If you own a house in Rhode Island, you want to be sure you have the right insurance to cover your investment. In the Ocean State, it’s not surprising that common problems are from water, including floods and hurricanes.

A home insurance won’t be enough if you’re worried about flooding, which is generally not covered by home insurance. Instead, consider a flood insurance policy. And flood insurance isn’t just for hurricane-related water -- it also covers overflows of water from streams, rivers and lakes, and flooding from rain.

And while a home insurance policy can cover wind damage from a hurricane, you’re likely to have a special “hurricane deductible.” This is the amount deducted from a claim related to a hurricane, which is often defined as a “named storm,” such as “Hurricane Carol.” In Rhode Island a hurricane deductible cannot be more than 5% of a home’s insured value. So if your house is insured for $300,000, the maximum deductible is $15,000.

Rhode Island home insurance summary

What does Rhode Island homeowners insurance cover?

A standard homeowners insurance policy in Rhode Island has these main coverage types:

  1. Dwelling - in case your house is damaged or destroyed by a problem covered by the policy, such as fire.
  2. Personal property - for belongings that are damaged or stolen.
  3. Other structures - for structures not attached to the house, such as a fence or garage.
  4. Loss of use - pays extra living expenses if you can’t live at home due to damage covered by the policy, such as fire damage.
  5. Personal liability - in case you’re legally responsible for injuries or property damage of others. It also pays legal defense costs for liability lawsuits against you.
  6. Medical payments to others - pays medical bills for others hurt on your property and is usually in small coverage amounts such as $1,000.

How much is home insurance in Rhode Island?

The average yearly Rhode Island home insurance premium is $1,496 for a typical policy, according to the National Association of Insurance Commissioners. That’s higher than the nationwide average of $1,192 a year.

20 largest Rhode Island homeowners insurance companies

Rank in Rhode Island Company Market share % in the state
1 Amica 16.3
2 Allstate Corp. 12.37
3 Liberty Mutual 8.39
4 UPC Insurance 7.27
5 USAA 6.34
6 Nationwide 6.13
7 Andover Cos. 4.71
8 Heritage Insurance 4.36
9 MetLife 4.29
10 American Family Insurance 4.16
11 Chubb 3.83
12 MAPFRE 3.39
13 AIG 2.35
14 Providence Mutual Fire Insurance Co. 2.07
15 PURE 1.76
16 New London County Mutual Insurance Co. 1.67
17 Selective 1.51
18 Travelers 1.38
19 Union Mutual 1.09
20 Vermont Mutual Insurance 1.02
Source: S&P Global Market Intelligence, based on homeowners multiple peril insurance market share in 2018.

What if companies turn me down for home insurance?

If you’ve tried to find home insurance but have been turned down, you may be able to buy coverage through the Rhode Island Joint Reinsurance Association. Any licensed property/casualty insurance agent in Rhode Island can help you apply.