Average Costs and Cheapest Homeowners Insurance Companies in Rhode Island

How much your homeowners insurance in Rhode Island costs also depends on your personal requirements. For individuals with new homes and homes with pools, State Farm is the cheapest, while AIG is the cheapest for people with expensive homes. MoneyGeek's analysis gathered thousands of quotes from different companies, allowing you to find the most affordable and best homeowners insurance provider in Rhode Island.

MoneyGeek used costs and service measures to break down the best homeowners insurance providers in Rhode Island if you want to balance cost and quality.

To find the cheapest homeowners insurance in Rhode Island, MoneyGeek analyzed quotes from various companies across various dwelling coverage levels. On average, State Farm features the cheapest insurance for the state's $250,000 baseline dwelling coverage at $748 per year.

The following are the cheapest companies in Rhode Island for various dwelling coverages:

• Cheapest for $100,000: State Farm
• Cheapest for $250,000: State Farm
• Cheapest for $500,000: State Farm

The replacement cost of your home determines the amount of dwelling coverage you need. The higher the value of your home, the more coverage you need. You can use the table below to see how the prices for various levels of dwelling coverage in Rhode Island change over time.

The amount of coverage you choose has a significant impact on the cost of your home insurance. In Rhode Island, a $250,000 base dwelling coverage costs an average of $1,321.

A higher dwelling coverage policy offers more protection and costs more. In Rhode Island, a $100,000 dwelling coverage costs an average of $785 per year. Meanwhile, $3,000,000 in home insurance costs $14,464 per year, on average, for a huge $13,679 difference.

To decide the cost of homeowners insurance in Rhode Island, providers typically evaluate several points, including your home’s location, age, roof quality, location and closeness to a fire department. Houses in hazardous areas may be more exposed to risks and therefore could have higher home insurance rates.

Using MoneyGeek’s calculator, you can modify dwelling coverage limits and deductibles to see how the average cost of homeowners insurance in Rhode Island can fluctuate.

MoneyGeek examined thousands of insurance quotes for Rhode Island's homeowners to find the best deals in insurance. Our analysis revealed that the following firms offer the cheapest homeowners insurance in Rhode Island for customers seeking $2 million in dwelling coverage:

• AIG: $4,716 per year
• State Farm: $4,963 per year

Make sure to shop around and compare quotes from several insurance companies in Rhode Island when insuring a high-value home — rates can vary significantly depending on the dwelling coverage and the insurance company.

Additionally, MoneyGeek compared quotes from Rhode Island insurance companies to determine the most affordable option for newer homes with $250,000 in dwelling coverage, based on a sample home built in 2015.

Rhode Island's two cheapest home insurance providers for individuals with newer homes who need $250,000 in baseline dwelling coverage are:

• State Farm: $560 per year
• AIG: $991 per year

Newer properties usually have lower insurance premiums. Rhode Island homes built in 2015 cost $316 less than homes built in 2000, on average.

The figures for homes constructed in 2000 vary from the first section due to a different ZIP code gathering technique.

The average cost of homeowners insurance in Rhode Island for newer homes is $977 per year, while the average annual rate for a 2000 home is $1,292. That is a difference of $316.

Several factors contribute to the high cost of insuring older homes, such as the difficulty of procuring older materials for repairs. Older homes may also have additional wear and tear.

MoneyGeek compared thousands of quotes to find the best and cheapest insurance in Rhode Island for homes with pools. Pool owners looking for the most affordable homeowners insurance in Rhode Island with $250,000 coverage might consider the following companies:

• State Farm: $748 per year
• AIG: $1,080 per year

Insurance companies consider swimming pools to be an attractive nuisance. Pool owners are liable for any injuries caused to the pool users. Home insurance for homes with pools generally covers structural damage to the pool, along with liability coverage if guests become injured in the pool. As a result, homes with pools are more expensive to insure.

The presence of a pool on your property may significantly increase the cost of your Rhode Island home insurance. The average yearly insurance rate in the state for a $250,000 dwelling coverage is $1,321, while the average yearly premium will be $1,306 if you have a swimming pool. Although a pool-equipped home in the state has a lower average rate, this is only an average for our sample house. Depending on your demands and background, insurance premiums may rise.

MoneyGeek evaluated thousands of quotations to determine the cheapest company in Rhode Island for homeowners with poor credit. The following two companies offer low-cost homeowners insurance in Rhode Island for individuals with a bad credit history seeking $250,000 in dwelling coverage:

• State Farm: $748 per year
• Nationwide: $1,497 per year

Your home insurance rates could soar if you have poor credit. Insurance firms apply credit-based insurance ratings for risk assessments and anticipate the possibility that the person will file a claim on their policy.

Insurance companies consider several factors when determining policy costs, including your credit history and credit score. In general, individuals with poor credit pay higher premiums than customers with excellent credit.

In Rhode Island, homeowners insurance for a $250,000 baseline coverage policy costs an average of $1,329 a year for people with good credit. It costs $2,243 annually, on average, for customers with bad credit for a difference of $914.

Insurance rates may also vary by location. State Farm is the cheapest home insurance provider in Providence, saving you $573 per year compared to the city's average. Select your city in the table below to learn more about its insurance rates.

Before an insurance provider can give you a home insurance quote, customers must provide several critical details, including your Social Security number. They may ask about the current worth of your property, possessions and any add-on elements. Insurance companies will then give you a tailored quote based on your information and responses.

If you're looking for a completely anonymous approach to receiving home insurance rates in Rhode Island, MoneyGeek's home insurance calculator can come in handy. These estimated rates are based on a MoneyGeek database comprising thousands of quotes.

MoneyGeek analyzed homeowners insurance premiums from six 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.