, J.D. Power Finds." Accessed August 27, 2020.
- Verisk. "Wildfire Risk Analysis." Accessed August 10, 2020.