Rhode Island Home Insurance
“Some people roam the earth for home; Rhode Island’s it for me.” So goes their state song, and it’s not hard to see why so many people love it. The smallest state in the nation has proved time and time again that looks can be deceiving. Though small in size, the state is overflowing with friendly people, coastline and a rich history to boot.
Hippo has set up shop covering modern home insurance in Rhode Island, and we’re honored to get to know every single one of you. Whether you own a beach house in Jamestown or a townhome in North Providence, we’ve got you covered. Let’s dive into the basics of getting a home insurance policy in the Ocean State.
How much is homeowners insurance in Rhode Island?
Homeowners insurance in Rhode Island is about $1,743 per year — that’s the same amount you’d pay to store your beloved 20-foot boat for one season, with a bit leftover. A fair price to pay for plenty of fun on the water (and a protected home), in our humble opinion.
Home insurance in Rhode Island is a tad more expensive than neighboring states like Connecticut and Massachusetts. But all these states run higher than the national average due to their proximity to the ocean and severe weather risk.
What factors influence my home insurance rate?
While the Rhode Island average is a good place to start when building your budget, getting a few quotes from providers is also smart. This way, you’ll know how much it’ll cost to insure your particular home. Your premium is influenced by your home’s size, location and current condition. Your financial history also plays into this cost, so make sure you’re doing all you can to improve your insurance score to get a good deal.
Rhode Island Home Insurance Premiums
What does Rhode Island home insurance cover?
Rhode Island home insurance covers your home’s structure, its contents and homeowner liability. While the state once known as the “jewelry capital of the world” has a relatively low crime rate, if your house were to get broken into and you find your jewelry missing, you’ll be covered.
Many policies cover additional structures too, so if you have a detached garage or a shed in the backyard, you don’t have to worry about getting a separate policy for them (though if you store your boat in your garage, that won’t be covered).
Unsure if your current home insurance can weather the storm? Though traditional policies offer a lot of protection, life in Rhode Island is not without risks. Its coastal location means severe weather is typical, so adding riders to your policy like windstorm protection and hurricane insurance is a good idea. Check out our hurricane guide to make sure you have the coverage you need.
Rhode Island Insurance Coverage Options
Traditional coverage
Physical Structure
Living Expenses
Liability Protection
Additional Structures
Personal Possessions
Supplemental coverage
Fire
Earthquake
Flood
Tips for lowering your home insurance premium
Lowering your home insurance premium in Rhode Island is all about prep work. Taking the extra effort to make sure your home can stand up to hurricanes, flooding, high winds and even hail will help you become less risky to insure.
Once you begin to make these changes, such as replacing an older roof or window, make sure to let your insurance provider know so they can calculate your savings.
Other tips for getting that cost down include installing smart home devices throughout your home, raising your deductible and changing home insurance providers.
Though it’s not always feasible to switch providers, we recommend shopping around every few years to stay up-to-date on market prices and take advantage of new customer discounts, when applicable.
Rhode Island home insurance resources
Within Rhode Island's borders, you’ll find the Redwood Library and Athenaeum, the oldest library in the US, still housed in the same building. While you’ll need to pay the $10 admission fee to soak up the knowledge of its hallowed halls, we won’t charge you a dime for the following insurance wisdom.
First, you should know that Rhode Island’s state government provides plenty of resources for new and even aspiring homeowners. The Rhode Island Division of Insurance Regulation provides information on what home insurance covers, how to create a home inventory (though there are plenty of home inventory apps for that) and even tips for winterizing your home. Secondly, the state also offers programs such as the NFIP and FAIR Plan to get you the extra protection you need.
National Flood Insurance Program
In a study conducted by First Street Foundation, 6.9% of homes in Rhode Island are at substantial risk of flooding. And by 2050, that number is expected to rise to 7.9%. So if you just bought your home in Rhode Island or are planning to do so soon, getting proper flood insurance protection is crucial to keeping your assets safe over the next few decades.
You won’t get flood protection through your traditional home insurance policy, but you can get it through the National Flood Insurance Program (NFIP). The NFIP is run by the federal government and offers homeowners protection from floodwaters and the ensuing damage.
Rhode Island FAIR Plan
Though Rhode Island’s state motto may be “hope,” you can’t just hope your home (and your wallet) will be OK during severe weather or after a fire. You need to know for sure. You need home insurance. In the case that you are unable to get a policy through the traditional market, you can still get coverage through the Fair Access to Insurance Requirements (FAIR) Plan run by the Rhode Island Joint Reinsurance Association.
The FAIR program was set up to ensure that homeowners can get a policy no matter their claim or payment history. Keep in mind, though, that this coverage will be minimal, so it should only be considered as a last resort.
Life in Rhode Island doesn’t have to be all rough seas and choppy waters. With proper home insurance protection, you can enjoy all that this coastal state has to offer without sacrificing your peace of mind. Already signed up with another company but feel like you are being kept in the dark? Give Hippo a call to let us be the lighthouse that guides you home.
