Auto Insurance
CheapRenters InsuranceRhode IslandThe Best and Cheapest Renters Insurance Companies in Rhode Island for 2023: Rankings, Reviews and Rates
Review Rates
Ensure you're getting the best rate. Review quotes from a top insurance company.
MoneyGeek analyzed renters insurance premiums from four of Rhode Island's best renters insurance companies. In order to identify the best company for your needs, we used a scoring system that assesses affordability, financial soundness and customer service.
CheapRenters InsuranceRhode IslandThe Cheapest Renters Insurance in Rhode Island
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:
$20,000
Scroll for more
Compare Renters Insurance Rates
Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.
Best Renters Insurance Companies in Rhode Island
MoneyGeek evaluated companies based on pricing, AM Best financial stability scores and J.D. Power customer service scores to find the best renters insurance company in Rhode Island.
According to these rankings, Amica Mutual offers the best renters insurance provider in Rhode Island and earned a score of 98 out of 100.
The best renters insurance companies aren't always the cheapest. Sometimes, they're the ones that offer the best value for your money. Policyholders should be confident that their insurance company can offer excellent service at a reasonable price.
1
Amica Mutual
Score:98
Amica Mutual ranks first in Rhode Island and has the best customer service and stability. It also ranked highly for affordability. Renters who choose this insurer can access special computer coverage and flood coverage.
More About Amica Mutual
With the exception of Hawaii, Amica Mutual offers renters insurance in all other U.S. states. It offers eight add-on coverages and five discount opportunities, exceeding and tying the national average for these features. Customers can get a tailored quote on its website and a free mobile app that gives you instant access to your policy details, claims, billing and more.
Renters can save money by taking advantage of an e-discount and autopay discount to reduce the cost of their premiums.
Read MoneyGeek's Amica Mutual renters Insurance Review2
State Farm
Score:92
With strong scores in stability and satisfaction, State Farm is the second-best renters insurance company in Rhode Island. It offers personal liability umbrella coverage to policyholders.
More About State Farm
State Farm offers policies to renters in every state. Their three additional coverage options and two renter discounts, however, are lower than the industry average. The company offers earthquake coverage and identity restoration insurance.
Renters can request a personalized quote on State Farm's website, and the company's mobile app makes it simple to manage insurance and banking accounts. Renters can make monthly payments, set up automatic payments or go paperless with a State Farm Payment Plan.
Read MoneyGeek's State Farm renters Insurance Review3
Allstate
Score:89
Allstate ranks third among Rhode Island's best renters insurance providers with its high scores in terms of financial stability and customer service. The insurer offers flood insurance, which can help renters repair items that have been destroyed by floodwater.
More About Allstate
Renters in every state can take advantage of Allstate's insurance. They offer five discounts, including one for retirees aged 55 and older, despite having only four more coverage alternatives. This means that they offer fewer coverages than the norm but match the average number of discounts provided by other insurers.
Allstate Personal Financial Representatives can offer renters financial advice on establishing a job, building a family, raising children, protecting funds and even retirement, in addition to providing free online calculators to calculate car loans, monthly car payments, net worth and more.
Read MoneyGeek's Allstate renters Insurance ReviewMONEYGEEK EXPERT TIP
The cheapest policies do not always provide excellent service. This is why paying a little more for the best renters insurance may give you added support and assurance in the future.
Largest Renters Insurance Companies in Rhode Island
The best renters insurance policies tend to come from companies that are both reasonable and give excellent customer service to make the claims procedure much simpler for you. When it comes to insurance, don't be afraid to use big companies since they are more likely to be financially stable, ensuring that your claims are handled efficiently and fairly.
Company | Market Share | |
|---|---|---|
1. | Amica Mutual | 16.3% |
2. | Allstate | 12.1% |
3. | Liberty Mutual | 8.2% |
4. | USAA | 6.8% |
5. | UPC | 6.2% |
Average Cost of Renters Insurance in Rhode Island
0
0
renters insurance is equal to the average.
The average cost of renters insurance in Rhode Island is $124 per year, which is $35 less than the national average. This equates to an average renter paying $10 monthly.
These rates are for a policy with personal property limits of $20,000, liability limits of $100,000 and a deductible of $500.
The cost of renters insurance in Rhode Island is mostly determined by the amount of personal property coverage you need. You can calculate this based on the value of your property using the calculator below.
clothing
Total:
MONEYGEEK EXPERT TIP
Comparing renters insurance quotes from various companies might help renters in Rhode Island save a little money. For instance, a renter may save $2 per year by picking Amica Mutual over Allstate.
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.
Compare Renters Insurance Rates
Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.
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 0.99% 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
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.
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.
- EventDescription
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.
MONEYGEEK EXPERT TIP
The Rhode Island Department of Business Regulation's Insurance Division can assist you in determining whether you need renters insurance. It is responsible for a variety of licensing functions, including the licensing of businesses, producers, adjusters and appraisers as well as responding to consumer complaints.
If you have general insurance-related questions or need help resolving an issue, the Insurance Division can be reached using the following details:
- Office Address: 1511 Pontiac Ave., Cranston, RI 02920
- Phone: 401-462-9500
- Website: http://www.dbr.state.ri.us/divisions/insurance
Auto Insurance
FAQs About Renters Insurance in Rhode Island
There's a lot of data on renters insurance in Rhode Island, and sorting through it all might be difficult for renters. MoneyGeek answers some of the most common questions about renters insurance in Rhode Island to help you get started.
Compare Renters Insurance Rates
Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.
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 Mark Fitzpatrick
sources
- Department of Business Regulation. "Division of Insurance Regulation: Insurance Companies." Accessed March 30, 2022.
- Job Accommodation Network. "Rhode Island Department of Insurance." Accessed March 30, 2022.