Narragansett Bay Homeowners Insurance Review and Ratings (2022)

With roots dating back to 1848, Narragansett Bay Insurance Company offers basic homeowners and commercial property insurance coverage to those that live in high-risk weather areas along the eastern seaboard.

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Chris Tepedino is a feature writer that has written extensively about home, life, and car insurance for numerous websites. He has a college degree in communication from the University of Tennessee and has experience reporting, researching investigative pieces, and crafting detailed, data-driven features. His works have been featured on CB Blog Nation, Flow Words, Healing Law, WIBW Kansas, and C...

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Laura Walker graduated college with a BS in Criminal Justice with a minor in Political Science. She married her husband and began working in the family insurance business in 2005. She became a licensed agent and wrote P&C business focusing on personal lines insurance for 10 years. Laura serviced existing business and wrote new business. She now uses her insurance background to help educate...

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Reviewed by Laura Walker
Former Licensed Agent Laura Walker

UPDATED: Apr 1, 2022

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The Rundown

  • Narragansett Bay Insurance Company offers homeowners and commercial property coverage
  • They specialize in high-risk policies along the eastern seaboard
  • Their financial standing is strong and their customer ratings are about average

Narragansett Bay Insurance Company (NBIC) has been around for more than 70 years and specializes in coverage for those who live in high-risk weather environments along the eastern seaboard.

They have a strong executive management team and deep roots in the insurance industry.

You may have heard about NBIC through your local independent insurance agent, as they do not sell insurance directly.

In this article, you will learn about NBIC, the products they offer to their customers, their financial stability rating, and an overview of real customer reviews.

By the time you are done reading this article, you should be able to make a well-informed decision if Narragansett Bay Insurance Company is right for you.

About Narragansett Bay Insurance Company

Narragansett Bay Insurance Company offers homeowners insurance products to customers along the eastern seaboard. They underwrite their own policies and have written over $900 million in gross premiums. You can purchase NBIC insurance in the following states:

  • Connecticut
  • Delaware
  • Maryland
  • Massachusetts
  • New Jersey
  • New York
  • Rhode Island
  • Virginia

The company is headquartered in Johnston, Rhode Island, and has been in business since 1952.

NBIC has deep roots within the insurance industry. The company is an offshoot of the Pawtucket Mutual Fire Insurance Company that was founded in 1848, which was the second mutual insurance company formed in Rhode Island. The company survived the Great Depression and the hurricane of 1938 and continues to flourish to this day.

NBIC has a very strong executive team. Timothy Moura is the current president of the company and has more than 25 years of experience in the insurance industry. Kirk Lusk, the chief financial officer, also has more than 25 years of experience underwriting insurance policies. With a strong team leading the ship, NBIC has weathered many years of storms and catastrophic claims along the eastern coastline.

In 2017, NBIC was acquired by Heritage Insurance Holdings, Inc. Narragansett Bay Insurance Company still operates as an insurance carrier under its own business name, but now has the financial backing of Heritage Insurance.

Obtaining a Narragansett Bay Insurance Company Homeowners Policy

Getting a policy from NBIC is not as simple as other companies.

Narragansett Bay Insurance Company uses a unique risk appraisal and underwriting program called ShelterPride. The company sends a representative to visit your home and conducts a professional dwelling survey in order to give you the correct coverage based on replacement costs.

In the process, they also review any hazards or potential threats that could be deemed a vulnerability for a loss.

This is a more intensive process than most other insurance companies. Although it may be an inconvenient process, you could be credited with a reduction to your premium if it is found that your home is overinsured.

Narragansett Bay Insurance Company does not offer any way to receive a quote online. You must go through their network of independent insurance agents. They do have an online tool to find an agent in your area that is partnered with NBIC.

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Policies Available With Narragansett Bay Insurance Company

NBIC offers basic homeowners and commercial property insurance policies to its customers. The types of policies available include:

  • Homeowners insurance policy. Covers personal liability, medical payments, loss of use, personal property, and detached structure coverage to your single-family dwelling
  • Condominium insurance policy. Additional coverage for personal property, liability, and medical payments for condominium homeowners
  • Renters insurance policy. Personal liability, medical payments coverage, and policyholder personal property coverage for rental units
  • Dwelling insurance policy. Covers protection against fire, loss of rent, detached structures, personal liability, and medical payments for single-family or duplex dwellings that are rented
  • Commercial residential insurance. A policy for apartment complexes, retirement homes, and multiple condominiums

NBIC also offers several add-ons to its basic policies that include personal umbrella, home systems protection, flood endorsement, personal valuables, other structure coverage, and identity theft.

Narragansett Bay Insurance Company Financial Stability

When reviewing insurance companies, it is important to look at their financial strength. Their financial stability can determine whether a company can pay out its claims to customers.

NBIC has received a score of an “A” which is considered to be exceptional. This score was issued in December of 2021 by the insurance rating company Demotech.

Over the past three years, Narragansett Bay has kept a stable policyholder surplus of over $100 million. This surplus can be used to pay out claims to customers as needed.

Overall, NBIC shows strong financial stability which is a promising sign that the company can handle a large number of claims.

Narragansett Bay Insurance Company Reviews

NBIC has been reviewed by hundreds of customers across several online platforms, with the most reviews residing on Google Maps.

The average rating for NBIC is 3.0 stars. This is an average rating for homeowners insurance companies.

Some customers have complained about the onsite inspection process to receive a quote from the company. They have noted that the customer must pay an initial fee for the inspector visit and that in some cases it has taken several weeks for them to do the inspection.

Others have complained about unfounded policy cancellations that are given without notice.

Positive reviews have mentioned that the company is quick to respond to claims and that its response team is very professional. Others have experienced excellent service in regard to water damage and mitigation.

Narragansett Bay Insurance BBB rating stands at a B+ and is not officially accredited. Out of six customer reviews with the BBB, the company has received a 1.67-star rating.

The NAIC complaint index report for NBIC in 2021 stands at 0.58, which is lower than the national average index score of 1.0. The complaint index report is determined by dividing the insurance company’s share of complaints in the market by the premium share in the U.S.

In the past three years, the company has averaged five complaints per year, which is lower than average.

Overall, Narragansett Bay Insurance Company has average scores from its customers. Combined with a low complaint index, the company seems to perform fairly well with customer satisfaction rates.

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Narragansett Bay Insurance Company Review: The Bottom Line

Narragansett Bay Insurance Company has been offering a basic, yet strong, line of homeowners and commercial insurance policies to its customers since 1952. They have valuable experience in covering high-risk coastal areas that face tropical storms and hurricane threats every year.

Customers can only receive a policy with NBIC through their network of independent insurance agents. They send out an inspector to thoroughly review every dwelling they insure. This process can be lengthy, and there is an initial fee.

The company is in very strong financial standing with more than $100 million in capital surplus which can be used to pay out claims.

Customer reviews are mixed but are overall average for a homeowners insurance company. The most frequent complaints comprise dropped policies and a slow quote process.

If you are in a high-risk weather area along the eastern seaboard and do not mind going through their initial inspection process, then Narragansett Bay Insurance Company could be a good fit for you.



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