Newport, RI Homeowners Insurance Rate Quotes!
Homeowners like you living in Newport are shopping rates online to find cheaper home insurance rates because rates have increased or the policy does not offer the coverage you need. At GetHomeInsuranceQuotes.com, we help customers shop multiple home insurance rates all-in-one place. Rates in Newport are starting around $1,336 per year or only $111 per month. A home in Newport with an average square footage of 1,700 are seeing rates as low as $1,086 per year because the price to rebuild the home is cheaper than a larger home that requires more building supplies to rebuild. Large homes in this area cost homeowners around $1,636 per year. According to industry data, the average premium price in the state of Rhode Island is $1,788 per year. The national home insurance average price is $1,311. Let us help you shop the best Newport, RI homeowners insurance rates available, we are able to shop around 12 different insurance companies. This helps compare price and coverage to pick out the best rated home insurance company for you!
It is important to know that there are a variety of different policy types and each one is written for a certain type of house or apartment. Having the correct policy type is key to having the proper coverage on your home.
Here is a little information about some of the most common insurance types for homeowners in the city of Newport:
| Type | Description |
|---|---|
| HO-3 | The most common of homeowners coverage is the HO-3. The majority of homeowners carry this type of policy and it covers damage that is caused by all perils unless they are excluded in the body of the policy. Damage that is caused by floods or earthquakes is always excluded on an HO-3 policy but there can be other exclusions as well. |
| HO-6 | Condos are becoming a popular housing option in Newport and if you have one, this is the policy type you need. In addition to condos, it also protects co-ops. This insurance offers coverage for your personal belongings as well as the components of the building that you actually own. |
| HO-8 | Newport is lucky to have a fair number of historical homes and if you own one, you may need a HO-8 policy. These policy types are specific to older homes where the replacement cost of the house may actually exceed the cash value of the home. These policies are affordable because the payout levels are less than the actual replacement cost of the house. In most cases, the need for an HO-8 policy arises when the house is more than 40 years old and doesn’t qualify for a HO-3 policy. These policies only cover 11 perils. |
| HO-4 | This policy type was designed for people that rent an apartment. It is often referred to as renters insurance. An HO-4 policy will pay out for damage to your personal property in your apartment and it also offers liability protection in the event that someone is injured in your apartment. |
Compare Homeowners Insurance Rates in Newport, RI!
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Average Rates Nearby Newport
Are you looking for homeowners insurance in a city near Newport? Review coverage options and average rates in your area by clicking your city below. We can help you shop home insurance rates!
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Home Insurance Rates by Zipcode in Newport, RI
Easily review average rates and get multiple homeowners insurance quotes by clicking your zip code below located in Newport.
Newport, RI Home Insurance Average Premiums
$1086 /yr.
For the city of Newport, 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) | $1086 /yr. |
| Average Coverage: | $1336 /yr. |
| 2600 sq. ft. or higher (all discounts applied) | $1636 /yr. |
What is the average home insurance cost for a home in Newport, RI?
- • The average homeowners insurance premium paid annually for a home in Newport is around $1336 per year.
What does it cost on average per month for home insurance in Newport, RI?
- • Homeowners in Newport pay an average cost per month around $111.00 for insurance coverage.
Newport, RI Coastal Wind, Hail & Flood Information
Newport 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 Newport is know for it's beautiful beaches and waterways. Because Newport County (FIPS: 44005) 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 Newport, RI.
Newport, RI - 2023 Housing Information
| Month | Current Home Value (2023) | Last Year Home Value (2022) |
|---|---|---|
| January | $769,576 | $712,283 |
| February | $769,221 | $722,464 |
| March | $771,684 | $736,641 |
| April | $776,927 | $754,073 |
Homeowners insurance will help cover the cost to repair or replace your Newport 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 Newport
- 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.
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Saving Money Tips on Newport Home Insurance
A great way to save money on Newport 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 Newport 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 |
|---|---|---|
| 0 ft. | This is the average home elevation in Newport, 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 Newport, 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 Newport, 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 Newport County.
Rhode Island Homeowners Insurance News & Information
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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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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 […]
Newport, RI Dwelling Coverage Estimate
It is important to calculate your dwelling coverage for your home in Newport 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 Newport, RI?
- The average square footage in Newport is around 712 Sq. Ft. which would cost you around $149,600 to replace the home if you base the home on the price to build per square foot of $210.
Minimum Replacement Cost Total: $149,600
Location: Newport, Rhode Island (Newport County)
Average Building Cost Per Square Foot in Newport: $210 (low end)
Average Square Footage in Newport: 712 Sq. Ft.
| Home Improvement Status | Price per Sq. Ft. | Dwelling Coverage |
|---|---|---|
| None or Very Minor Improvements | $210 | $149,600 |
| Some Additional Upgrades | $263 | $187,000 |
| Major Home Updates or Advancements | $315 | $224,400 |
The dwelling coverage is calculated by the average cost per square foot ($210) in Newport, 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.