Best homeowners insurance companies in  Arkansas for 2024

Compare the best homeowners insurance companies in Arkansas

Although your rate may vary from this, the average home insurance cost in Arkansas for $300,000 in dwelling coverage is $3,019 per year. Using rate data from Quadrant Information Services, we compared average rates from top companies with the state average. Looking at companies with competitive rates, we further narrowed our list by analyzing coverage options, discounts, digital tools, scores from the 2023 J.D. Power Home Insurance Study and AM Best financial strength ratings.

The top 5 home insurance companies in Arkansas

Additional Arkansas home insurance companies to consider

Arkansas Farm Bureau

Farmers

How Bankrate chose the best home insurance companies in Arkansas

Bankrate's insurance editorial team looked closely at Arkansas homeowners insurance companies to determine who was writing the best policies in the state. Multiple factors, including average cost, customer service ratings and breadth of coverage options were taken into account. Each company was then assigned a Bankrate Score ranging from 0-5. The higher that score, the more likely the company was to land on our list of best Arkansas homeowners insurance list.

Cheapest home insurance companies in Arkansas

Finding cheap home insurance companies in Arkansas can be challenging, especially due to the recent increase in extreme weather and the rising cost of building materials. Evaluating your coverage needs and shopping rates and options with other carriers may be a good way to find a rate that is easier on your budget. We compiled a list of the best cheapest home insurance companies in Arkansas using average rate data from Quadrant Information Services.

How to get cheap Arkansas home insurance

If you're looking for the cheapest home insurance, there are steps you may be able to take to keep your home insurance cost down:

1. Shop around and compare rates: Don't assume that the first quote you receive is the lowest possible price. It can be worth the extra time it takes to get multiple home insurance quotes because you may find a lower price from another carrier. Usually, it's simple and free to get a quote, and many insurers let you do so in minutes on their website.
2. Improve your credit score: Your credit history is one of the factors that Arkansas insurers can use to determine your rate. Because actuarial data shows that homeowners with excellent credit tend to file fewer claims, they may receive a preferential rate.
3. Maintain your roof: An old or damaged roof could potentially be the cause of a costly insurance claim. To avoid that, insurers will often reduce your rate if you have a newer roof, especially if you build it with storm-resistant materials. You could check with your insurer about roof-related savings opportunities.

Best home insurance discounts in Arkansas

The best home insurance companies offer at least a handful of discounts for potential policy savings. Some common ones you might find include:

How to save on home insurance policy renewals in Arkansas

Most homeowners receive their policy renewals about 45 days before the renewal date. This is the perfect time to review your policy coverage, premium and discounts to ensure you are still happy with your selections and make adjustments if needed. If finding a cheaper policy is your main concern, here are a few ideas that may help you reduce your insurance cost:

• Limit your claims: Submitting a claim usually increases your premium, and too many small claims in a short period may make your home seem "too risky" to insure in the future. Aim to use your home insurance only when the cost to repair your home is more than what you can reasonably afford.
• Keep up with home maintenance: When homes fall into disrepair, they may not meet underwriting guidelines, which can cause companies to limit your coverage options or for claims to be denied. Keeping your home and roof in good condition can also reduce the likelihood of experiencing a loss.
• Mitigate your risks: Arkansas has experienced an increase in tornadoes over the past few years. Awareness of your area's natural hazards and mitigating your risks can help you save money and protect your home. Safety measures, like installing hurricane shutters, may even help you earn a mitigation discount.
• Inquire about discounts: If your renewal premium is more costly than ideal, speak with your insurance agents about discount opportunities. Bundling home insurance with your auto may be a way to save money without sacrificing coverage.
• Shop your policy early: You can compare rates and change insurance providers at any time; you don’t have to wait until your renewal. Many insurance providers offer an early bird discount for shoppers who buy a policy days or weeks before the coverage is in effect.

How much is home insurance in Arkansas?

The average cost of homeowners insurance in Arkansas is $3,019 per year for $300,000 in dwelling coverage, which is 40 percent more than the national average of $2,151 for the same amount of dwelling coverage. Arkansas’ higher average premium may be partly due to the frequency of natural disasters that lead to insurance claims. Rates in this part of the country may vary greatly depending on factors such as the risk of tornado damage. This can be seen by looking at the average rates for neighboring states. Oklahoma homeowners pay an average of $4,675 for $300,000 in dwelling coverage, while Mississippi's average rate is lower at $4,289.

Arkansas homeowners insurance rates by city

Arkansas home insurance premiums can fluctuate by city and even within ZIP codes. Risk factors can vary significantly between crime rates, weather patterns, home rebuilding costs, and other rating factors directly impacting home insurance costs. To better understand the average Arkansas home insurance cost on a city level, take a look at the city-specific data below.

*Rates are for $300,000 in dwelling coverage.

What does home insurance cover in Arkansas?

HO-3 insurance policies are the most popular home insurance form type. Dwelling and other structures coverage is written on an open-peril basis, which covers every kind of peril that isn't specifically excluded from your policy. Personal property coverage, also known as contents coverage, is written on a named peril basis, meaning it is only covered from the perils listed in the policy. It is standard to have 16 named perils for personal property.

While most policy forms are standardized to provide consistency within the insurance industry, in areas prone to certain types of disasters, insurance providers can exclude or put limitations on perils to mitigate their risk. Below are a few of the most common types of damage covered by a standard HO-3 policy in Arkansas, but review your policy paperwork to learn the specifics regarding your policy.

• Fire and lightning: Whether it is from a cooking debacle or a wildfire, damage from fire is usually covered by homeowners insurance in Arkansas.
• Windstorms, hail and tornadoes: Since Arkansas experiences a higher amount of wind and tornado damage than other states, it is common for homeowners to have a separate wind deductible that is based on a percentage of their dwelling coverage. This will not be true of all policies. Some homeowners outside of the high-risk tornado area may have a standard flat deductible.
• Weight of ice or snow: Arkansas gets its fair share of snow and damage from the weight of ice and snow is usually covered.

Additional home insurance coverage types in Arkansas

Even the best homeowners insurance in Arkansas may not automatically include all the coverage types you need. Endorsements are optional add-ons that may help you build a more robust policy. Common endorsements and standalone policies you might consider in Arkansas include:

• Flood insurance: Most standard homeowners insurance policies do not include coverage for flood damage. If you live in a flood plain or in any area that is at risk of flooding, you may want to consider augmenting your coverage with a flood insurance policy. These are often underwritten by the National Flood Insurance Program (NFIP), but may be available from your regular carrier.
• Scheduled personal property coverage: If you own items with an individual value of over $500, such as fine jewelry or electronics, you may not receive the item’s full value after a covered peril. Scheduled personal property may ensure the higher-value items’ replacement cost is accounted for in your policy.
• Identity theft coverage: As more of our personal information lives online, identity theft is becoming more common. Identity theft coverage is designed to help cover the costs associated with restoring your identity after a breach.

Common Arkansas home insurance problems

The overall impact of climate-induced extreme weather is Arkansas homeowner's biggest challenge. Arkansas saw 37 tornadoes in 2023 and several homeowners already experienced devastating damage from high winds in January of 2024. With Tornado Alley's eastward migration, insurance companies are reassessing their risk models to account for future catastrophic losses.

Frequently asked questions

Methodology

Bankrate utilizes Quadrant Information Services to analyze April 2024 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on married male and female homeowners with a clean claim history, good credit and the following coverage limits:

• Coverage A, Dwelling: $150,000, $300,000, $350,000, $450,000, $750,000
• Coverage B, Other Structures: $15,000, $30,000, $35,000, $45,000, $75,000
• Coverage C, Personal Property: $75,000, $150,000, $175,000, $225,000, $375,000
• Coverage D, Loss of Use: $30,000, $60,000, $70,000, $90,000, $150,000
• Coverage E, Liability: $500,000
• Coverage F, Medical Payments: $1,000

The homeowners also have a $1,000 deductible, a $500 hail deductible and a 2 percent hurricane deductible (or the next closest deductible amounts that are available) where separate deductibles apply. 

These are sample rates and should be used for comparative purposes only. Your quotes will differ.