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Get Flood Insurance Rhode Island & Save Money Too.
People in Rhode Island save on average $500 to $1,457+ on their annual flood premiums.
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RI Flood Insurance Rates
Does my Rhode Island homeowner insurance cover flooding?
A typical Rhode Island homeowners’ policy is written through Farmers, State Farm, Allstate, and Progressive, for instance, excludes flooding as something that will be covered under their homeowner’s policy.
In most cases, the only way to get flood coverage is by purchasing a stand-alone flood insurance policy. However, you should ask your homeowners agent if you can add an endorsement to your homeowner’s policy to cover flooding. Yet, don’t be too surprised if the answer is NO.
Do I need flood insurance in Rhode Island?
It is important to have flood insurance coverage in Rhode Island because our beloved Cowboy State has seen a fair share of flooding, and there is likely more coming.
We believe that most homeowners think about Flood insurance in Rhode Island at some point, maybe before buying a home or during the closing process. However, many of us only think about it when a big storm is looming, or we have heard on the news that there is flooding forecasted or happening too close to our home.
If your home or business is in a flood zone, that is considered a low flood-risk area. Sadly, many homeowners decide to forgo purchasing coverage because they believe they are safe from flooding. Some real estate and insurance agents may even say you don’t need it.
I ask you to consider the facts: 20 percent of all flooding events across our nation come in areas that are considered low risk. After our last few major storms (Hurricane Harvey), we saw flooding in these low-risk areas. 80 percent of these individuals had water in their homes or buildings and didn’t have flood insurance coverage.
In Harris county, nearly 135,000 homes were damaged. Three-fourths of these properties were considered low to moderate risk.
We often hear that people believe the government will help, which is true. However, a few things must align for you to get government assistance.
1 – The president of the United States must declare the flooding event a state of emergency. If this doesn’t happen, then there won’t be assistance.
2 – Homeowners’ average amount of assistance after a flood, when they do not have flood coverage, is $5,000. The average cost of damage to one’s property after a flood is $38,000+. That $5K you get from the government? It comes as a loan, and you will need to pay it back. Are you willing to gamble your financial future by forgoing flood insurance coverage?
One more note on these low-risk flood zone maps. Many of these maps are over 40 years old. If the area has been developed, there is likely more concrete, creating a barrier for land that previously might have absorbed the massive downpour.
Because of all these factors, it is difficult for property owners to know their true risk of flooding. FEMA admits that their flood maps only give an idea of part of the risk. Our recent storms are facts that it can rain anywhere within Rhode Island, and you should consider getting flood coverage so you are not uninsured when you need it most.
FEMA flood zone maps often take years to go into effect after the terrain was studied; this gives the impression that the area is “more up to date” than it is.
The average cost for Rhode Island flood insurance in these Low-risk areas is $595 per year.
FEMA’s National Flood Insurance Program (NFIP) and all federally backed lenders rely on these Rhode Island flood insurance maps to assess risk, set premiums and determine who is required to purchase flood insurance. Bad information about an area’s flood risk can leave property owners under or uninsured.
How much is flood insurance in Rhode Island?
Rhode Island NFIP flood insurance.
There are many options available in Rhode Island regarding flood insurance, but they fall into two main categories.
The government option also called the NFIP or FEMA, and the Private flood insurance market.
The National Flood Insurance Program (NFIP), also known as FEMA, is the government option for flood insurance. The NFIP has enjoyed a 50-year monopoly on the flood insurance market.
Not “private flood insurance” but NFIP Resellers
If you have Nationwide Flood Insurance, State Farm Flood Insurance, Progressive Flood Insurance, or any of the logos below, then you are buying the NFIP flood policy that is just being resold through a government program. These companies are private companies, but their flood insurance is not. Here is a list of the 70 companies that resell the NFIP policy.
Rhode Island private flood insurance market
There are alternatives to the NFIP or government insurance. It is called Private flood insurance, most notably Lloyd’s of London Flood insurance. However, there are other options available in Rhode Island. We shop all the options for your property in your region to ensure you are getting the best premium. Please click here if you are ready to have us do the work for you.
Our shopping includes the NFIP because sometimes we find that you can get a much better premium with government subsidies.
Lloyd’s of London Flood Insurance Rhode Island Market
Rhode Island is fortunate to have many Lloyd’s of London flood insurance options. Although many Lloyd’s flood insurance companies will have you assume that there is only one option, nothing could be further from the truth.
Lloyd’s of London has a rich history attributed to having invented the first modern insurance model. Unlike most of its competition, Lloyd’s of London is not a company but a corporate body. This structure works well since it has been around for over 330 years. Lloyd’s operates under multiple financial backers pooling their capital to spread the risk.
I have two blog posts that deep dive into Lloyds of London and what they mean to Rhode Island’s flood insurance market. If you are interested, the links are below.
Lloyd’s of London Flood Insurance
FEMA vs Private flood insurance
Lloyds also insures the world for flood insurance, meaning they cover flooding events in India, Australia, and much of Europe. The “game” of insurance is to spread your risk since Lloyds is worldwide.
My joke here is that Lloyds is banking on God’s promise that he won’t flood the entire world again, …..so they won’t have to pay out the whole world’s flood claim.
How much does flood insurance cost in Rhode Island?
Many factors go into getting the cost of flood insurance for Rhode Island. If your home is in what is considered a low-to-moderate risk, you can get a heavily subsidized policy through the government.
Rhode Island flood insurance low-to Moderate Risk rate and cost.
This is Flood Zone X, which is not lender required flood zone.
This is usually identified as an X-flood zone. Then we would suggest the government Preferred Risk Policy (PRP) which is a subsidized policy and has set flood insurance coverage limits (see the grid below):
The average cost for flood insurance in Rhode Island with the maximum set limits in these Low-risk flood zone areas is $405 – $700 per year.
Your property is in a higher-risk flood zone, usually identified with a Flood Zone AE. Your lender will require you to have flood insurance. The cost of flood insurance in Rhode Island depends on many factors unique to the structure. We will try to give you an idea of the most common homes we see in Rhode Island with a basement foundation.
We will look at the Rhode Island cost of flood insurance for the NFIP maximum of $250,000 for the (building only) with NO CONTENTS and our recommended deductible of $5,000.
We will be rating this example on the NFIP and on a few of our private flood insurance policies, specifically Lloyds flood insurance options in Rhode Island.
Cost of Flood Insurance in RHODE ISLAND in high-risk flood zone AE
Our example is in Narragansett, but the premiums will be the same if in Newport, South Kingstown, North Kingstown, Warwick, and many other Rhode Island flood ones.
In our example, the Base Flood Elevation (BFE is 11 ft) is a home that is built before 1973
NFIP option in Rhode Island Flood Zone AE
NFIP – Coverage of $250,000 building coverage (no Contents coverage) and $5,000 deductible
NFIP Annual premium in High-Risk flood zone is $6,100.14
This option is what we see if the property has had a flood loss before and either doesn’t have an Elevation Certificate applied, or the Elevation certificate shows that the lowest floor is 4 feet under the BFE for the area. You can use 10% of your coverage to cover other structures on your property.
Rhode Island Private flood insurance – Lloyd’s of London Flood Insurance (option 1)
Coverage of $250,000 building coverage (no Contents coverage) and $5,000 deductible
Lloyd’s of London (option 1) Annual premium in High-Risk flood zone is $984.48 (great price)
This option is great, and we are very happy when we can get this option. They can be a bit choosey about what risk they will accept and will not take anything that has had a flood loss. They offer basements coverage, about $2,000 for loss of use, and $2,000 for other structures, but they can’t increase this coverage. They do not require an Elevation Certificate to rate.
Rhode Island Private flood insurance – Lloyd’s of London Flood Insurance (option 2)
Coverage of $250,000 building coverage (no Contents coverage) and $5,000 deductible
Lloyd’s of London (option 2) Annual premium in High-Risk flood zone is $1,116.74
This option is great, and we are very happy when we can get this option for our clients. They seem to be writing almost all risks; however, they do not write any property in a designated floodway or have a depth of -4 under the BFE. In our example, with our BFE being 11 ft, they will not accept this risk if the lowest floor is 7 ft. They will not take anything that has had a flood loss. They offer limited coverage for basements and do not require an Elevation Certificate to rate, and as a percentage of coverage for loss of use. If you want coverage for other structures, that will need to be added.
Private Flood insurance option (option 3) – Not Lloyd’s
Coverage of $250,000 building coverage (no Contents coverage) and $5,000 deductible
The annual premium in a High-Risk flood zone is $2,625.27
This option will take properties that have had one flood loss for more than five years and the payout was under $100,000 on the claim. Their coverage matches the NFIP. They will write practically all risks, don’t need an elevation certificate to rate, and are a bit lower in premium than the NFIP.
Private Flood Insurance – Lloyd’s of London (option 4)
This option must be written on the Replacement Cost Value (RCV) of the building. Otherwise, there is a co-insurance penalty that kicks in. So, $250,000 might be a bit low in California, but to keep this going, let’s just use that for this option
Coverage of $250,000 (RCV) building coverage, No Contents and $5,000 deductible
The annual premium in a High-Risk flood zone is $845.20 (great price).
This options rating system is all over the board. Sometimes we get a crazy great price, but other times the premium is way higher than the NFIP will consider taking a property that has had one flood loss before as long as it has been more than ten years and the payout was under $50,000 on the claim. Their preferred coverage is at replacement cost, which is a bit different from some of our other Lloyd’s flood options. We usually reserve this one if the property doesn’t fit the above options. We can adjust coverages to control premiums. As mentioned before, these underwriters’ rates are all over the board. It is worth shopping through to ensure we are getting you the best premium possible. They don’t need an elevation certificate to rate.
Private Flood Insurance – Lloyd’s of London (option 5)
Coverage of $250,000 (RCV) building coverage, No Contents, and a $5,000 deductible.
The annual premium in a High-Risk flood zone is $1,345.16
This option came from the company that used to run the NFIP program, so the coverage matches the NFIP coverage with two differences. They offer living expenses which will cover your cost when you are displaced from your home during repairs (most Lloyds flood policies offer this). They also offer a unique swimming pool clean-out, so ask for this coverage if you have a pool.
Private Flood Insurance – Lloyd’s of London (option 6)
Coverage of $250,000 (RCV) building coverage. No Contents and $5,000 deductible.
The annual premium in High-Risk flood zone is $1,404.79
This options rating system is also all over the board. Sometimes we get a crazy low price; other times, the premium is way higher than the NFIP. They will consider taking a property that has had one flood loss before as long as it has been more than ten years and the payout was under $25,000 on the claim. They have been rumored to give a low price the first year and then non renew following years, or sometimes they jack the price way up so that we will watch them. They have a slick system, and their underwriting is managed by a 3rd party, which also sometimes seems to be a glitch.
More options are coming online every day, and we are working to be looking into every viable option.
Currently, Rhode Island has 12,252 NFIP policies in force to date, with a total cost of $18,409,898. That would make the average flood rate for Rhode Island $1,289. Of course, some will pay more, and some will pay less.
Click here to have us shop and save you money.
Hello, Rhode Island! Thanks for visiting our page for all your flood insurance needs.
Let’s start with Barrington, Rhode Island, where the average flood rate is $1,113. Barrington has 1,089 flood policies in effect with $1,212,186 in flood premiums.
Bristol, Rhode Island, has 510 active flood policies with $698,184 in written premiums. The average flood rate in Bristol, RI is $1,369.
Next is Warren, Rhode Island, where there are $579,653 flood premiums. The average flood rate for Warren is $1,438, which includes 403 active flood policies.
Let’s look at Coventry and East Greenwich, Rhode Island, where there are 335 flood policies active with $368,878 in premiums. The average flood rate for Coventry and East Greenwich is $1,101.
In Warwick, Rhode Island, the average flood rate is $1,278. The premiums here total $1,811,750, with 1,418 flood policies in effect.
Let’s check out a group of areas, including West Warrick, Jamestown, and Little Compton, Rhode Island, where the premiums total $629,451. The active flood policies here add up to 524, allowing the average flood rate to be $1,201.
Middletown, Rhode Island, has 111 flood policies, with $160,518 in written premiums. The average flood rate in Middletown is $1,446.
When we look at Newport, Rhode Island, we find an average flood rate of $1,687. The premiums in Newport total $1,821,797, with 1,080 in total active policies. Give us a call, Newport!
The average flood rate rises to $1,850 in Portsmouth, Rhode Island. Portsmouth has 602 flood policies, with $1,113,701 in flood premiums.
Looking at Tiverton, Rhode Island, we find an average flood rate of $1,589. The active policies total 156 with $247,892 in written premiums.
When we check out Cranston, Rhode Island, the average flood rate drops to $1,245. The premiums total $528,061, with 424 flood policies in effect.
Let’s check out East Providence and Lincoln, Rhode Island, where the average flood rate drops to $668. The policies total 475 with $317,102 in total premiums.
Providence, Rhode Island, has 586 active flood policies with $605,334 in written premiums. The average flood rate in Providence is $1,033.
In Smithfield and Woonsocket, Rhode Island, the active policies total 313 with $178,459 in total flood premium. The average flood rate for Woonsocket and Smithfield is $570.
$1,580 is the average flood rate in Charlestown, Rhode Island. The premiums here total $1,077,553, with 682 flood policies in effect.
One thousand four hundred thirty-four policies are active in Narragansett, Rhode Island, which is the highest in the state. Narragansett has $1,695,015 in total premiums, of which the average flood rate is $1,182.
The average flood rate for North Kingstown, Rhode Island, is $1,547. The premiums here total $1,151,043 with 744 active flood policies.
Next, we’ll look at South Kingstown, Rhode Island, where there are 820 flood policies in effect with $1,389,023 in premiums. The average flood rate for South Kingstown is $1,694.
Finally, let’s check out Westerly, Rhode Island, where the average flood rate is $2,427. Westerly has 893 flood policies active with $2,167,600 in premiums. Give us a call, Westerly!
Thanks for checking out all the flood information on Rhode Island!
Rhode Island V and VE flood zones
V and VE flood zones with the NFIP can be extremely expensive. We have seen premiums that are $34,000 a year for a single-home family. This is ridiculous!!
We suggest you let us shop your V or VE flood zones onto the private flood Market that Lloyd’s of London underwriters.
We have been able to double, even triple, coverage for oceanfront properties.
The main issue we see with beachfront properties is that on the NFIP, they have a one-size-fits-all solution, and many properties are paying over what we consider a fair premium for waterfront houses.
How to save money on Flood Insurance in RI VE flood zones
All homes that are ocean-facing are custom built, so with this special consideration, our Lloyd’s of London VE flood zone and other Private Flood Insurance options for oceanfront properties consider this with variable coverage options as well as significant savings below is a case study for a property we were shopping just last week.
Our example was in a VE flood zone map in the Narragansett, RI, area.
For the coverage of $250,000 with no contents and a $5,000 deductible, the NFIP annual cost for flood insurance in a VE flood zone is $32,8958.00. Ouch!
Since we are who we are and experts in Flood Insurance, we will look at every property in every way possible to ensure that we are getting the best premium for our clients, and WE often Do (smile wink)
We tried this same property on our Private flood options and were able to get the premium to under $2,500 and we have, in some cases with similar properties, get the annual premium to $1100. This was a feather in our cap and made our clients very happy. Again all properties are unique in these VE flood zones, but if we can find a private flood policy for you, we guarantee it will be better than the NFIP option.
Let us help you save money today.
Cost of flood insurance Rhode island
For decades, the NFIP has over-charged 50 percent of its policyholders and under-charged the other 50 percent while it has racked up $42 billion in taxpayer-funded losses, equating to more than half of every claim paid by the NFIP since 1978.
About 30 percent of NFIP claims payments go to the same 3 percent of insured “repetitive loss” structures yearly. When you do the math, this means that the other 97 percent of their flood-exposed constituents could have paid in less and still netted larger claims payouts if they had better access to private flood insurance. A recent white paper by Milliman found that 90 percent of homes in Sandy-struck New York and New Jersey would see reduced flood insurance rates through private insurers.
