Get Hopkinton, RI Home Insurance Rates!
If you are looking for a new homeowners insurance policy or are just shopping for a lower premium, you are at the right place. Our website helps Hopkinton residents compare up to 12 competitive rate quotes based on price and coverage options. Our top-rated carriers in Hopkinton will make sure your home is fully protected at a price you can afford.
One of the biggest advantages of our site is the hassle-free quoting process. We can help you shop a wide variety of insurers quickly. Let us help you review and compare Hopkinton home insurance rates today, enter your Hopkinton zip code to start a free online quote or give us a call now.
A Few Facts about Hopkinton, RI Home Insurance Rates
In Rhode Island, the average price of a standard homeowners policy comes in around $1,788 a year which breaks down to a pretty affordable $$149 a month. Rhode Island tends to fall in the middle when it comes to homeowner insurance rates.
While homeowner insurance rates in Hopkinton tend to be fairly affordable, we can help you lower your premium even further. Our site can help you save up to 40% or more on your premium while making sure you are fully covered.
At some sites, low premiums mean reduced coverage levels and lesser-known insurance companies. We only shop national insurance companies that offer high quality policies that will fully protect your home and property. Our free consulting process allows you to view all the enhanced coverage features, deductible options plus home insurance credits.
Home prices in Hopkinton and insurance coverage
In Hopkinton, the average house price comes in at a very affordable $243,000. When it comes to protecting the structure of your home, the dwelling portion of a homeowners policy will step up to repair or replace your home if it is damaged by a covered peril. Dwelling coverage is not the only protection a homeowners policy offers. Here is a brief overview of the various coverages homeowners insurance provides:
Dwelling: The dwelling portion of your policy protects the structure of your home against covered perils up to your coverage limits. It will pay to repair or rebuild your home if it is damaged or destroyed.
When it comes to dwelling coverage, it is important to remember that the replacement value (dwelling coverage) is different than the market value of your home. In other words, the cost to replace your home is not the same price you would get if you wanted to sell your home, because the cost of the land does not need to be factored into the replacement cost.
Use our Home Insurance Calculator to get a Hopkinton, RI replacement value estimate
Personal Property: A homeowners policy will protect your personal property as well. Personal property coverage is usually capped at 50% of your dwelling coverage so if you are carrying $300,000 in coverage on your home, your personal property coverage will be capped around $150,000.
When it comes to your personal property you should always keep an up-to-date inventory of your personal possessions. This can be extremely helpful if you have to make a claim on your policy. There are numerous apps that make this process easier.
Liability: The liability portion of a Hopkinton homeowners policy will help cover medical and legal bills if a guest is injured at your home. It will also cover injuries or property damage that you are responsible for, as an example, if your child puts a baseball through the neighbor’s window, your liability coverage will pay to replace it.
Flood and Earthquake coverage: A standard homeowners policy will exclude coverage for flood and earthquake damage so if your home is at risk of flooding or earthquake damage you will need to purchase a separate policy to be fully protected.
Ready to start shopping for a new policy? Simple enter your zip code, answer a few simple questions about your home and we will shop a variety of insurance companies to help you find the best coverage at an affordable premium.
Compare Homeowners Insurance Rates in Hopkinton, RI!
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Average Rates Nearby Hopkinton
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Home Insurance Rates by Zipcode in Hopkinton, RI
Easily review average rates and get multiple homeowners insurance quotes by clicking your zip code below located in Hopkinton.
Hopkinton, RI Home Insurance Average Premiums
$1052 /yr.
For the city of Hopkinton, homeowners insurance rates may vary on deductible, coverage amount and property details. Below is a list of the averages based on the cost of an annual home insurance premium.
| Coverage Amount: | Annual Premium |
|---|---|
| 1800 sq. ft. or below (discounts applied) | $1052 /yr. |
| Average Coverage: | $1302 /yr. |
| 2600 sq. ft. or higher (all discounts applied) | $1602 /yr. |
What is the average home insurance cost for a home in Hopkinton, RI?
- • The average homeowners insurance premium paid annually for a home in Hopkinton is around $1302 per year.
What does it cost on average per month for home insurance in Hopkinton, RI?
- • Homeowners in Hopkinton pay an average cost per month around $109.00 for insurance coverage.
Hopkinton, RI Coastal Wind, Hail & Flood Information
Hopkinton is located in a coastal county which greatly increases the risk of hurricanes and windstorms. Our quoting process will include wind and hail coverage options to give you the best protection you need against high winds and storm damage.
Flood Zone Notice: The beautiful coastal city of Hopkinton is know for it's beautiful beaches and waterways. Because Washington County (FIPS: 44009) has a shoreline and is in a coastal area it is important to purchase flood insurance. The risk is very high in this area and we will work with you to provide the best flood insurance coverage you need for your home in Hopkinton, RI.
Hopkinton, RI - 2023 Housing Information
| Month | Current Home Value (2023) | Last Year Home Value (2022) |
|---|---|---|
| January | $402,043 | $378,766 |
| February | $401,791 | $385,740 |
| March | $403,176 | $394,405 |
| April | $405,097 | $402,423 |
Homeowners insurance will help cover the cost to repair or replace your Hopkinton home if it is damaged or destroyed by a covered peril, up to your coverage limits. A homeowners policy is made up of a few different coverages. Here are the most common coverages:
- Dwelling: This coverage will pay to repair or replace the structure of your home if it is damaged or destroyed. Review and Calculate Replacement Cost Coverage in Hopkinton
- Liability: This coverage will help cover medical and legal bills if someone is injured in your home, slipping on an icy sidewalk for example. It also offers protection if you damage another person’s property, your child hitting a baseball through a neighbor’s window for example.
- Contents: This covers the cost to replace your personal possessions that are destroyed by a covered peril. Furniture, electronics, clothing and household goods are excellent examples. Contents coverage is often capped at 50% to 70% of your dwelling coverage.
- Other Structures: This coverage protects other structures on your property such as detached garages, outbuildings, barns, and sheds.
- Loss of use: This covers everyday costs that you incur if you cannot live in your home while it is being repaired due to a claim. It will pay hotel and restaurant bills and even the cost of dry cleaning.
Get up to 12 competitive Hopkinton, RI homeowners insurance rates all in one place! |
Saving Money Tips on Hopkinton Home Insurance
A great way to save money on Hopkinton homeowners insurance is to make sure you are getting all the discounts you are qualified to receive. Here are just a few of the most common discount’s insurers offer:
- Bundling: If you purchase your home and auto (or any other insurance coverage) from the same insurer, you should get a bundling discount. Expect to save 20%-25%.
- Secure your home: Adding a monitored security system, water leak sensors, deadbolts, and smoke detectors should result in a discount.
- Impact resistant roof: If you are replacing your roof, consider impact resistant roofing materials which help prevent hail and impact damage as well as resulting in a significant discount.
- Stay claim free: If you have been claim free for a number of years (five is a common requirement) your insurer should offer a claim free discount.
Are you shopping for the best rate near or wihin the Hopkinton area? Check out what homeowners are paying on average for Rhode Island homeowners insurance.
Elevation Review for Coastal Wind or Flooding Risk
| Elevation | Details | Homeowners Tips |
|---|---|---|
| 361 ft. | This is the average home elevation in Hopkinton, RI | » Elevation is crucial to a homeowners insurance policy because it determines the risk of your home being in a flood zone which is particularly important in a coastal state such as Hopkinton, Rhode Island. A standard homeowners policy does not cover flood damage. If you live in a flood prone area, you will need to purchase a separate flood to fully protect your home. Flood insurance can be purchased via the National Flood Insurance Program (NFIP) or in the private market. NFIP policies come with coverage caps and other restrictions so you may need to supplement your flood insurance coverage with a private market policy. It's important to remember that flooding occurs in low and moderate risk areas as well. According to FEMA data, almost 25% of all flood claims come from low to moderate-risk areas. |
To get online quotes on your home and compare rates on home insurance premiums in Hopkinton, enter your zip code above and easily complete our online quoting application. Remember, it's important to speak with us about additional home insurance discounts so you can get the best rate for your home in Washington County.
Rhode Island Homeowners Insurance News & Information
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$4.5B Estimated In Insured Losses After 2024 Florida Hurricanes Posted on Wednesday 13th November, 2024
According to the Florida Office of Insurance Regulation, the three hurricanes that made landfall this year have caused more than $4.5 billion in estimated insured losses. Hurricane Debby, Helene and Milton all hit the state within two months of each other Helene and Milton struck just two weeks apart. State data show that over 269,000 […]
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I can’t afford my home insurance, what do I do? Posted on Saturday 9th November, 2024
According to data from the National Association of Realtors (NAR), the average U.S. insurance rate is $2,377 a year. The data also suggest that homeowners could see a 6% rise in rates by the end of the year which is in addition to the 20% increase over the two previous years. As climate change pushes […]
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How to Get the Best Homeowners Insurance Policy for Your Needs Posted on Wednesday 6th November, 2024
Having the proper insurance coverages in place is a critical part of owning a home, it protects your investment and finances in the event your home is destroyed by an unexpected disaster such as a fire, flood or severe storm. Understanding the different coverages that are available to homeowners is key to making sure you […]
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Homeowners Shopping Rates Due to Rise in Premiums Posted on Monday 23rd September, 2024
According to the recently released J.D. Power 2024 U.S. Home Insurance Study a nationwide rise in premiums has driven many customers to shop for new policies as their rates are now too high. “’The average shopping rate among home insurance customers has climbed to a record high of 6.8% through the second quarter of 2024, […]
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Where is it cheaper to rent than to buy a home in the United States? Posted on Thursday 5th September, 2024
According to a new study from Clever Real Estate, a St. Louis-based real estate company, monthly rent costs are actually cheaper than a monthly mortgage payment in 48 of the 50 most populous cities in the United States. Their analysis looked at mortgage principals, interest, taxes as well as homeowners insurance and they found that […]
Hopkinton, RI Dwelling Coverage Estimate
It is important to calculate your dwelling coverage for your home in Hopkinton so you know what type of homeowners insurance coverage you need to cover your replacement cost. It is recommended to have enough dwelling coverage to rebuild your home if it was destroyed by a covered peril.
Please remember that replacement cost coverage does not include the cost of the land, only the price to rebuild your home, which is why we like to help customers by answering a few questions that you may have.
What is the average replacement cost coverage in Hopkinton, RI?
- The average square footage in Hopkinton is around 1,157 Sq. Ft. which would cost you around $243,000 to replace the home if you base the home on the price to build per square foot of $210.
Minimum Replacement Cost Total: $243,000
Location: Hopkinton, Rhode Island (Washington County)
Average Building Cost Per Square Foot in Hopkinton: $210 (low end)
Average Square Footage in Hopkinton: 1,157 Sq. Ft.
| Home Improvement Status | Price per Sq. Ft. | Dwelling Coverage |
|---|---|---|
| None or Very Minor Improvements | $210 | $243,000 |
| Some Additional Upgrades | $263 | $303,750 |
| Major Home Updates or Advancements | $315 | $364,500 |
The dwelling coverage is calculated by the average cost per square foot ($210) in Hopkinton, Rhode Island times your heated square footage. Which would equal the cost to rebuild your home minus the cost of the property or land. Some homes will have a higher replacement cost due to home improvements like updated kitchens and bathrooms. Other upgrades may include: granite countertops, hardwood floors and stainless steel appliances. The national square foot average to build a brand new home is around 2500 square feet. So if you are looking to build, and your square footage of your new home is 2500, you are looking at a dwelling coverage premium of around $656,250 (Media price to build of $263 x 2500 sq. ft.) to cover the cost to rebuild your new home.
What is the difference between actual cash value and replacement cost value?
Homeowners insurance is available in both actual cash value (ACV) and replacement cost value (RCV). Knowing the difference is important:
Actual cash value: When valuing your personal possessions, an actual cash value policy will take depreciation into account. This means that your 10-year-old TV will be basically worthless according to your insurance company. While an ACV policy tends to be cheaper, if you have to make a claim you may be disappointed in your claim payout.
Replacement cost value: A RCV policy will replace your possessions with brand new items of similar quality regardless of how old they were at the time they were destroyed. While RCV policies are slightly more expensive, they are well worth the cost if you have to make a claim.