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Last updated on May 19, 2020

The Best Homeowners Insurance Companies in Rhode Island

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Rhode Island’s annual premiums for homeowners insurance are on the higher side — on average $1,446 per year for an HO-3 policy, compared to the nationwide average of $1,173. That said, how much you’ll pay can vary a lot depending on your home’s size, your assets, and your address. Use our tool to find your best rates.

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Find the Best Home Insurance

Due to the size of the state, Rhode Islanders may have less choices than in other places, but there are a few solid options available for reliable home insurance policies. 

Based on our research, Rhode Island homeowners should first look to Amica for their insurance needs, as the company is top-rated by industry organizations. 

In this review, we also profile Allstate Narragansett Bay, and UPC Insurance. 

To find the best home insurers in the state, we looked at market share, industry ratings, coverage policies, and the available discounts in the area.

The 4 Best Homeowners Insurance Companies in Rhode Island 

  1. Amica
  2. Allstate
  3. Narragansett Bay
  4. UPC Insurance
 AmicaAllstateNarragansett BayUPC Insurance

Our reviewOur reviewOur reviewOur review
AM Best Financial Strength RatingA+A+AA-
J.D. Power Overall Customer Satisfaction Score (Relevant region)5/53/5None2/5
Online Quote Tool✓ ✓ XX

Compare rates Compare rates Compare rates Compare rates

Average Cost of Homeowners Insurance in Rhode Island

The average cost of a home insurance premium in Rhode Island is $1,551, which is significantly more than the national average of $1,211, so Rhode Islanders can expect to pay more than they would in most states. 

In fact, Rhode Island holds sixth place as the most expensive state for home insurance premiums, according to data sourced from National Association of Insurance Commissioners (NAIC). 

As is the case in other states, the price of a Rhode Island home insurance policy depends on many individualized factors, such as the age of the home, the materials used for building, and the home’s square footage. Other factors like location and which discounts the homeowner qualifies for will also affect the price. 

Home Insurance add-ons that will further protect you-

Rhode Island is a coastal state that sees its fair share of bad weather. Some kinds of disaster insurance—like earthquake coverage—are included in many home insurance policies, but flood insurance is generally sold separately from basic policies. 

Two out of the ten most significant flooding events in the U.S. have impacted Rhode Island, according to data from FEMA. And Rhode Island ranks 17th in the nation for storm surge risk. 

When ensuring a home in Rhode Island or any coastal state, we recommend you look into flood insurance. When obtaining a quote from a home insurer, remember to ask about their flood insurance options.

Helpful Resources for Rhode Island Homeowners

Homeowners looking for more Rhode Island-specific information on home insurance should check out the R.I. Department of Business Regulation’s resources on home insurance. The page features helpful definitions and links to further guides and information. 

Rhode Island’s Emergency Management Agency has an excellent page on flood insurance that covers all the basics, as well as topics like floodplain mapping and floodplain regulation.

The Insurance Information Institute is a great place to find facts and statistics on homeowners and renters insurance. The institute’s resources include information on individual states and nationwide trends that could benefit Rhode Island homeowners. 

Methodology

To find the best homeowners insurance companies in Rhode Island, we used Quadrant data to determine the companies with the largest market share in the state. 

We evaluated their scores from J.D. Power, AM Best, Moody’s, and the Better Business Bureau, then dug into the discounts and coverages each insurer offers in the state. 

Primarily, we focused on how much of a benefit the discounts and coverage actually offer homeowners who sign up for policies.

Best Rhode Island Homeowners Insurance Companies

Amica


Amica

Pros

  • Top customer satisfaction 
  • Offers home business coverage

Cons

  • Limited policy customization

Amica is our first choice for homeowners insurance in Rhode Island. This locally based insurer works hard to live up to their promises, reflected in a 5/5 rating from J.D. Power for overall customer satisfaction. Amica offers three primary tiers of coverage in their homeowners insurance policies, with add-ons that include home business coverage, among others. 

Beyond that, policies are somewhat limited in terms of customization. 

J.D. Power awarded Amica a perfect 5 out of 5 in overall customer satisfaction, so customers clearly appreciate the business. 

Allstate


Allstate
Allstate


Pros

  • Plenty of customization 
  • Excellent financial strength 

Cons

  • Average customer satisfaction 
  • High rates in Rhode Island

Allstate has earned widespread name recognition throughout the industry, and for good reason—this insurer offers reliable, customizable coverages. The company also has a strong financial strength profile, scoring “A+” with AM Best.  

Despite the perks, this insurer received an average score of 3 out of 5 for overall customer satisfaction in J.D. Power’s 2019 U.S. Home Insurance Study. In addition, Allstate average premiums are among the higher on our list.

Narragansett Bay


Narragansett Bay
Narragansett Bay


Pros

  • Low rates in Rhode Island
  • Offers in-home appraisals

Cons

  • No online quotes
  • Limited policy options

Headquartered in Johnston, Rhode Island, Narragansett Bay Insurance Company offers their products in states along the Eastern seaboard. Our research found that the company features some of the lowest home insurance policy rates in their home state.

Narragansett Bay offers a unique service called ShelterPride, which includes an professional in-home appraisal to assess ways for the homeowner to avoid loss. However, homeowners interested in obtaining a quote will have to call, because this insurer does not have online quoting set up. 

J.D. Power did not include Narragansett Bay in their 2019 U.S. Home Insurance Study, but AM Best awarded Narragansett Bay an A in financial strength, and the Better Business Bureau gave them an A- rating. 

UPC


UPC Home Insurance
UPC Home Insurance


Pros

  • Many coverage options
  • Offers private flood coverage

Cons

  • No online quotes
  • Subpar customer satisfaction

UPC specializes in insurance for homes located in coastal areas. This insurer shines when it comes to policy options, offering something to fit the needs of most Rhode Island homeowners.

Flood insurance is exceptionally important for homeowners in the vicinity of the coast, so UPC offers their own flood insurance policies. For quotes, the company has an online questionnaire, but the actual quote is handled by an agent. 

Customer satisfaction is below average for the industry however. UPC received a 2 out of 5 from J.D. Power for overall customer satisfaction, and AM Best rated this insurer with an A- for financial strength. 

The Cheapest Homeowner Insurance Companies In Rhode Island

Homeowner  Insurance CompaniesAverage Annual Premium
State Farm$564
Narragansett Bay Insurance Company$607 
UPC Insurance$ 679
Metropolitan Insurance$ 832
AIG$ 968
Privilege Underwriters Reciprocal Exchange$ 1,026
Amica$ 1,045
Merrimack Mutual Fire Insurance Company$ 1,143
Allstate$1,191
Providence Mutual Fire Insurance Company $ 2,083

Homeowner  Insurance by Age of Home

Homeowners Insurance by Age of HomeAverage Annual Premium
5$ 1,010
20$ 1,266
35$ 1,286
50$ 1,272
Average Across Tiers$ 1,208

Quadrant home insurance rate data as of  12/01/2019. 

Top 3 Cheapest Homeowner Insurance Companies in Rhode Island

• State Farm – $564

• Narragansett Bay – $607

• UPC Insurance – $679

Top 3 Most Expensive Homeowner Insurance Companies in Rhode Island

• Providence Mutual – $2,083

• Allstate – $1,191

• Merrimack Mutual – $1,143

Based on the data our team received from Quadrant, the three cheapest home insurance companies in Rhode Island are State Farm, Narragansett Bay, and UPC Insurance—and the three most expensive are Providence Mutual, Allstate, and Merrimack Mutual. 

It’s important to keep in mind that the average home insurance premiums we received are based on general profiles and do not necessarily reflect the actual premium a homeowner will get. Home insurance premiums are based on many individualized factors, and the best way to find the right coverage is by requesting a personalized quote from the insurer. 

Homeowners Insurance FAQ

Is homeowners insurance required in Rhode Island?

The state of Rhode Island does not require its citizens to have home insurance, but most mortgage lenders do require homeowners insurance for their mortgages. 

What is the cheapest homeowners insurance in Rhode Island?

Based on the data we receive from Quadrant, the cheapest homeowners insurance policy is offered by State Farm. However, State Farm “does not actively market new business” in Rhode Island at this time.

Based on our research, the three cheapest home insurance providers in Rhode Island are State Farm, Narragansett Bay, and UPC Insurance. 

About the Authors

Julian is a tech and finance writer, covering stories from artificial intelligence to cryptocurrency. He lives with his wife in Albuquerque, New Mexico. Whenever he has a day off, Julian can be found at Isotopes Stadium watching the ballgame.