Rhode Island Homeowners Insurance Guide
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Rhode Island Homeowners Insurance
Explore Rhode Island Homeowners Insurance State Guides, Laws and Regulations before You Buy Insurance
The Ocean State is small in land area, but abundant in things to do. Most of which involve its picturesque coastal beaches. Tucked inside the New England region between Massachusetts and Connecticut, Rhode Island has long been the vacation destination of those in the Northeast of the U.S. In addition to the miles upon miles of oceanside beach, Rhode Island also boasts great, vibrant cities in Newport and Providence. Another unique quality of the Ocean State is its concentration of wealth. Nothing epitomizes this more than the Ocean Drive Historic District in Newport. Rhode Islanders and visitors alike often cruise down this ten-mile road to view the historic and elegant mansions that line Ocean Drive.
Unfortunately, this concentration of property value and amount of coastline creates an inherent risk for property owners in the state. As such, Rhode Islanders are often well prepared for hurricanes and floods.
Average Homeowners and Renters Insurance Premium
Rhode Islanders have some of the most expensive homeowners and renters insurance rates in the country. In fact, homeowners in the Ocean State pay the fifth most in the country for insurance. The state’s proximity to the ocean and penchant for storms make it quite susceptible to flooding. In addition, over the years the state has endured its fair share of hurricane damage.
| State | Homeowners | Renters |
| Rhode Island | $1,630 | $185 |
| USA | $1,249 | $179 |
Source: Insurance Information Institute (2018)
The standard homeowners and renters insurance policies will cover risks such as fire, damage from wind, theft, and a host of other normal perils. However, flood is specifically excluded. Thus, Rhode Islander typically add a flood policy to their homeowners insurance to ensure adequate coverage. Note that damage from a hurricane is not usually excluded from the standard homeowners policy. However, if said damage is the result of a flood, which was caused by the hurricane, it would be excluded.
Which Property Insurance Carrier Should I Choose?
The homeowners insurance market in Rhode Island is highly competitive, with the top five insurance carriers controlling less than half of the market. In addition, there is a good sample of regional and national companies within the market. Due to the risk associated with the region, comparing carriers and their respective packages is crucial to ensuring you have proper coverage. When reviewing potential partners, take note of each company’s reputation as it relates to honoring coverage and speed in which they handle claims. Financial security and ability to tailor coverage specific to the nature of your risk will also be important.
Top 5 Home Insurance Carriers in Rhode Island
| Company | Market Share |
| Amica Mutual Insurance Co. | 16.3% |
| Allstate Corp. | 12.1% |
| Liberty Mutual | 8.2% |
| USAA Insurance Group | 6.8% |
| UPC Insurance | 6.2% |
Source: Insurance Information Institute (2019)
Due to the Ocean States lists of grandiose mansions, it has an air of prestige. However, once you look further, visitors and native Rhode Islanders often find the history and quaint beauty that belies this small New England State. Unfortunately, its beautiful coast and sporadic climate places upwards pressure on homeowners and renters insurance rates.
Rhode Island Regulating Agencies And References
