Homeowners insurance gives you peace of mind that your home will be protected in the event of loss. Although home insurance is sometimes optional, it’s something you should strongly consider. While homeowners insurance isn’t required by Arkansas law, your bank or lender will require you to have a policy while you’re paying off a mortgage.
In addition, residents of this state are not strangers to natural disasters. Because of its close proximity to the Gulf of Mexico and “Tornado Alley,” Arkansas experiences hurricanes and around 20 tornadoes a year, which can rack up costly damages and claims. For this reason, the average premiums for homeowners insurance in Arkansas is above average.
When shopping for the best homeowners insurance companies in Arkansas, there are a few things to keep in mind because they will affect your insurance premium:
- The value of your home and property
- The type of coverage and its limits (remember that homeowners insurance and flood insurance are not the same)
- Deductible amounts
- Additional coverage options like wind and hail coverage and flood coverage
Use these to help find the right option for you.
Best home insurance in companies in Arkansas
If you’re an Arkansas resident looking for the best Arkansas homeowners insurance, you should compare options from the available companies. With information provided by the J.D. Power 2020 U.S. Property Claims Satisfaction Study and our own methodology, we selected five companies as the best of the best by taking into account costs, coverage options and professional ratings.
- Amica Mutual: J.D. Power gave Amica Mutual the highest rating in its 2019 Homeowners Insurance Study. Customers can customize their policies, and the company offers several possible discounts. Some policies also pay dividends. Amica Mutual also offers auto, life, renters, retirement, marine, motorcycle and umbrella insurance.
- The Hartford: The Hartford has an exclusive partnership with members of the AARP. If you’re over 50, you have access to affordable homeowners insurance Arkansas with value-driven features such as replacement cost, lock replacement reimbursement and green rebuilding.
- Farmers Insurance: Farmers specializes in large policy limits. If you have a large home that’s increasing in value, this could be the best option for you. Farmers also provides auto, life, business, recreational, motorcycle, umbrella and financial insurance.
- Nationwide: Nationwide gives customers plenty of options to save on their Arkansas home insurance. There are lower rates for homeowners with newer or recently-renovated homes as well as discounts for claims-free periods. Nationwide adds inflation protection to their homeowners insurance policies to ensure you’re able to replace items for current costs.
- Allstate: Allstate homeowners insurance is the perfect option for someone looking for affordable coverage because this company offers so many discounts. Customers who bundle types of coverage can get up to a 25% discount. Allstate also offers discounts for things like having a home with hail-proof roofs, which is perfect for Arkansas’ intense weather. Allstate also offers auto, renters, condo, motorcycle, business, life, roadside and identity insurance.
|JD Power Rating||AM Best Rating||BBB Rating|
Average cost of homeowners insurance in Arkansas
The average homeowners insurance Arkansas of $3,439, is above the average of $2,305 due to the frequency of natural disasters that lead to insurance claims. The cost of homeowners insurance among the top five companies in Arkansas varies.
Here are quotes for a $130,000 home, which is the average cost of a home in Arkansas:
- Amica Mutual: $385
- The Hartford: $580
- Farmers: $535
- Nationwide: $410
- Allstate: $400
Home insurance coverage options in Arkansas
Finding the right Arkansas home insurance coverage doesn’t have to be stressful. Here are the most common types of insurance coverage:
- Hazard insurance: This option pays for damage caused by natural disasters. It includes dwelling coverage, which protects aspects of your home’s structure like the roof or the walls if they are impacted by covered natural disasters like lightning, fire or fallen objects.
- Personal property coverage: This coverage protects what’s inside your home, like furniture, appliances or personal belongings if they are stolen or destroyed.
- Liability protection: This coverage protects you if someone sues you after you, a household member, or your pet causes an injury or accident to someone not in your family.
- Guest medical protection: Also known as goodwill coverage, this coverage pays for medical expenses if someone gets injured on your property.
You can also find other coverage options for specific needs, such as optional coverage for structures that aren’t attached to your home, such as farm buildings, fences or sheds. There are also additional coverage options like additional living expenses protection, which would help pay for expenses if you needed to live somewhere else while your home is rebuilt after damage.
Common causes of home insurance losses in Arkansas
There are a number of reasons why someone would file an Arkansas home insurance claim, and it’s important that the insurance company you choose can properly resolve common claims in your area.
Here are some of the most common types of claims in Arkansas:
- Earthquake damage
- Hail damage from thunderstorms and hurricanes
- Wind damage from thunderstorms and tornadoes
- Theft and/or burglary of property
Frequently asked questions
What is the cheapest homeowners insurance in Arkansas?
The cheapest homeowners insurance in Arkansas depends on a number of factors unique to you including the value of your home, where you live, your deductible and what type of discounts you can get.
How do I get homeowners insurance in Arkansas?
The first step is to know how much your home is worth. You won’t be able to complete an online quote with any insurance company without that information. If you purchased a home, your house was likely appraised at that time. From there, you can obtain an online quote from an insurance provider. You can also use the Department of Insurance Arkansas as a reference guide for any questions you have that are particular to the state of Arkansas.
What do I need to obtain a quote for homeowners insurance?
The information that each insurance provider needs to give you an accurate quote varies. Most companies require some personal information like your date of birth, social security number, contact information, marital status, current insurance coverage, information about your job and details about other residents who live in your home.