Cheapest Homeowners Insurance in Rhode Island (2024 Rates)

State Farm offers the cheapest home insurance overall in Rhode Island, and it's also the most affordable choice if you're looking for the cheapest coverage for high-value homes, new homes or high deductibles. Additionally, Rhode Island residents can save on their insurance premiums by bundling home and auto coverage with State Farm.

State Farm is the cheapest home insurance provider in Rhode Island, charging an average of $602 per year for $100K in dwelling coverage. Home insurance rates vary based on your dwelling coverage, so if you need higher limits, shop around to find the cheapest rates.

In Rhode Island, State Farm is the cheapest even for higher coverage limits. Here's how State Farm stacks up:

• Cheapest for $100,000: State Farm at $602 per year
• Cheapest for $250,000: State Farm at $1,188 per year
• Cheapest for $500,000: State Farm at $1,990 per year

Compare cheap home insurance using the table below and see how rates can change depending on your dwelling coverage limits.

Seeking affordable home insurance in Rhode Island typically means comparing quotes from various companies. MoneyGeek’s home insurance calculator helps you get Rhode Island quotes quickly, without having to provide personal details at the outset.

In Rhode Island, the most affordable home insurance provider for high-value homes is State Farm, with an average rate of $2,756 annually for $750K in dwelling coverage. Homes that cost more to replace will require policies with higher dwelling coverage limits, which, in turn, cost more.

The most affordable options in Rhode Island are:

• Cheapest for $750,000: State Farm at $2,756 per year
• Cheapest for $1,000,000: State Farm at $3,474 per year

Your dwelling coverage limits should be based on the cost of replacing your home rather than its property value. To compare prices for higher dwelling coverage limits, check out the following table.

The most budget-friendly home insurance provider for new homes in Rhode Island is Farmers, with $100K in dwelling coverage priced at $310 annually. In Rhode Island, newer homes have cheaper insurance costs since modern materials used in construction are often better at resisting damage.

Affordable premiums for various dwelling coverage values in Rhode Island are offered by:

• Cheapest for $100,000: Farmers at $310 per year
• Cheapest for $250,000: State Farm at $650 per year
• Cheapest for $500,000: State Farm at $1,078 per year

Consult MoneyGeek's detailed comparison table to check the different premiums for each level of dwelling coverage.

In Rhode Island, the cheapest home insurance for those with poor credit scores is offered by PURE at $688 per year for $100K in dwelling coverage. Credit scores are important for insurance companies as they use them to evaluate the potential risk of the policyholder being unable to pay the premium on time.

PURE offers the cheapest premiums for varying dwelling coverage limits in Rhode Island:

• Cheapest for $100,000: PURE at $688 per year
• Cheapest for $250,000: PURE at $1,402 per year
• Cheapest for $500,000: PURE at $2,640 per year

The effects of poor credit are clear when you compare averages — for $100K in dwelling coverage in Rhode Island, those with poor credit pay an average of $1,751 annually, compared to $938 for those with good credit scores.

State Farm has the cheapest home insurance in Rhode Island for those with one claim in the past five years, costing $602 per year for $100K in dwelling coverage. Homeowners with a previous claims history are more likely to pay higher premiums.

Here are the most budget-friendly options for different coverage levels for owners with one claim within the past five years and homes built in 2000:

• Cheapest for $100,000: State Farm at $602 per year
• Cheapest for $250,000: State Farm at $1,188 per year
• Cheapest for $500,000: State Farm at $1,990 per year

Those without any claims in the last five years will pay an average of $938 less per year than those with one or two claims, showing how maintaining a clear claims record can significantly reduce your premium.

The construction type and roof materials used in your home can impact your insurance costs significantly. In Rhode Island, for instance, *State Farm offers the cheapest home insurance premium for a home with frame construction and a shake-treated roof, costing $602 per year.

In Rhode Island, State Farm ranks first across coverage limits for frame-type homes with shake-treated roofs:

-Cheapest for $100,000: State Farm at $602 per year -Cheapest for $250,000: State Farm at $1,188 per year -Cheapest for $500,000: State Farm at $1,990 per year

Homes with superior construction types and tile roofs are cheaper to insure, costing $412 annually. Remember that your premium depends on the durability of roofing and construction materials — the stronger the materials are, the lower the risk of damage, which means fewer possible insurance claims.

In Rhode Island, you can save money by simply changing your deductible. For example, the cheapest home insurance company for a $2,000 deductible policy is Farmers, with an annual premium of $528. In contrast, the lowest premium for a $500 deductible is offered by State Farm at $663 annually.

The most affordable companies for each deductible level are:

• $2,000 deductible: Farmers at $528 per year
• $1,500 deductible: State Farm at $542 per year
• $1,000 deductible: State Farm at $602 per year
• $500 deductible: State Farm at $663 per year

A deductible is the amount you pay before insurance covers the rest. Notably, there is a $192 difference in the average cost among all insurers between policies with $500 and $2,000 deductibles.

In Rhode Island, State Farm provides the most affordable home and auto bundle policy with an annual premium of $1,386. Bundling home and auto insurance can result in substantial discounts, making it a cost-effective option.

• State Farm at $1,386 per year
• Nationwide at $3,086 per year

Bundling allows for the ease of managing both policies with a single insurer, simplifying the insurance process and providing customers with efficient policy management and a single point of contact. Find out more by exploring the best Rhode Island insurance bundle.