The Best and Cheapest Renters Insurance in Providence, RI, for 2024: Rankings, Reviews and Rates

Cost is an important consideration when shopping for renters insurance. Since policies offer similar core coverages, shopping around to compare renters insurance quotes can help you find the cheapest renters insurance companies. For renters in Providence, the following companies have the most affordable rates:

• Amica Mutual: $93 per year
• State Farm: $115 per year

The above policies have the following inclusions: $20,000 in personal property coverage limits, $100,000 in liability coverage limits and a deductible of $500. The table below will show how much you should expect to pay with higher personal property coverage limits.

Renters living in a different city in Rhode Island other than Providence can also compare renters insurance in Rhode Island as a whole.

MoneyGeek found that the best renters insurance companies in Providence are the following:

• Best Overall: Amica Mutual
• Runner-up: State Farm

MoneyGeek used our unique ranking system to identify the best renters insurance providers in Providence based on affordability, customer satisfaction ratings from J.D. Power and financial stability ratings from AM Best. According to our rankings, these two renters insurance companies received the highest scores and also offer unique coverages rarely provided by other insurers.

On average, the cost of renters insurance in Providence is $124 per year or around $10 per month. This is $35 cheaper than the national average of $159 per year.

Providence renters insurance is 19.0% less than the U.S. average.

There could be several factors that affect your renters insurance cost, but he following have the greatest impact on the amount you will spend:

1. Personal property coverage amount. This is the most important factor as it determines how much it costs to insure your valuables and other contents inside your rented property.
2. Location. Crime and theft rates can affect renters insurance costs, but it usually has a minor effect.
3. Deductible. The higher deductible you choose, the lower your monthly costs. The lower deductible, however, means you would have to pay higher out-of-pocket costs when you file a claim.
4. ACV vs. RCV. Actual cash value (ACV) and replacement cost value (RCV) refer to the reimbursement types when you file a claim. With ACV policies, ayou’ll be reimbursed for the cost of the item’s depreciated value. RCV policies, on the other hand, will reimburse you the amount equal to the value of a new item without factoring in depreciation. Because of this, RCV policies cost more, as they pay more for claims.
5. Liability coverage amount. This is the amount that protects the policyholder against injuries and damages. Liability coverage is usually around $100,000, but you can increase your coverage for only a few dollars a month.

Where you live can have an impact on your renters insurance rates. However, this usually has a minor effect. Between different neighborhoods in Providence, insurance rates only vary by a couple of dollars.

Purchasing renters insurance is a low-cost way to protect your assets. If you have valuable items like jewelry, collectibles and expensive appliances in your home, insurance protects you against damages and out-of-pocket costs for repairs.

Each renter has specific renters insurance needs. When shopping for a renters insurance policy, you should check what coverages are included to ensure that it meets your requirements.

For example, you might purchase renters insurance to protect your belongings against theft and other unexpected damages. This is especially important in Providence, where the FBI reported a property crime rate of 2,748 per 100,000 people in 2019 — 45% higher than the national average.

Standard policies offer the coverages included below. However, renters in Providence may want to get supplemental insurance other than these coverages to address their unique needs.

• Personal property coverage: This type of coverage protects the contents of your rented home against perils such as fire and water damage, theft, vandalism, plumbing and electrical malfunctions and many other types of damages.
• Additional living expenses: If your home is uninhabitable due to a covered peril, this will cover the costs of temporary housing.
• Liability insurance: If a lawsuit is filed against you for an accident or injury that occurred inside your rented property, liability insurance protects you against legal costs.
• Medical payments coverage: With this coverage, you are not liable to pay for medical costs if an injury happens inside your rented property regardless of who is at fault.

While your renters insurance policy covers damages to your personal property as well as medical and legal costs, certain perils may not be covered. One way to make sure that you have complete protection is to supplement your standard policy with additional coverages.

If you live in an area that is prone to flooding, you may want to purchase supplemental water damage insurance from the National Flood Insurance Program (NFIP).

Renters insurance policies also do not cover your roommates’ possessions, damages to your car, jewelry and other valuables that cost more than the policy limits. It’s important to thoroughly read and understand the terms included in your policy before purchasing one.

If you’re currently shopping for a renters insurance policy in Providence, the following frequently asked questions will give you an idea of the cost as well as the best companies to look for.

Moneygeek analyzed hundreds of renters insurance quotes in Providence to help you find cheap renters insurance. The best renters insurance rankings were determined using data from J.D. Power, AM Best and our affordability metrics that are derived from a comprehensive analysis of quotes provided by Quadrant.