Best & Cheapest Homeowners Insurance in Rhode Island April, 2024

State Farm provides the most affordable home insurance for homeowners in Rhode Island, with an average yearly quote of $690.

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Bob Phillips
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After thoroughly reviewing home insurance choices in Rhode Island, State Farm emerges as the most budget-friendly option, offering an average annual rate of $690. However, it’s essential to recognize that the optimal insurer for you may vary based on your individual circumstances and requirements.

For example, if you have a lower credit score, Nationwide provides the most economical choice with an average yearly premium of $1,725. Conversely, if your home is older, Allstate offers competitive rates at $1,305 annually, coupled with comprehensive coverage.

Alternatively, if you own a newly constructed home, Nationwide again presents the most affordable solution at $954 per year. And for individuals with a history of claims, Nationwide continues to provide an understanding and cost-effective option at $2,264 annually.

Here at Insuranceopedia, our comprehensive analysis aims to steer you toward the perfect fit for your home insurance needs. By comparing customer ratings, evaluating personal experiences, and presenting comparison charts, we furnish all the necessary information to assist you in making an informed decision.

How much is homeowners insurance in Rhode Island?

State Farm provides the most budget-friendly option for homeowners insurance in Rhode Island, with an annual premium of $690.

Close contenders include Nationwide and AIG, offering annual premiums of $736 and $1,176 respectively. Farmers is slightly pricier at $1,359 per year.

Allstate still stands out with a considerably higher annual premium of $1,404.

As shown below, rates in Rhode Island are lower than the national average.

Area Average Monthly Rate
National $1,820
Rhode Island $1,398

Understanding that insurance rates are not consistent and can vary significantly based on several factors is crucial.

For instance, your personal driving history is pivotal; having a record of traffic violations or accidents generally leads to higher premiums compared to maintaining a clean record. Moreover, the make and model of your vehicle carry substantial weight, as high-performance or luxury cars often result in higher insurance costs.

Your location is also a contributing factor, with densely populated urban areas typically facing elevated rates due to heightened risks like theft or accidents. Even your age and marital status can impact your car insurance premiums.

Cheapest Homeowners Insurance in Rhode Island

Cheapest Homeowners Insurance, Rhode Island, 2024

Our Methodology

To identify the most affordable home insurance rates in Rhode Island, we examined data from several home insurance review websites, including those that analyzed rates sourced from public filings acquired by Quadrant Information Services. For this review, we've averaged those rates, but it's important to note that rates from each company can fluctuate frequently and will depend on your specific circumstances. Additionally, our overall rating incorporates my subjective opinion, drawing from fifteen years of experience as a licensed insurance agent and over three decades of purchasing home insurance.

66

Quotes Analyzed

15+

Years Of Industry Experience

24

Brands Reviewed

40+

Research Hours

Cheapest homeowners insurance in Rhode Island

State Farm is the most affordable choice overall for homeowners insurance in Rhode Island, with an average annual rate of $690.

Company Annual Premium
State Farm $690
Nationwide $736
AIG $1,176
Farmers $1,359
Allstate $1,404

Your policy’s cost is influenced by various factors, such as location, home value, and your claims history. State Farm provides a well-rounded combination of affordability and comprehensive coverage.

Cheapest Homeowners Insurance In Rhode Island If You Have an Older Home

For individuals with older homes, Allstate offers the most cost-effective rates, averaging $1,305 per year.

Insurance Company Average Annual Premium
Allstate $1,305
AIG $1,398
Nationwide $1,553
PURE $1,720
Amica $2,175

Older homes often come with unique risks and maintenance challenges that can lead to increased insurance costs. Allstate provides competitive rates and comprehensive coverage tailored specifically to address the requirements of older homes.

Cheapest Homeowners Insurance for Newly Constructed Homes

If you own a newly constructed home, Nationwide offers the most economical choice, with an average annual rate of $540.

Insurance Company Average Annual Premium
Nationwide $540
State Farm $681
PURE $928
Amica $997
Allstate $1,028

Newly constructed homes often require different coverage compared to older ones, and Nationwide stands out in providing affordable policies customized to address these specific requirements.

Cheapest Homeowners Insurance If You Have Poor Credit

For individuals with a poor credit score, Nationwide offers the most affordable solution, with an average annual rate of $1,725.

Insurance Company Average Annual Premium
Nationwide $1,725
AIG $1,740
Allstate $2,194
Amica $2,277
Farmers $2,467

Your credit score can significantly influence your insurance rates, as it is a crucial factor that insurers take into account when assessing risk. Nationwide recognizes that everyone deserves fair coverage, irrespective of their financial history.

Cheapest Home Insurance In Rhode Island for a History of Claims

Homeowners with a history of claims can find an affordable solution with Nationwide, which provides an average annual rate of $2,264.

Insurance Company Average Annual Premium
Nationwide $2,264
Allstate $2,567
Amica $3,769
Farmers $4,007
Providence Mutual $5,217

A history of claims can often indicate higher risk to insurers, leading to increased premiums. However, Nationwide believes in providing second chances and offers reasonable rates for individuals with past claims.

Best Homeowners Insurance Companies in Rhode Island

Selecting the appropriate homeowners insurance is not just essential; it’s a strategic decision. Given Rhode Island’s rich history, its homes are as diverse as its inhabitants. Thus, identifying an insurance provider that delivers comprehensive coverage at competitive rates becomes crucial.

To simplify your decision-making process, we’ve assembled a list of the leading homeowners insurance companies in Rhode Island. These companies have been evaluated based on their annual premiums, coverage choices, customer satisfaction ratings, and overall dependability. Explore our comparison chart below and discover the ideal match for your home insurance requirements.

Company Annual Premium
1. State Farm $690
2. Nationwide $736
3. UPC $908
4. AIG $1,176
5. Farmers $1,359
6. Allstate $1,404
7. Amica  $1,720
8.  PURE $1,768
9. Providence Mutual $3,092

Average Home Insurance Rates in Rhode Island by Deductible Amount

The selected deductible amount for a homeowners insurance policy significantly impacts the premium rates in Rhode Island. Here’s a breakdown of how the average home insurance rates fluctuate for different deductible amounts:

Deductible Amount Annual Rate
$500 $1,276
$1,000 $1,164
$2,000 $1,127

Average Home Insurance Rates in Rhode Island By Coverage Amount

The dwelling coverage amount is a crucial factor influencing your premium. It represents the maximum sum your insurance company will pay to rebuild or repair your home if it’s damaged or destroyed.

Here is a comparison chart outlining the average annual homeowners insurance premiums for various dwelling coverage amounts:

Dwelling Coverage Amount Average Annual Premium
$100,000 $702
$200,000 $1,014
$300,000 $1,327
$350,000 $1,490
$400,000 $1,675

Average Home Insurance Rates in Rhode Island by Company

Here’s a comparison table showcasing annual premiums from some of the top providers in Rhode Island:

Company Annual Premium
State Farm $690
Nationwide $736
UPC $908
AIG $1,176
Farmers $1,359
Allstate $1,404
Amica  $1,720
 PURE $1,768
Providence Mutual $3,092

How Much is Homeowners Insurance for Other Cities in Rhode Island?

Below is a detailed comparison chart highlighting the most affordable companies and their annual premiums across various cities in Rhode Island.

City Annual Premium
Newport $1,323
Providence $1,377
Charlestown $1,308
Warwick $1,285

Getting Online Homeowners Insurance Quotes in Rhode Island

Informational platforms like Insuranceopedia simplify the process of finding the best coverage for your specific needs with just a few clicks. By providing swift online quotes from a variety of top-rated insurers, Insuranceopedia allows you to easily compare rates.

Just input your details, and let us take care of the hard work by presenting you with a range of options tailored to your requirements. This empowers you to confidently choose a policy that offers the best value, striking a balance between cost and comprehensive coverage.

FAQs

Who has the cheapest home insurance in Rhode Island?

The cheapest home insurance in Rhode Island, is provided by State Farm with an annual premium of $690.

What is the average cost of home insurance in Rhode Island?

The average cost of homeowners insurance in Rhode Island, is approximately $1,398 per year.

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