Rhode Island Homeowners Insurance Calculator 2026 — Annual Cost
Last updated: April 2026 · Source: Zillow, Freddie Mac, Tax Foundation
Quick Answer
Homeowners insurance in Rhode Island averages $1,500/year or $125/month for a $440K home. This is below the US national average of $1,900/year. Rates vary by location, coverage level, and home age.
Rhode Island Housing & Mortgage Data
| Median Home Price | $440,000 |
| 30-Year Fixed Rate | 6.88%(State average, Apr 2026) |
| Property Tax Rate | 1.46%(Effective rate) |
| Avg HO Insurance | $1,500/yr ($125/mo) |
| Typical Down Payment | 10% ($44,000) |
| Median Household Income | $70,000/yr |
Key Facts for Rhode Island
- ✓Rhode Island median home price is $440,000 as of 2026
- ✓30-year fixed mortgage rates in Rhode Island average 6.88%
- ✓Property taxes in Rhode Island are 1.46% — near the national average of 1.10%
- ✓Homeowners insurance averages $1,500/year in Rhode Island
- ✓A household earning $110,000/year can typically afford the median Rhode Island home
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Frequently Asked Questions — Homeowners Insurance Calculator in Rhode Island
- What does homeowners insurance cover in Rhode Island?
- Standard homeowners insurance in Rhode Island covers your dwelling (structure), personal property, liability, and additional living expenses if you must temporarily relocate. Rhode Island's average premium of $1,500/year is near the national average.
- Is homeowners insurance required in Rhode Island?
- Homeowners insurance is not legally required in Rhode Island, but virtually all mortgage lenders require it as a condition of the loan. Without a mortgage, you can self-insure, but this is rarely advisable given the cost of rebuilding a home. Flood insurance is separate and required in FEMA-designated flood zones.
- What is the average mortgage payment in Rhode Island?
- The average monthly mortgage payment (principal + interest) in Rhode Island is approximately $2,603 for a $396,000 loan at 6.88% over 30 years. Adding property tax ($535/mo) and homeowners insurance ($125/mo) brings total PITI to about $3,263/month.
- What credit score do I need for a mortgage in Rhode Island?
- Most Rhode Island lenders require a minimum 620 credit score for conventional loans and 580 for FHA loans (with 3.5% down). For the best rates in Rhode Island, aim for 740+. A higher score can reduce your rate by 0.5–1.0%, saving $59,400 over the life of a 30-year loan.
- How much down payment is required to buy a home in Rhode Island?
- You can buy a home in Rhode Island with as little as 0% down (VA, USDA loans for eligible buyers), 3% down (conventional), or 3.5% down (FHA). On the Rhode Island median home price of $440,000, a 20% down payment is $88,000 and lets you avoid PMI. Rhode Island also has state-level down payment assistance programs for first-time buyers.
- What are current mortgage rates in Rhode Island?
- Current 30-year fixed mortgage rates in Rhode Island average 6.88% as of April 2026. 15-year fixed rates are typically 0.5–0.75% lower. Rates vary by lender, credit score, and loan-to-value ratio. Compare at least 3–5 lenders to ensure you get the best Rhode Island mortgage rate.
- What is the property tax rate in Rhode Island?
- Rhode Island's effective property tax rate is 1.46%. On the Rhode Island median home value of $440,000, annual property taxes are approximately $6,424 ($535/month). Property taxes in Rhode Island are typically escrowed in your monthly mortgage payment.