How Much Is Flood Insurance in Rhode Island? Average Flood Insurance Cost and Coverage

Since most homeowners and renters policies do not cover flood damage, purchasing flood insurance is important so that you can avoid paying for costly repairs.

The cost of flood insurance might vary based on your location, building age, ground elevation and proximity to water.

Due to the significant expenses associated with flood damage, residents of moderate or high-risk flood zones should consider buying flood insurance. The Federal Emergency Management Agency (FEMA) estimates that one inch of water can cause up to $25,000 worth of damage.

TABLE OF CONTENTS

• Cost of Flood Insurance in Rhode Island
• Flood Insurance Companies in Rhode Island
• Flood Insurance Coverage
• Flood Insurance Cost Factors in Rhode Island
• Do You Need Flood Insurance?
• Rhode Island Flood Insurance FAQs

MoneyGeek's research found that the annual average cost of flood insurance in Rhode Island is $1,446. In addition to particular property risks, living in a flood-prone area will affect the price of your flood insurance. In general, locations with several moderate or high-risk flood zones incur higher premiums.

Rhode Island residents pay roughly $679 more for flood insurance than the national average. This could be because Rhode Island has more flood-prone areas than other states.

According to MoneyGeek's research, Newport County has the highest average cost of flood insurance in Rhode Island, at $1,787 annually, while Providence County is the cheapest, at approximately $1,103 yearly.

The following table details flood insurance costs in different Rhode Island counties.

Homeowners can purchase flood insurance from NFIP or explore alternatives offered by private firms. Since not all residences are part of an NFIP community or may require more coverage than what NFIP provides, private insurers fill this void.

These firms often offer a base insurance policy with coverage levels comparable to those offered by the NFIP. Some private carriers may also offer excess policies for additional insurance coverage.

The NFIP partners with multiple insurance companies in Rhode Island to provide residents with flood insurance. MoneyGeek has compiled a list of NFIP-participating insurance providers and their contact details.

The process of purchasing flood insurance is straightforward. There are no special application criteria. Contact the NFIP Hotline at 877-336-2627, your home insurance agent or another flood insurance company.

Due to the 30-day waiting period that is required by the NFIP, it is in your best interest to seek coverage as soon as possible. Private insurance companies may have a 10-day waiting period, but you can contact them for confirmation.

Flood insurance can help cover the expense of repairing or replacing damaged structures and their contents. Even one inch of water can result in repair costs of up to $25,000.

Generally, flood insurance does not cover damage to swimming pools, decks, patios or yards. In addition, it excludes coverage for cash, documents, basement objects and cars.

If your property is damaged by a covered peril, the property coverage of your flood insurance policy can pay the cost of repairs or replacement. The NFIP provides coverage of up to $250,000 in maximum value.

In the event of damage, your insurance may cover the following items:

• Foundation walls
• Electrical systems
• Plumbing systems
• Furnaces, central heating and air conditioning
• Built-in appliances
• Permanent carpets
• Built-in furniture

If your personal property is harmed by a covered risk, flood insurance might pay to restore or replace the damaged things. Through the NFIP, you can acquire up to $100,000 in coverage.

The following are examples of items that flood insurance may cover:

• Clothing
• Furniture
• Electronic equipment
• Washers and dryers
• Artwork

A home's location was the primary factor that insurance companies used when determining the cost of flood insurance until October 2021. FEMA provides interactive maps that enable users to see historical flood risks of U.S. counties by state.

According to FEMA, the number of floods recorded in Kent County is the lowest (42), while Providence County had the most flood events (69). The average cost of flood insurance in these counties is $1,368 and $1,103, respectively.

While Providence County has had the most floods, its size keeps it from having the highest rates in the state.

FEMA launched Risk Rating 2.0 in October 2021. It considers a variety of factors, including elevation, flood risk, proximity to water bodies and other variables.

This rating method provides supplemental data that insurance companies can use to perform more accurate calculations. However, your location still has a significant impact on the cost of your flood insurance premium in addition to the other considerations mentioned in the table below.

Flood insurance can be a smart purchase since floods can cause substantial damage to any property. When you apply for a mortgage or a loan backed by the government, your lender may require you to purchase flood insurance if you live in a flood-prone area. FEMA recommends obtaining flood insurance for added peace of mind.

Standard homeowners and renters insurance policies do not include coverage for flood insurance. While government disaster assistance can provide up to $5,000 per home, flood insurance can provide more assistance. Importantly, it will cover claims even in the absence of a presidential disaster declaration.

Estimating the cost of flood insurance in Rhode Island can be challenging. MoneyGeek has answers to frequently asked questions in order to help with your flood insurance research.