Homeowners insurance in Rhode Island

The cost of homeowners insurance in Rhode Island is $1,856 a year for the average amount of coverage. Rhode Island residents can compare rates from multiple companies with Policygenius.

Pat Howard 1600


Pat Howard

Pat Howard

Property and Casualty Insurance Expert

Pat Howard is a senior editor at Policygenius specializing in property and casualty insurance. His work has been featured on Property Casualty 360, Fatherly, MarketWatch, and more.

Published August 18, 2020|6 min read

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Homeowners insurance covers your home, personal property, and total assets in the event of property loss or an expensive lawsuit. If you’re one of the 60% of Rhode Island residents who owns a home, you’ll want to make sure your home is effectively insured against the state’s unpredictable coastal weather and frigid winters.

The statewide average cost of homeowners insurance in Rhode Island is $1,856 per year, but your own policy cost will be impacted by several factors, namely your home’s age, construction type, location, your policy deductible, your claims history, and your credit history. Home insurance premiums also vary from company to company, even for the same house, which is why it’s so important to compare policy options and rates from several insurers — that’s where we come in.

To help simplify and better inform your shopping experience, Policygenius reviewed the four best homeowners insurance companies in Rhode Island offered through our website and calculated the state’s cheapest and most expensive cities for home insurance based on hundreds of submitted quotes.

Key Takeaways

  • The most affordable insurance company in Rhode Island is Hippo, according to Policygenius quote data

  • The average annual cost of homeowners insurance in Rhode Island is $1,856 for $100,000–500,000 in coverage

  • When deciding on policy coverage, Rhode Island residents should consider the state’s cold winters and coastal storms

The 4 best homeowners insurance companies in Rhode Island

Before deciding on a homeowners insurance policy, it’s a good idea to do some background research on the company that will be insuring your home and assets. A great homeowners insurance company will have solid financial ratings, reliable customer service, affordable coverage, multiple policy options, and availability of discounts.

Using that criteria, we determined the following four companies were the best homeowners insurance companies in Rhode Island. Read about our methodology here.

Best company for a cheap quote: MetLife

With an average quote of $1,445, MetLife provides the cheapest Rhode Island home insurance quote of any Policygenius partnering insurer. If you're a Rhode Island resident looking for industry-best coverage at a low rate, then MetLife is the company that you want insuring your home.

Read our full review of MetLife here

Best replacement cost policy: Nationwide

Rhode Island residents seeking to maximize the dwelling coverage on their homes should consider Nationwide’s excellent replacement cost coverage options. Nationwide’s standard policy includes replacement cost coverage for both your home and personal property. Nationwide also offers extended replacement cost, a coverage add-on that increases your dwelling coverage in the event your policy limit isn’t high enough.

Read our full review of Nationwide here

Best company for high-value homes: AIG

Rhode Island residents with high-value homes should consider a homeowners insurance policy with AIG. The luxury insurance company provides guaranteed replacement cost dwelling coverage, replacement cost coverage on all personal property, and additional services like appraisals and risk protection consultations. AIG homeowners insurance policies are primarily intended for Rhode Island homes with a replacement cost of more than $750k.

Read our full review of AIG here

Best financial ratings: Travelers

One important indicator of an insurance company’s ability to pay out claims in an effective and timely manner is its financial stability, and Travelers is among the highest-rated insurers in that area. With an A++ rating with A.M. Best, Travelers has the highest score a company can receive with the insurance company credit rating agency. Travelers also has high marks with Standard & Poors, which measures long-term financial stability, as well as Moody’s, which measures what the expected losses would be if a company were to go into default.

Read our full review of Travelers here

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Average cost of homeowners insurance in Rhode Island by company

When comparing insurance companies, Rhode Island residents may find that rates differ greatly from company to company for the same level of coverage. Certain companies may offer more coverage add-ons in a basic plan than competitors, while some may simply have higher rates in certain areas than others.

After reviewing hundreds of quotes submitted with Policygenius, we found that MetLife is the cheapest insurance company in Rhode Island with a $1,445 average annual premium for $100,000–500,000 in coverage. Stillwater is the most expensive in that coverage range with an average annual premium of $3,001.

CompanyAverage Cost
MetLife$ 1,445
Nationwide$ 1,627
Stillwater$ 3,001
Travelers$ 2,269

Average cost of home insurance in Rhode Island by coverage amount

The average cost of homeowners insurance in Rhode Island will also vary considerably based on how much dwelling coverage you have on your home. Below is the average homeowners insurance quote for five different coverage ranges

Coverage AmountAverage Cost
$100,000-$200,000$ 1,269
$200,000-$300,000$ 1,427
$300,000-$400,000$ 2,501
$400,000-$500,000$ 2,591
Greater than $500,000$ 2,954

Average cost of home insurance in Rhode Island by city

Insurance companies also price policies differently based on where in Rhode Island your home is located. We found that Charlestown has the highest rates in the state with a $3,338 average annual premium for $100,000-500,000 in coverage. Pawtucket is the cheapest city for home insurance, on average, with a $692 average annual premium.

CityAverage Cost
Charlestown$ 3,338
Cranston$ 2,169
Cumberland$ 1,259
East Providence$ 1,417
Glocester$ 947
Johnston$ 3,033
Lincoln$ 1,337
Narragansett$ 1,682
Newport$ 4,475
North Kingstown$ 1,174
North Smithfield$ 1,606
Pawtucket$ 692
Portsmouth$ 1,939
Providence$ 1,832
South Kingstown$ 2,060
Tiverton$ 1,630
Warren$ 1,954
Warwick$ 2,205
West Warwick$ 1,159
Westerly$ 1,826

We selected the 20 largest cities in Rhode Island by population where customers have submitted quotes with Policygenius. Quotes are based on a coverage amount between $100,000 and 500,000.

The cheapest cities for homeowners insurance in Rhode Island


The most expensive cities for homeowners insurance in Rhode Island


Guide to homeowners insurance in Rhode Island

Common causes of home insurance loss in Rhode Island

Due to its location on the North Atlantic Coast, Rhode Island experiences winter storms, severe thunderstorms and windstorms, and flooding. Thunderstorms and lightning cost the state around $200k in property loss every year, and winter storm damage costs the state around $500k. But the most expensive natural hazard in Rhode Island is flooding, costing the state around $4 million annually.

Rhode Island insurance companies also typically require two types of deductibles due to the high likelihood of tropical storm wind damage during hurricane season. Companies usually require a standard dollar amount deductible and a separate percentage deductible for hurricane-related wind damage.

If your home is deemed too high risk for hurricane coverage, you may be able to find windstorm insurance through a surplus or excess lines insurance carrier. Surplus carriers specialize in covering risks that other insurers won’t cover.

Does homeowners insurance cover flooding in Rhode Island?

No, homeowners insurance does not cover flood damage in Rhode Island or any of the other 49 states. Rhode Island residents can supplement that gap in coverage by purchasing a flood insurance policy. Flood insurance can typically be purchased through the same insurance company that insures your home.

Most flood policies are sold by private companies but administered by the federal government’s National Flood Insurance Program (NFIP). An NFIP flood policy can cover up to $250,00 for the structure of your home and up to $100,000 for personal belongings.

Being on the Atlantic Coast, Rhode Island is vulnerable to coastal flooding due to high tides and storm surge. If you live in coastal Rhode Island or in areas of the state that experience frequent flash floods, you should consider a flood insurance policy.

Rhode Island Division of Insurance Regulation

The Rhode Island Division of Insurance Regulation is an invaluable resource both for Rhode Island homeowners purchasing coverage for the first time and for those who already have insurance but have questions related to their coverage or would like to file a complaint.

What if I can’t get homeowners insurance?

Homeowners insurance companies can cancel your insurance for a number of reasons — maybe you filed too many claims in a short period of time, maybe the insurance company no longer offers coverage where you live, or maybe they determined your home was too risky to insure after a recent inspection.

Rhode Island insurance companies may also require a separate hurricane deductible, or they could exclude tropical storm damage from your policy entirely if your home is deemed too high risk.

If you’re struggling to find homeowners insurance or named storms are excluded from your policy, you can get a type of last-resort coverage known as a Fair Access to Insurance Requirements Plan (FAIR Plan) via the Rhode Island Joint Reinsurance Association

The RIJRA is a not-for-profit insurance association that provides basic coverage for Rhode Island residents who are unable to get home insurance on the open market. To qualify for a FAIR Plan with the RIJRA, you need to demonstrate that you’ve had at least three unsuccessful attempts to buy insurance from other companies.

Not where you live? We've got you covered, check out our guide to homeowners insurance in your state