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Purchasing homeowners insurance is the best way to protect your new investment. The trick is figuring out which insurance policy is right for you. Here, we identify the best homeowners insurance in Rhode Island, direct you toward the cheapest policies in the state, and tell you what to consider when choosing a Rhode Island home insurance policy.
For cheap homeowners insurance in Rhode Island, these four insurers offer the lowest overall rates:
One added benefit of a new home is that it is less expensive to insure than an existing (or older) home. That's because all the components in the house are new, and insurance companies figure they won't break down any time soon. Fewer failing components mean there's a lower chance of a roof leak, wet basement, or broken water pipe. The expected savings is passed on to the homeowner through lower insurance premiums. In Rhode Island, State Farm comes in with the lowest average annual rate of $396.
Here are the three Rhode Island home insurance providers offering the next lowest rates for newly built homes:
Older homes are full of history and, often, architectural detail. However, due to age, older homes are more likely to face issues like shifting foundations and leaky basements. These issues lead to insurance claims, which helps explain why insurers tend to charge more to cover an older home. In Rhode Island, these four companies offer the lowest older homes rates:
Homeowners insurance is vital. However, making a major claim often leads to an increase in premium, at least for a while. For Rhode Islanders who have made an insurance claim, these four insurers aim to keep rates low:
At an average statewide cost of $1,248, Rhode Islanders pay 30% less than the average national rate of $1,788.
Average Rate Category | Rhode Island | National Average |
---|---|---|
Overall | $1,248 | $1,788 |
New home construction | $825 | $1,748 |
Older homes | $1,223 | $988 |
After making a claim | $1,446 | $1,984 |
The best homeowners insurance in Rhode Island offers two things: Low premiums and a high level of coverage. The challenge is finding the "perfect" policy while being bombarded with unfamiliar terms. Here's a breakdown of what some of those terms mean.
Policies come in all shapes and sizes, from barebones to all the bells and whistles. The good news is that the best homeowners insurance companies offer them all. Choosing the right policy is a matter of determining how much protection a homeowner needs. For example, if a homeowner has an expensive wine cellar or home theater, they may want a more comprehensive policy.
Although a basic policy is the least expensive option, there's a problem with barebones policies. A basic policy with zero bells and whistles may not fully cover the homeowner in the event of a loss. It benefits a homeowner to carefully consider the level of coverage they need before shopping for the best homeowners insurance in Rhode Island.
When a homeowner suffers a loss and makes a claim, they pay an insurance deductible. The deductible is the amount they must pay toward a repair or replacement. Let's say there's a fire in the basement. It's contained but still causes $25,000 worth of damage. If the homeowner has a $1,000 deductible, that means they're responsible for paying the first $1,000, and the insurance company will pick up the remaining $24,000. One way to keep premiums low is to opt for a higher deductible.
One of the simplest ways to land cheap homeowners insurance in Rhode Island is to ask about policy discounts. Nearly all insurers offer a full menu of home insurance discounts. These discounts cover everything from whether the home has an alarm system to how recently the roof was replaced.
Knowing the most common Rhode Island home insurance claims helps a homeowner narrow down which types of coverage are most vital.
Nationally, wind and hail are the most frequent causes of insurance claims, and Rhode Island is no exception. Wind and hail can damage everything from roofs to siding and windows.
Other common claims include lightning strikes and fire. As anyone who has ever dealt with fire knows, it can lead to devastating losses.
Nationally, the average rainfall is 38 inches. In Rhode Island, annual precipitation averages 42 to 46 inches. Rain and snowfall lead to issues like wet basements, damaged roofs, and slip-and-fall accidents.
Once again, the best homeowners insurance in Rhode Island provides great coverage at an affordable price. The easiest way to land a low price is to take advantage of discounts. Here, we highlight coverage options and illustrate how discounts can reduce annual premiums.
A quick rundown of the eight types of homeowners insurance includes:
A comprehensive policy may include protection for things like expensive upgrades and other expensive-to-replace features.
One factor in finding low-cost insurance in Rhode Island is claiming as many discounts as possible. Here are some of the most common:
As insurance companies determine rates, they take into account many factors, including:
The five cheapest cities in Rhode Island for homeowners insurance are:
City Name | Average Home Insurance Rate |
---|---|
Rockville | $1,130 |
Kenyon | $1,135 |
Wyoming | $1,138 |
Hopkinton | $1,139 |
Carolina | $1,139 |
And the five most expensive cities to insure a home are:
City Name | Average Home Insurance Rate |
---|---|
Block Island | $1,607 |
Adamsville | $1,476 |
Jamestown | $1,417 |
Narrangansett | $1,381 |
Providence | $1,348 |
Fortunately, Rhode Island insurance companies offer rates well below the national average, making it easier for the average homeowner to purchase the level of coverage they need.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.
The data found on this page is a combination of publicly available quote data obtained directly from the carrier as well as insurance rate data from Quadrant Information Services. These rates were publicly sourced from the top ten (10) to fifteen (15) carrier markets, within each state, based on annual written premium and should be used for comparative purposes only -- your own quotes may be different.