Study: N.K. cheapest for homeowners insurance, Narragansett most expensive

NORTH KINGSTOWN is the cheapest community to insure a home, and Narragansett is the most expensive, according to a study by ValuePenguin. / COURTESY VALUEPENGUIN
NORTH KINGSTOWN is the cheapest community to insure a home, and Narragansett is the most expensive, according to a study by ValuePenguin. / COURTESY VALUEPENGUIN

PROVIDENCE – North Kingstown is the cheapest community to insure a home, and Narragansett is the most expensive, according to a study by ValuePenguin.

The website said it costs $915 – or 9 percent less than the state average – to insure a home in North Kingstown compared with $1,195 – or 19 more percent more than the state average – to insure a home in Narragansett.

It said the statewide average premium was $1,005, but prices can vary by as much as 19 percent from the state mean, it stated.

ValuePenguin said it studied 27 Rhode Island communities to come up with the list.

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After North Kingstown, the rest of the top five cheapest communities for homeowners insurance are: Cranston ($923, 8 percent less than state average); Bristol ($939, 7 percent less); Tiverton ($943, 6 percent less); and Kingston, which is a section of South Kingstown ($949, 6 percent less). ValuePenguin said these communities had little in common except for less than average crime rates – something which tends to correlate with low insurance prices.

Providence is the second most expensive community for homeowners insurance with an average premium of $1,098, which is 9 percent more than the state average. Central Falls is third ($1,096, 9 percent more); Westerly, fourth ($1,086, 8 percent more); and Newport, fifth ($1,083, 8 percent more). Why rates in these communities were higher was difficult to pinpoint, ValuePenguin said, noting that factors ranging from high crime rates to costs of labor and construction can influence rates.

ValuePenguin examined home insurance rates for a benchmark property in the 27 cities using quotes from two insurers – Allstate and Nationwide. The home used in the example had a $200,000 reconstruction cost, was 2,000 square feet and had a garage attachment. The model homeowner was a 41-year-old single male non-smoker with no pets.

The study can be found HERE.

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