Best and Cheapest Renters Insurance in Rhode Island (2024)

Amica is the best renters insurance company for $20K in personal property coverage. It has an average annual premium of $87 and a MoneyGeek score of 98 out of 100. State Farm is the cheapest option at around $83 per year.

Remember that the best choice for you will vary based on your needs.

Amica is the best renters insurance provider in Rhode Island, with a MoneyGeek score of 98 out of 100 and an annual premium of $87 for $20K in personal property coverage. The following providers are the two best renters insurance options in Rhode Island for the same policy:

• Amica: MoneyGeek score of 98 out of 100 ($87 per year)
• Nationwide: MoneyGeek score of 93 out of 100 ($110 per year)

Amica has perfectly balanced customer satisfaction and affordability. However, the best provider for you will still depend on your needs.

State Farm offers the cheapest renters insurance in Rhode Island at an average annual premium of $83 for $20,000 in personal property coverage. The following providers are the top two cheapest in Rhode Island for $20,000 in personal property coverage with a $1,000 deductible:

• State Farm: $83 per year
• Amica: $87 per year

Personal property coverage helps replace or repair your personal belongings if they're damaged, stolen or lost due to covered events. Cheap renters insurance policies frequently come with lower personal property coverage limits, which means they cost less monthly but provide less protection. Higher personal property coverage limits can increase costs but offer better protection for your belongings.

In Rhode Island, State Farm offers the cheapest renters insurance for $20K in personal property coverage with a $2,000 deductible. It has an average annual premium of $70. For the same coverage with a $2,000 deductible, the top two cheapest providers in Rhode Island are:

• State Farm: $70 per year
• Amica: $82 per year

A deductible is the amount you pay out of pocket before insurance kicks in, affecting your premium costs. Higher deductibles usually mean lower premiums. Review the table below to see how rates change.

Amica is the best renters insurance company for service quality in Rhode Island for $20K in personal property coverage, with an average annual premium of $87. If you value excellent customer service and need $20K in personal property coverage, consider these top two providers in Rhode Island:

• Amica: MoneyGeek score of 98 out of 100 ($87 per year)
• Nationwide: MoneyGeek score of 89 out of 100 ($110 per year)

Great customer service is crucial for renters looking for insurance because it ensures a hassle-free experience when you need assistance. If you ever need to make a claim, excellent customer service will help you through the process swiftly and smoothly.

In Rhode Island, Amica is the best renters insurance company for renters who need $100K in personal property coverage, with an average annual premium of $218. For this coverage, the following providers are the top two best in Rhode Island:

• Amica: MoneyGeek score of 98 out of 100 ($218 per year)
• State Farm: MoneyGeek score of 93 out of 100 ($197 per year)

Renters who have more personal belongings need higher personal property coverage. Personal property coverage helps replace or repair personal items such as furniture, electronics and clothing if they are damaged or stolen.

Higher personal property coverage often comes at a higher cost. It is important to find a provider who can balance cost and great service to ensure that you get the best protection for your valuables without breaking the bank.

Amica is the best renters insurance company for those with military backgrounds in Rhode Island. It offers $20K in personal property coverage at an average annual premium of $87. In Rhode Island, the following providers are the top two best options for military members who need $20K in personal property coverage:

• Amica: MoneyGeek score of 98 out of 100 ($87 per year)
• Nationwide: MoneyGeek score of 93 out of 100 ($110 per year)

For military members, finding the best provider means prioritizing customer service and affordability to ensure comprehensive coverage and excellent service.

Amica is the best renters insurance company for those with poor credit in Rhode Island, with an average annual premium of $171. The following providers are the top two best options in Rhode Island for those with poor credit:

• Amica: MoneyGeek score of 96 out of 100 ($171 per year)
• Nationwide: MoneyGeek score of 92 out of 100 ($188 per year)

Rates for those with poor credit are often higher, as they pose a greater risk to providers. Insurers perceive individuals with poor credit as higher risk because they believe these individuals are more likely to file claims. Taking steps to improve your credit and taking advantage of available discounts can help lower your insurance rates.

The average cost of renters insurance in Rhode Island is $261 per year or $22 per month. This rate is approximately $116 more than the national average of $145 per year. These rates are for a policy with $20,000 in personal property coverage, $100,000 in liability coverage and a $1,000 deductible.

Be aware that the cost of renters insurance in Rhode Island can vary significantly based on the amount of personal property coverage you choose. Use the tool below to get an estimate tailored to your needs.

The average cost for renters insurance varies not only by state but also by city. For example, the average annual premium in Providence is $397, compared to the Rhode Island state average of $383. These rates are based on a renters insurance policy with $20,000 in personal property limits, $100,000 in liability limits a $1,000 deductible, and a good credit score.

Multiple factors impact the cost of renters insurance in Rhode Island, including location, coverage amount and deductible. Understanding these factors is important for making informed decisions and potentially lowering your premiums. Below are some key factors that affect renters insurance costs:

• Location: Urban areas often have higher premiums due to increased risk.
• Coverage Amount: Higher coverage amounts typically result in higher premiums.
• Deductible: Choosing a higher deductible can lower your premiums.
• Credit Score: Better credit scores can lead to lower insurance costs.
• Claims History: A history of previous claims can increase your premiums.

Determining your personal property coverage as a renter starts with a thorough personal inventory of your belongings, along with their estimated value and proof of ownership. Here's how to create one:

1. Start With Big-Ticket Items: List all high-value items first, such as electronics, jewelry and furniture, noting their make, model and serial numbers when available.
2. Document With Photos or Videos: Take clear photographs or video recordings of your belongings, capturing any identifying marks or conditions.
3. Include Receipts and Appraisals: Attach purchase receipts, warranty cards and appraisal documents for items of significant value.
4. Store Information Securely: Keep your inventory list and supporting documents in a safe, accessible location, such as a cloud storage service.
5. Update Regularly: Review and update your personal inventory annually or whenever you acquire or dispose of items.

Renters insurance primarily protects your personal belongings from damage, but it also extends to other areas, such as liability and additional living expenses. Here's what a typical policy may cover:

• Personal Property Coverage: Safeguards your possessions against covered perils like theft to help you replace them.
• Personal Liability Coverage: Protects you from legal responsibility for injuries or damage to others, such as if a guest is injured in your rental unit.
• Loss of Use Coverage: Assists with additional living expenses. For example, if your rental is uninhabitable due to a fire, loss of use coverage can cover temporary housing costs.

Renters insurance typically applies to specific events, like theft, vandalism or specific natural disasters. Here's what most policies cover:

• Fire or lightning
• Windstorm or hail
• Explosions
• Riots
• Damage caused by aircraft
• Damage caused by vehicles
• Smoke damage
• Vandalism
• Theft
• Volcanic eruption
• Falling objects
• Weight of ice, snow or sleet
• Water-related damage from home utilities
• Electrical surge damage

Renters insurance does not cover everything; for example, it typically excludes damage from natural disasters like floods. Below is a list of common exclusions you should be aware of:

• Natural Disasters: Renters insurance usually does not cover flood damage.
• Pest Damage: Damages caused by pests such as rodents or insects are not covered.
• High-Value Items: Expensive items like jewelry or fine art may require additional coverage.
• Roommate Belongings: Your policy generally does not cover your roommate's belongings.
• Business Equipment: Equipment used for business is often not included in standard policies.

Choosing the best renters insurance provider depends on your specific needs. We've answered frequently asked questions to help you navigate your options.