Best Condo Insurance In Rhode Island
Rhode Island’s average condo insurance premium is $585 annually, with Nationwide standing out as the best insurance option.
We’ve saved shoppers an average of $450 per year on their home insurance.
Severe storms and tornadoes are common in Rhode Island, so condo owners should prepare for potential weather-related damage. Although condo insurance isn’t required by law, it’s often a mortgage lender’s requirement.
This insurance covers financial losses from property damage, theft, and disasters, and might extend to structural protection based on your HOA. For peace of mind, select a policy that provides wide-ranging coverage. If you’re unsure where to begin, this guide will steer you toward the best condo insurance options in Rhode Island.
Best Condo Insurance Companies In Rhode Island, 2026
Compare The Best Condo Insurance Policies In Rhode Island
| Best For | Overall Rating | A.M Best Rating | J.D Power Rating | Get A Quote | |
|---|---|---|---|---|---|
| Nationwide |
Overall |
|
A+ |
816 |
Instant Quote |
| Travelers |
Discounts |
|
A |
794 |
Instant Quote |
| Amica |
Runner-Up |
|
A+ |
849 |
Instant Quote |
| Chubb |
High-Value Condos |
|
A++ |
809 |
Instant Quote |
Best Condo Insurance Companies In Rhode Island 2026
Best For High-Value Condos
Key Statistics
Why We Like Them
⇅If you own a luxury condo in Rhode Island, Chubb is the best choice for exceptional service and tailored coverage. Their Masterpiece policy includes extended replacement cost coverage, which protects against rebuild costs exceeding the insured value. With add-ons like identity fraud and cyber coverage, Chubb caters to the unique needs of high-net-worth owners. High coverage limits further emphasize their commitment to premium protection.
Benefits & Drawbacks
⇅- Expands insurance coverage
- High-caliber customer care
- Complaints were not widespread. ✓
- Tailored for luxury apartment buildings
- Prices are above what's standard for the industry.
- Not listed among BBB accredited businesses. ✘
Best Runner-Up
Key Statistics
Why We Like Them
⇅Amica holds the second position for offering an impressive range of coverage options to Rhode Island condo owners. The Platinum Choice policy provides more robust limits and enhanced protection compared to standard plans. With premiums far lower than Allstate’s, Amica is a budget-friendly choice. Customers can bundle policies for discounts of up to 20%. Amica’s strong reputation for customer service and satisfaction adds to its appeal.
Benefits & Drawbacks
⇅- Array of insurance options
- Diminished customer dissatisfaction
- Secure financial position of insurer. ✓
- Rates that surpass the typical levels
- AM Best's rating was lowered during the year 2017.
- There are limitations on condo insurance dividends by state. ✘
Best Overall
Key Statistics
Why We Like Them
⇅Nationwide leads this guide with its versatile and customer-focused insurance options. Coverage includes protection for personal possessions, such as furniture and clothing, and ALE coverage for temporary housing expenses. Policyholders can add endorsements for additional customization. With a reputation for quick and fair claims processing and excellent customer service, Nationwide provides a reliable and seamless experience.
Benefits & Drawbacks
⇅- Pocket-friendly pricing
- A broad array of coverage opportunities
- Exceptional customer service ✓
- Intended for deluxe condominiums.
- Time-limited savings offers.
- Potential for supplementary financial commitments ✘
Best For Discounts
Key Statistics
Why We Like Them
⇅Travelers Insurance is a leading choice for Rhode Island condo owners who want affordable coverage with a variety of discounts. Policyholders can save up to 15% with a multi-policy discount by bundling condo and auto insurance, simplifying policy management. Travelers also rewards safety-conscious customers with a protective device discount for installing security or smart home devices. Their competitive rates and comprehensive coverage make them a standout option.
Benefits & Drawbacks
⇅- Cost-conscious pricing
- Chance to group together various insurance policies
- Excellent monetary fortitude assessment ✓
- Inadequate breadth
- There may be a registry of banned dog species. ✘
Factors That Impact The Cost Of Your Condo Insurance Policy
What affects your condo insurance in Rhode Island?
- Replacement Value: Higher rebuild costs mean higher rates.
- Location Factors: High-crime or storm-prone areas raise premiums.
- Building Age: Older condos with aging systems cost more to insure.
- Claims Activity: A history of claims may increase rates, while no claims could reduce them.
How Much Is Condo Insurance In Rhode Island?
Condo insurance in Rhode Island averages $585 annually. State Farm provides the lowest rates, approximately $448 per year. The table presents annual premiums for condo insurance from ten major providers in the state.
| Insurance Company | Average Annual Rate |
| State Farm | $448 |
| Amica | $695 |
| Nationwide | $585 |
| AIG | $690 |
| Allstate | $540 |
Average Cost Of Condo Insurance In Rhode Island- By City
Listed below are the average expenses for condo insurance in some of Rhode Island’s most populated cities.
| City | Average Annual Rate |
| Providence | $615 |
| Warwick | $588 |
| Woonsocket | $600 |
| Central Falls | $624 |
| Coventry | $614 |
Condo Insurance Rates In Rhode Island – By Building Property Limits
Condo insurance varies depending on the cost of rebuilding your specific unit. The comparison table below details average monthly premiums at different coverage limits.
| Building Property Limit | Average Annual Rate |
| $40,000 | $508 |
| $60,000 | $585 |
| $80,000 | $655 |
| $100,000 | $726 |
Instead of focusing solely on finding the cheapest insurance rates, prioritize a policy that provides a balanced approach to cost, coverage, financial stability, and responsive customer service.
Most Expensive ZIP Codes For Condo Insurance In Rhode Island
The average annual cost of condo insurance in Rhode Island’s 2882 ZIP code is $2,186, marking it as the highest in the state.
| ZIP Code | Average Yearly Premium |
| 2801 | $2,123 |
| 2840 | $2,096 |
| 2882 | $2,186 |
| 2841 | $2,182 |
Cheapest ZIP Codes For Condo Insurance In Rhode Island
ZIP code 2864 is where you’ll find condo insurance priced lowest, averaging $1,748 annually.
| ZIP Code | Average Yearly Premium |
| 2824 | $1,819 |
| 2859 | $1,826 |
| 2864 | $1,748 |
| 2895 | $1,756 |
How To Find The Best Condo Insurance Company For You
Condo insurance is essential for safeguarding your property and finances. To simplify the process of finding a policy:
Evaluate your coverage requirements.
Search online for insurers and pick three to consider.
Request quotes from each.
Compare policies based on coverage, cost, and customer feedback.
Buy the policy that best meets your needs.
How To Get An Online Condo Insurance Quote In Rhode Island
To find the best condo insurance in Rhode Island, it’s essential to compare multiple quotes from reputable providers. Start by checking out Insuranceopedia. For accurate quotes, you’ll need to share the following:
- Full name
- Condo address
- Year it was built
- Exterior wall construction type
- Condo square footage
- Rebuilding cost
- Value of personal property
- Number of people living there
- Your claims history
- Any installed safety/security features
How Much Condo Insurance Is Legally Required In Rhode Island?
Condo insurance isn’t a legal requirement in Rhode Island, but mortgage lenders or condo associations usually require it. Liability coverage limits typically range from $100,000 to $500,000.
How Much Condo Insurance Do I Need In Rhode Island?
In Rhode Island, the level of condo insurance required is determined by factors such as your condo’s design, the value of your personal possessions, and the coverage included in your condo association’s master insurance policy. Including loss assessment coverage in your policy can help cover costs related to damages or losses in shared areas within the condo community.
How To Save Money On Rhode Island Condo Insurance
For affordable condo insurance in Rhode Island, one effective strategy is to increase your deductible. While this reduces your premiums, you’ll need to ensure you can manage the higher deductible in case of a claim. Additionally, securing your condo by weatherproofing it and installing safety features like storm shutters and security devices can further lower your rates by reducing the risk of weather damage or break-ins.
Compare Condo Insurance Rates To Other States
| State | Average Annual Premium |
| Alabama | $607 |
| Alaska | $418 |
| Arizona | $440 |
| Arkansas | $578 |
| California | $605 |
| Colorado | $479 |
| Connecticut | $403 |
| Delaware | $498 |
| Florida | $1,069 |
| Georgia | $553 |
| Hawaii | $368 |
| Idaho | $483 |
| Illinois | $407 |
| Indiana | $384 |
| Iowa | $299 |
| Kansas | $397 |
| Kentucky | $391 |
| Louisiana | $786 |
| Maine | $408 |
| Maryland | $331 |
| Massachusetts | $461 |
| Michigan | $360 |
| Minnesota | $351 |
| Mississippi | $634 |
| Missouri | $388 |
| Montana | $521 |
| Nebraska | $391 |
| Nevada | $477 |
| New Hampshire | $381 |
| New Jersey | $429 |
| New Mexico | $433 |
| New York | $475 |
| North Carolina | $519 |
| North Dakota | $287 |
| Ohio | $315 |
| Oklahoma | $655 |
| Oregon | $400 |
| Pennsylvania | $390 |
| South Carolina | $530 |
| South Dakota | $328 |
| Tennessee | $492 |
| Texas | $873 |
| Utah | $301 |
| Vermont | $375 |
| Virginia | $372 |
| Washington | $400 |
| West Virginia | $331 |
| Wisconsin | $272 |
Our Methodology
Finding the best condo insurance companies in Rhode Island required me to assess customer satisfaction and financial stability ratings from trusted sources such as J.D. Power and AM Best. I also considered consumer feedback and drew on my experience as a licensed property and casualty agent specializing in condo insurance in the state.
Quotes Analyzed
Brands Reviewed
Years Of Experience
Research Hours
FAQs
What Does Condo Insurance Cover In Rhode Island?
Commonly known as an HO-6 policy, condo insurance covers the interior structures of your condominium and its contents against unexpected damage or loss. This includes essentials like walls, floors, fixtures, and cabinets, as well as personal property. Additionally, condo insurance provides liability coverage and generally includes $1,000 for loss assessment coverage to address damages affecting communal areas within the condominium complex. You can increase coverage limits with a policy endorsement.
How does condo insurance work?
Condo insurance provides condo owners with financial assurance, safeguarding their condominiums and personal possessions from numerous risks through a comprehensive selection of coverage options and additional policy features.
About Bob Phillips
