Rhode Island homeowners insurance

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What affects Rhode Island homeowners insurance rates?

With an average population per square mile of more than 1,000 people, Rhode Island ranks as the second most-densely populated state in the nation. Almost 80% of the state’s residents live within 15 miles of Providence, the capital city. Does the state’s population density impact the cost of Rhode Island homeowners insurance? Yes, but insurance rates are also affected by specific property risks, also called “home perils,” that each state presents.

Although Rhode Island isn’t really an island, the Ocean State boasts more than 400 miles of coastline. That’s quite a lot of water surrounding the nation’s smallest state. Accordingly, Rhode Island also ranks as the state with the highest ratio of coastline to dry area.

Tropical storms and hurricanes can wind their way up the East Coast and make landfall in Rhode Island. When reviewing homeowners insurance packages, bear in mind Rhode Island is among the states where insurance companies offer coverage limits and separate deductibles for hurricane damage. A home’s insurance cost will also reflect its location within the state’s range of moderate-to-severe flood risk areas.

How do Rhode Island homeowners insurance rates and local property values compare to other states?

The national average for home insurance is about $1,500 yearly for each $250,000 of coverage, about the same as a Rhode Island homeowners yearly premium. The state’s highest rates appear in the more densely populated Providence Metro area.

More than half of the housing units in Rhode Island are single-unit dwellings and owner-occupied. The majority of these homes also carry a mortgage. Rhode Island does not require homeowners insurance, but the financial institutions servicing mortgages typically do.

What is homeowners insurance?

Homeowners insurance is a financial protection policy that pays to repair or replace your house if it is damaged or destroyed by fire, weather, theft or other disasters. Homeowners insurance is an important purchase for many people. Homeowners insurance covers the structure of your home and your personal property, as well as your personal legal responsibility (or liability) for injuries to others or their property while they are on your property. Most mortgage lenders require you to have insurance while you have a mortgage and to list them as the lender on the policy.

Most homeowners insurance policies provide a package of coverages. The main types of coverage are as follows:

·        Dwelling Coverage: Pays for damage to your house and to structures attached to your house such as an attached garage or attached barn. This includes damage to fixtures, such as plumbing, electrical wiring, heating and permanently installed air-conditioning systems.

·        Other Structures: Pays for damage to fences, sheds, freestanding garages, guest cottages and other structures that are not attached to your house.

·        Personal Property: Reimburses you for the value of your possessions, including furniture, electronics, appliances and clothing that become damaged or lost even when they aren’t on your property, such as those at an off-site storage locker or with your child away at college.

·        Loss of Use: Pays some of your additional living expenses if your home is uninhabitable while it is being repaired.

·        Personal Liability: Covers your financial loss if you are sued and found legally responsible for injuries to someone else or for damage to another person’s property.

·        Medical Payments: Pays medical bills for people injured while on your property.

Most homeowners policies do not provide flood coverage. Separate Flood Insurance is available in a policy from an insurance company or from the National Flood Insurance Program.

What are some personal property endorsements worth considering?

You may need to consider obtaining additional coverage for what’s inside your home in addition to the home itself. A standard Rhode Island homeowners insurance policy covers your personal belongings, but if you own high-value items, you’ll benefit from customizing your homeowners policy so that these items are correctly insured. Some high-value items you may wish to  include could be:

       Musical instruments and audio-video equipment.


       Jewelry and furs.

       Collections like stamps, coins or rare books.


This information is intended for general informational purposes only and is not intended to constitute legal advice.



Rhode Island Facts and Trivia

State of Rhode Island Department of Health


All American Atlas




Home insurance in Rhode Island by city

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