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Renters insurance coverage can protect you against financial damage to your personal belongings in your rental residence caused by theft, severe weather and more. We’ve rounded up the best renters insurance available in Rhode Island for 2023 and found that Lemonade, State Farm and Nationwide are the best providers in the state.
We at the MarketWatch Guides Team have rated each insurance agency based on customer satisfaction, cost, coverage and more, so you can compare providers and feel confident in your pick of insurers.
Based on our list of top renters insurance companies in Rhode Island, average premiums range from $124 to $291. The state average cost of renters insurance is $222.
After our in-depth research, we at the Guides Home Team found the following are Rhode Island’s best renters insurance providers:
Lemonade earned 4.3 out of 5 stars by our ranking methodology, and it’s our top pick for college students in Rhode Island. Lemonade offers the convenience of getting a quote, enrolling and filing claims all online. You can manage your policy on your phone using Lemonade’s mobile app.
Lemonade also incorporates artificial intelligence (AI) into its claims filing process, approving many claims instantly. It lets you customize your coverage limits to secure a lower premium with a basic plan.
Lemonade renters insurance costs an average of $160 per year for Rhode Islanders, a little over $13 a month. However, where you live, who you live with and the coverage limits you choose all affect your price. Lemonade allows you to customize your coverage limits, so you can typically adjust your premium to as low as around $6 per month.
Get your Lemonade renters insurance quote online today.
To learn more: Lemonade renters insurance review
State Farm earned a stellar 4.8 out of 5 stars under our renters insurance ranking methodology, and it’s our top pick for affordable premiums. Although it’s the least expensive average provider in Rhode Island, State Farm doesn’t compromise on quality and customer service: It offers 24/7 customer service and employs a network of thousands of local insurance agents.
State Farm’s standard plans give comprehensive coverage of your belongings, personal liability and medical bills, but you can get exactly what you want with adjustable deductibles and extensive endorsement options.
The average renter in Rhode Island will pay $124 a year for renters insurance through State Farm, or just over $10 a month. State Farm has the lowest average rates in Rhode Island of any provider on this list, and it also offers the most endorsements.
Get your State Farm renters insurance quote online today.
To learn more: State Farm renters insurance review
Nationwide is our pick for valuable endorsements, and it earned 4.6 out of 5 stars in our methodology. Nationwide’s endorsements focus on high-value coverage like water damage, earthquake protection and extended coverage against theft. We also like that every Nationwide policy covers you financially if your credit or debit card is stolen.
Nationwide renters insurance costs an average of $157 a year for Rhode Islanders, only a little over $13 a month. Nationwide also lets you customize your coverage limits and add specialized coverage for high-value items and certain types of natural disasters.
Get your quote for Nationwide renters insurance online.
Allstate is our top pick for seniors, earning 4.9 out of 5 stars, according to our ranking methodology. Allstate uniquely offers a maximum discount of 25% to retired people over the age of 55, the best discount from any provider on this list.
However, with its 24/7 customer service, more than 90 years of experience as an insurer, and excellent AM Best and J.D. Power scores, Allstate is a solid choice for anyone, not just seniors.
Allstate costs an average of $169 annually for renters in Rhode Island, or about $14 per month. You can lower those costs by choosing higher coverage limits with its enhanced plan.
Get your Allstate renters insurance quote online.
Farmers earned 4.6 out of 5 stars in our renters insurance methodology, and it’s our recommendation for comprehensive coverage. While its average premium price is higher than competitors, Farmers provides exceptional coverage. It includes medical payments to others, personal liability, identity theft protection, personal property and loss of use.
Farmers allows for convenient claims filing through its online portal, over the phone, on its mobile app and via text messaging.
Farmers renters insurance costs an average of $291 a year in Rhode Island. Although that price is higher than the state average, you can customize your personal property, loss of use, medical payments, personal liability coverage and deductibles to adjust your monthly premium. You have the option to add extended coverage for valuable items like fine art or jewelry.
Get your free, online quote for Farmers renters insurance.
Rhode Island doesn’t require residents to carry renters insurance. However, your personal belongings are not protected under your landlord’s insurance, so it’s usually a good idea to enroll in a plan. Some landlords in the state require tenants to have a renters insurance policy in place as part of their lease agreement.
The Rhode Island Department of Business Regulation recommends most tenants get a renters insurance policy not just because of the financial backstop for the loss of personal belongings but also because of the liability protection if someone gets hurt while in your rental unit.
On average, renters insurance in Rhode Island costs $222 a year, or $18.50 a month. However, your rates will be influenced by your credit history and claim history, location, property features and your chosen coverage.
Theft and property crimes, damage from severe weather and personal liability claims are three common causes of renters insurance claims in Rhode Island.
The annual rate of property crimes like theft, burglary and vandalism in Rhode Island is 15.3 per 1,000 people, meaning that each resident has a 1.53% chance of being victimized each year. Providence has the highest rate of property crimes in the state, with 30.1 incidents per 1,000 people annually.
Despite having property crime rates lower than the national average, theft and burglary are still common in Rhode Island. Renters with an insurance policy can recover the cost of replacing items stolen from their apartment or home.
Rhode Island occasionally experiences thunderstorms, hurricanes and snowstorms that can damage or destroy your belongings. Renters insurance covers damage caused by extreme weather like windstorms, hail, snow and lightning strikes. And it pays for additional living expenses if you get displaced from your home. However, not every type of weather event is covered by renters insurance. Floods are not usually covered under standard plans.
If someone is injured at your Rhode Island residence as a result of your neglect, the injured party can sue you for damages. In the unfortunate case that this happens, your renters insurance can help cover court costs, medical payments and other related expenses you owe to the injured person.
Lemonade is our top pick for renters insurance providers in Rhode Island thanks to its quick, user-friendly enrollment and claims filing and customizable plans. State Farm, Nationwide, Allstate and Farmers also made the list, and which insurer is best for you depends on your needs and situation. State Farm offers budget-friendly plans, while Allstate offers the best senior discounts.
We recommend gathering several renters insurance quotes and comparing plans before you commit to a renters insurance plan. You can instantly get renters insurance quotes by entering your zip code in the form below.
Renters insurance costs an average of $222 per year for Rhode Islanders.
No, renters insurance is not legally required in Rhode Island. However, many landlords require their tenants to have it. Overall, it’s a good idea for all renters to have a renters insurance policy to protect their personal belongings.
Renters insurance usually covers the cost of replacing items damaged by a covered loss like theft, burglary, vandalism, fire or some other natural disaster. It also offers liability protection for costs like medical expenses and legal fees in the case that you’re held legally responsible for someone’s injury.
Typical renters insurance exclusions include damages caused by earthquakes, water damage, flooding and your roommates’ belongings. Read your policy so you know what’s covered.
To save money on your renters insurance plan, we recommend requesting quotes from several providers, adjusting your coverage selections and asking about discounts. Most insurers offer a bundling discount when you enroll in additional plans like car insurance or homeowners insurance alongside your renters insurance.
Through in-depth research of the industry, we determined the following factors and weights to rate each company by:
We used these rating factors to determine the best renters insurance companies to help with your decision when looking at policies. We routinely monitor and update data on a regular basis to ensure the reviews reflect the most up-to-date information and advice.
Faith Wakefield is a writer based in North Carolina. She holds economics and English degrees from UNC Chapel Hill, and her work has been featured on EcoWatch, The World Economic Forum and Today’s Homeowner. In her free time, she loves to binge-watch personal finance videos on YouTube, collect books and spend time in nature.
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