The Best and Cheapest Renters Insurance in Rhode Island for 2022: Rankings, Reviews and Rates

A renters insurance policy is a low-cost way to protect your personal property from theft and damage. According to MoneyGeek’s data, the cheapest renters insurance in Rhode Island costs $8 per month while the most expensive costs $14. So renters can save about $6 per month by comparing quotes from different providers. The average cost of renters insurance in Rhode Island is $10 per month.

MoneyGeek ranked the top renters insurance carriers in Rhode Island based on affordability, customer service and financial strength. Using MoneyGeek’s scores can help you find the best coverage for your needs.


Cheap Renters Insurance Companies in Rhode Island

Cost is one of the most important factors when deciding on a renters insurance company. For the average renter, Amica Mutual and State Farm offer the cheapest renters insurance in Rhode Island.

An Amica Mutual policy costs an average of $93 per year or $8 per month. A similar policy from State Farm costs $115 per year or $10 per month.

The average monthly and annual costs for each company are calculated from quotes across different ZIP codes in Rhode Island. These rates represent a policy with $20,000 in personal property coverage, $100,000 in liability coverage and a deductible of $500.

Personal Property Coverage:


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Best Renters Insurance Companies in Rhode Island

When you are looking for the best renters insurance in Rhode Island, cost is not the only factor you should consider. You should also make sure that your provider will be able to pay out your claims quickly and efficiently.

To determine the best renters insurance providers in Rhode Island, MoneyGeek ranked companies based on affordability, financial stability scores from AM Best and J.D. Power and Associates’ customer service scores.

According to these rankings, Amica is the best renters insurance provider in Rhode Island with a score of 98 out of 100. State Farm comes in second with 89 points.

Amica Mutual




User Satisfaction


Financial Stability

More About Amica Mutual

Amica Mutual provides coverage for jewelry, electronics and other valuables as an add-on to their standard policy. Discounts are available for bundling policies, using automatic payments and being a customer for at least two years.

State Farm




User Satisfaction


Financial Stability

More About State Farm

State Farm’s standard insurance options cover damage caused by most weather and non-weather incidents such as theft and vandalism. Policyholders can also get additional coverage for earthquakes and identity theft. Potential customers can request a quote on the State Farm website.





User Satisfaction


Financial Stability

More About Allstate

Allstate offers comprehensive policies for renters in Rhode Island, including coverage for identity theft. Flooding coverage is available for an additional cost. Policyholders can get discounts for having a security system installed in their home or bundling policies. The company offers an app that allows renters to create a photo log of their items and determine how much coverage they need.





User Satisfaction


Financial Stability

More About MetLife

Aside from standard renters coverage, Metlife policies provide identity theft protection at no additional cost. Policyholders can pay extra to get coverage for valuable luxury items like electronics, sports and music equipment. Metlife offers flexible payment plans and 24/7 customer support.

Largest Renters Insurance Companies in Rhode Island

According to market share data, the five largest insurance providers in Rhode Island make up over 49% of the state's renters insurance policies. These companies include Amica Mutual with a market share of 16%, Allstate (12%), Liberty Mutual (8%), USAA (7%) and United Insurance Holdings Group (6.2%).

Choosing a large carrier can give you the confidence that your insurance company is stable enough to pay out all your legitimate claims if your property is damaged or destroyed.

  • Company
    Market Share
  • 1.
    Amica Mutual
  • 2.
  • 3.
    Liberty Mutual
  • 4.
  • 5.

Average Cost of Renters Insurance in Rhode Island


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On average, the cost of renters insurance in Rhode Island is $124 per year, which is $35 less than the national average. An average renter in Rhode Island pays $10 per month. This is $3 less than the monthly national average. These costs are for a policy with $20,000 in personal property coverage, $100,000 in liability coverage and a $500 deductible.

People in Rhode Island can save money by comparing renters insurance quotes from different providers. By choosing the cheapest option, Amica Mutual, over the most expensive company, Metlife, our sample renter could save $78 per year or $6 per month.

What Factors Impact Renters Insurance Cost in Rhode Island

Many factors influence how much you pay each month for renters insurance, including your location, credit score and coverage amount. When looking for renters insurance in Rhode Island, keep these factors in mind.

  • Location: Your ZIP code helps determine how much you pay for renters insurance. Crime rates and weather conditions may impact your premium. If your apartment is in a neighborhood where thefts or severe weather occur regularly, you might pay more for your renters insurance.
  • Coverage Amount: The higher your level of coverage, the more your policy will cost. Doing an inventory of your belongings before shopping for a plan can help you determine how much coverage you really need.
  • Deductible: Your deductible refers to how much you will pay out of pocket once your insurance company agrees to pay your claim. Most providers charge lower monthly premiums when you select a higher deductible. Choosing a lower deductible means a pricier premium since your insurance company will pay more if you file a claim.
  • Actual Cash Value (ACV) vs. Replacement Cost Value (RCV): If your property is damaged, insurance providers may reimburse you according to actual cash value (ACV) or replacement cost value (RCV) calculations. ACV policies pay less for old items that have lost value over time, while RCV policies reimburse you for the cost of a new item of the same quality and type. ACV policies are ideal for renters who want to save on their monthly premium. However, they pay less if you file a claim. RCV policies pay more, but you’ll pay a higher premium.
  • Credit Score: Renters insurance providers in Rhode Island use your credit score to determine the probability you’ll file a claim. Typically, renters with lower credit scores are more likely to file claims than those with excellent scores. This means that renters with good credit scores may get lower rates than those who have low scores.

Renters Insurance in Rhode Island: What You Need to Know

Renters insurance companies offer an affordable way of protecting your property from damage caused by unexpected events like fires, theft or severe weather conditions.

In Rhode Island, 33.7% of the residents are renters. The average cost of rent is $1,043 per month. For a renters insurance policy with personal property coverage of $20,000, liability coverage of $100,000 and a $500 deductible, the average monthly premium is $10 per month, around .99% of the price of rent.

What Renters Insurance Typically Covers in Rhode Island

Although some renters insurance providers offer additional coverage for situations like identity theft, the standard coverage generally includes personal property, liability coverage, additional living expenses and medical expenses.

Renters insurance covers damages caused by theft and some weather events, such as hail, lightning or windstorms.

What Renters Insurance Typically Does Not Cover in Rhode Island

While renters insurance in Rhode Island protects your belongings in most emergencies, it may exclude certain events. These are some of the most common situations that renters insurance may not cover.

  • Flooding: Most renters insurance companies only reimburse you for water damage caused by broken pipes and water mains. Flooding from natural disasters is excluded from most policies. Floods can occur in Rhode Island, so it may be wise to look into getting insurance from the National Flood Insurance Program (NFIP).
  • Structural Damage: Renters insurance will only reimburse you for your damaged property. Landlords are expected to take responsibility for structural damage to their rentals.
  • Roommate Property: Your renters insurance does not cover third parties unless their names are mentioned on all the documents. This means that your roommate will need to get their own policy.
  • Earthquake Damage: While earthquakes are not common in Rhode Island, it’s important to note that they are not covered by renters insurance.
  • Expensive Items: High-value items like computers and jewelry are generally not covered by renters insurance. You may want to purchase an additional rider if you want to protect these types of belongings.

Make sure you read the terms of your renters insurance policy to understand what it covers and what it does not. Talk to your agent for clarification if you have concerns or questions so that you have a higher chance of your claims getting approved.

FAQs About Renters Insurance in Rhode Island


Renters Insurance in Rhode Island Analysis: Methodology

MoneyGeek analyzed renters insurance premiums from four 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 for policies with personal property coverage of $20,000, $50,000 and $100,000; liability coverage of $100,000 and a deductible of $500.

About the Author


The MoneyGeek editorial team has decades of combined experience in writing and publishing information about how people should manage money and credit. Our editors have worked with numerous publications including The Washington Post, The Daily Business Review, HealthDay, and Time, Inc., and have won numerous journalism awards. Our talented team of contributing writers include mortgage experts, veteran financial reporters, and award-winning journalists. Learn more about the MoneyGeek team.