Rhode Island Homeowners Insurance

Homeowners Insurance in Rhode Island: Complete Consumer Guide

Rhode Island is the smallest state in the U.S and only covers 1,214 miles. The first British troops who came to America to stop the revolution landed in Newport, Rhode Island. This small state was also the last of the first 13 colonies to enter statehood. In 1774, the first circus was held in Newport, Rhode Island. George M. Cohan, who wrote “I’m a Yankee Doodle Dandy” and “You’re a Grand Old Flag,” was born in Providence, Rhode Island in 1878. Jacqueline Bouvier married John Kennedy in 1953 in St. Mary’s Cathedral, Rhode Island’s oldest Roman Catholic parish in 1928. This state is known for its fine silverware and jewelry.

Types of Homeowners Insurance policies in Rhode Island

Different homes need different homeowners insurance policies. Here are the most common types.

HO-1 The “basic form” covers the 10 most common perils. Some insurers do not offer HO-1 forms.

HO-2 This “broad form” provides limited coverage, but more than the HO-1 basic form.

HO-3 This is the most commonly purchased type of home insurance. It offers coverage for named perils and personal property. Your insurer will pay to repair or replace belongings caused by covered perils, 16 of which are covered by this type of policy, including fire and smoke; lightning strikes; windstorm and hail; explosions; vandalism and malicious mischief; damage from an aircraft, car or vehicle; theft; falling objects; the weight of ice, snow or sleet; and water damage.

HO-6 This is for condominium units. This is usually “walls-in” coverage and may protect the unit’s walls, floors and ceilings against 16 perils. It also includes coverage for the condo owner’s belongings.

HO-8 This form is for older homes and covers 10 perils. It is paid on an actual cash value basis, so it’s the cost of the items minus depreciation.

What factors affect rates on homeowners insurance in Rhode Island?

Construction type is the most important factor that affects rates on homeowners insurance. Other factors that affect rates are whether or not you have good credit, if you’re bundling home and auto, the age of your home and the crime rate in your neighborhood. Each carrier will rate one homeowner differently so it’s a good idea to compare your options.

Top 5 disasters in the State of Rhode Island

Rhode Island federally declared Hurricane as the most common disaster, with 9 counts since 1953, followed by Snow, Severe Storms, Biological, and other disasters. Here are the top 5 federally declared disasters in the state of Rhode Island:

Rank	Declaration Title	Disaster Number
1	Hurricane	9
2	Snow	6
3	Severe Storms	5
4	Biological	3
5	Other	1

Source: Federal Emergency Management Agency (FEMA)

 

How much is homeowners insurance in Rhode Island?

much is homeowners insurance in Rhode Island? The average homeowners insurance rate in Rhode Island is $982. Rates change according to a myriad of factors, so it’s important to compare home insurance quotes to get the best value. They type of policy you buy will also affect the price.

Source: The average cost of homeowners insurance by state, Business Insider.

Crime Rate: Is Rhode Island a safe state?

2019 Crime in Rhode Island	Crime Number	Crime Rate*
Property Crime	16,259	1,534.8
Burglary	2,321	219.1
Larceny-Theft	12,580	1,187.5

*Rate per 100,000 inhabitants

Safest Cities in Rhode Island by Property Crime*

• Glocester, RI has a population of 10,281 with a Property Crime rate of 2.5 per 1k. The city average home value is approximately $317,042.
• Scituate, RI has a population of 10,707 with a Property Crime rate of 3.5 per 1k. The average home value there is about $361,297.
• Portsmouth, RI came in third as the safest city in the state of Rhode Island and has a population of 17,330 with a Property Crime rate of 4.4 per 1k. Its home value averaged at about $432,749.
• Bristol, RI has a population of 22,070 with a Property Crime rate of 4.7 per 1k. Its average home value is $363,040.
• Burrillville, RI has a population of 16,859 with a Property Crime rate of 4.7 per 1k. The city home value averaged $298,321.

*Based on FBI Uniform Crime Reporting 2019, some cities have been eliminated because of changes in the state/local agency's reporting practices and cities with populations under 10,000. Zillow’s State/Cities average home value for a single family home or a condo as of Sept. 2020.

Compare Home Insurance Rates in Rhode Island

Top homeowners insurance companies in Rhode Island

Allstate covers most homes in Rhode Island. It was rated 3/5 by J.D. Power and AA- by Standard & Poor’s. Allstate also has a 25% discount for bundling home and auto insurance policies, 20% discount for a claims-free history and 5% discount for auto-billing.

Liberty Mutual is also a popular choice in Rhode Island for homeowners insurance. J.D. Power rates the company 3/5. If you belong to an organization or association, Liberty Mutual offers discounts to many in their affiliate network.

Rhode Island Home Insurance FAQs

Does homeowners insurance cover a detached garage?

It’s a good idea to check your policy’s declarations page for the specifics but most dwelling coverage also includes detached garages. It all depends on the coverage you have so speak with your agent if you’re not sure if your garage is protected.

Can I cancel my homeowners insurance anytime?

You can cancel anytime, it’s just a question of whether or not you’ll get fined for it. It’s important to ask before cancelling your policy. The best time to switch is at renewal time, unless you get such a great deal that the fines don’t matter! Make sure to tell your mortgage company if you do end up switching.

Does Geico offer home insurance in Rhode Island?

Yes, there are Geico insurance agents in Rhode Island. Geico offers home insurance here.