Compare Homeowners Insurance Quotes In Rhode Island

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Best Home Insurance Rates In Rhode Island

Rhode Island is the birthplace of actors James Woods, Meredith Viera, and Academy-Award winner Viola Davis. The Ocean State is also the home of Seth MacFarlane and Quahog, the fictional town where the TV show “Family Guy” takes place. Though it is the smallest state in land area, Rhode Island and Providence Plantations, as the state is still officially known, is home to some big homeowners insurance risks.

Average Rhode Island Homeowners Insurance Rates

Rhode Island has some of the highest average home insurance premiums in the country.  According to the most recent available data from the Insurance Information Institute, in 2014, the average cost of homeowners insurance in the state of Rhode Island was $1,398, quite higher than the national average of $1,132. Only six states have higher average home insurance rates than Rhode Island.

Rhode Island Average Annual Homeowners Insurance Rates
  2012 2013 2013
Rhode Island Annual Average $1,233 $1,334 $1,398
Rhode Island Price Per Month $103 $111 $116
US Annual Average $1,034 $1,096 $1,132
US Cost Per Month $86 $91 $94
National Rank 7 7 7
Source: http://www.iii.org/fact-statistic/homeowners-and-renters-insurance

Choosing a homeowners insurance company in Rhode Island should be easier. Actually, it’s already easy; you could just go with whichever company your mortgage lender recommends, but you probably won’t get the best rates that way. The key to finding cheapest rates is to compare home insurance quotes in Rhode Island from multiple companies.

Best Rhode Island Home Insurance Companies

Last year, these were the most common home insurance companies reported by QuoteWizard users living in the state of Rhode Island. Out of the 1,716 Rhode Island homeowners that used QuoteWizard to request insurance quotes last year, 102 had no home insurance.

  1. Allstate Insurance
  2. Liberty Mutual
  3. Geico
  4. Progressive Casualty
  5. Nationwide
  6. MetLife
  7. AAA Insurance Co.
  8. USAA
  9. Mutual Insurance
  10. Travelers Insurance
Get a quote from some of these top rated insurers! Request Quote Get a Quote From Top Insurers

Why contact every individual company in Rhode Island that you want a homeowners quote from when you can just answer a few questions about your home and desired coverage, and get competing quotes from agents? Save time and money with QuoteWizard.

Top 10 Rhode Island Home Insurance Company Market Share

Source: Insurance Information Institute
Rank Company Direct Premiums Written (in thousands) Market Share
1 Allstate $50,274 14.8%
2 Mutual Insurance Co. $48,677 14.3%
3 Liberty Mutual $32,184 9.5%
4 Nationwide Mutual Group $26,423 7.8%
5 MetLife Inc. $19,352 5.7%
6 USAA Insurance Group $18,142 5.3%
7 NBIC Holdings Inc. $17,144 5.1%
8 Andover Companies $13,425 4.0%
9 Chubb Corp. $13,140 3.9%
10 United P & C Insurance Co. $10,645 3.1%

Financial Strength Ratings of Top Rhode Island Home Insurers

Source: A.M. Best (Ratings as of 8/5/2015)

  • Allstate: A+
  • Mutual Insurance Co.: A++
  • Liberty Mutual: A
  • Nationwide Mutual Group: A+
  • MetLife Inc.: A
  • USAA Insurance Group: A++
  • NBIC Holdings Inc.: NR
  • Andover Companies: A+
  • Chubb Corp.: A++
  • United P & C Insurance Co.: NR
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Rating Guide

Rhode Island Property & Casualty* Insurance Company Market Share

Source: National Association of Insurance Commissioners
Rank Company Direct Premiums Written (in thousands) Market Share
1 Allstate $153,541 7.6%
2 Liberty Mutual $146,296 7.2%
3 Mutual Insurance Co. $139,483 6.9%
4 Progressive Group $131,334 6.5%
5 Nationwide Mutual Group $113,125 5.6%
6 Beacon Mutual Insurance Co. $113,064 5.6%
7 Travelers Companies Inc. $93,099 4.6%
8 Geico $92,118 4.6%
9 MetLife Inc. $90,502 4.5%
10 American International Group $62,807 3.1%
*Represents both home and auto insurance

Home Insurance Rate Factors

Many different factors come into play when insurance companies calculate the cost of homeowners insurance. Some, like the age of your home, are within your control. Others, like crime rates or natural disasters, are beyond your control. Here are some of the factors that affect the cost of homeowners insurance in Rhode Island.

Average Home Listing Prices

Home prices can greatly affect the cost of insurance in any given state. A higher average home price generally means higher premiums in that state. For Rhode Island, the average listing price is $346,197 as of July 2015, a bit higher than the national average of $284,748.

Average Burglary Rates

Burglary is a serious and sometimes violent property crime. States with higher average burglary rates generally have higher average home insurance premiums, because the likelihood that someone will need to file a claim is higher. According to data from the FBI Uniform Crime Report, in 2013, Rhode Island’s average burglary rate was 533.2 per 100,000 people, which is a bit lower than the national average of 610.0 per 100,000.

States with more law enforcement per capita tend to be safer than states with fewer policemen and women. In Rhode Island, there are 34.1 law enforcement personnel per 100,000 total citizens, marginally higher than the national median of 32 per 100,000.

Home Insurance Hazards

Rhode Island is home to a number of homeowners insurance hazards, including lots of rain year round, cold and snowy winters, and warm, rainy summers.

Year-round precipitation: Rhode Island is one of the wettest states, with an average of 48 inches of rain per year. On average, rainfall is recorded in every month, though March and November are the wettest months of the year. Providence averages 125 days and about 47 inches of rain, about five of which come in each March and November. Other than these two months, rain is fairly uniform, with three to four inches per month.

Occasionally, the rain can become more severe, especially during a storm. Though severe storms are not very common, they do occur in Rhode Island, and can come in the form of hurricanes. Providence is tied with New York City and Boston with the ninth-most hurricanes to approach the city in recent history, with three. Luckily, all three have been below category 3, so damage was minimal. These hurricanes bring strong winds and heavy rain, which can cause considerable damage to property. They also can cause flash floods and hail, increasing damage potential. It is important to note that the only way to obtain flood insurance is through the National Flood Insurance Program. Learn more about the NFIP here.

Cold, snowy winters: Providence is the #10 ranked city in the US for days of severe snowstorms, with 1.7 days per year, on average. As a whole, Rhode Island receives about 34 inches of snow per year, and only about 19 days of snow, on average, meaning that much of the snow is concentrated in a handful of snowstorms. These snowstorms often take the form of nor'easters, severe winter storms that are typical of the New England region. Nor’easters can bring extreme blizzards.

Throughout the state, January tends to be the snowiest month, and the biggest cities all average about 11 days of snow during that month. January is also the coldest month in Rhode Island, when high temperatures are about 35 degrees, and low temperatures are about 18 degrees. The cold can start as early as November and stay through March, and is a major homeowners insurance hazard. Severe cold forces objects to contract, causing structures and pipes to become brittle and crack or leak. Turning up the heater can also lock moisture inside, encouraging the development of mold and mildew later in the year. Understanding how these hazards can affect your home is the first step in preventing damage.

Warm, wet summers: Rhode Island’s year-round precipitation does not let up during summer. Even during July and August, the warmest months, when average highs are above 80 degrees, Rhode Island still receives 3 - 4 inches of rain on average. Throughout the state, it rains on about a third of days in July and August, only slightly less than the rest of the year. Summers in Rhode Island are humid, but not exceedingly so. The wet air conditions tend to present themselves more as rain than as humidity, making Newport and other coastal cities prime destinations for summer homes. It’s worth noting that the only way to obtain flood insurance is through the National Flood Insurance Program. Learn more about the NFIP here.

Rhode Island Office of the Insurance Commissioner

Website:
Homepage
Insurance Commissioner:
Joseph Torti, III
Insurance Hotline:
(401) 462 – 9500
Office Hours:
Monday - Friday
8:00 am to 4:00 pm
File a Consumer Insurance Complaint
Complaint Page

Sources:

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