Home Insurance in Rhode Island
The median home value in Rhode Island is $404,200.
The typical home in Rhode Island was built around 1962. Because older housing stock often has aging wiring, roofing or plumbing, it can cost more to insure or rebuild. About 48% of homes were built before 1960.
The housing stock in Rhode Island is 60% single-family homes, 17% apartments in buildings with 5+ units and 1% mobile or manufactured homes. The rest are 2-4 unit or other housing types.
In Rhode Island, about 67% of owner-occupied homes have a mortgage - lenders require hazard insurance on every mortgaged home.
About 64% of occupied homes in Rhode Island are owner-occupied. The vacancy rate is 9%; vacant or unoccupied homes typically need a different coverage form than an owner-occupied policy.
Most homes in Rhode Island - 53% - are primarily heated with natural gas. Homes heated with propane and fuel oil can carry added fire risk. Fuel-tank leaks and spills are often excluded from standard homeowners policies.
In Rhode Island, the statewide average premium for a standard HO-3 homeowners policy is $2,396 per year (NAIC, 2023 data).
Key figures
| Median home value | $404,200 |
|---|---|
| Median year built | 1962 |
| Owner-occupied share | 64% |
| Share of owner-occupied homes with a mortgage | 67% |
| Home insurance premium | $2,396 - statewide average (NAIC, 2023 data) |