Best homeowners insurance in Arkansas 2021
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. The average cost of home insurance in Arkansas is $2,302 annually for a $250k dwelling.
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. Finding the best home insurance can be daunting, but the benefits of researching is finding the best home insurance for your needs at the best rates. 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.
|Home insurance company||Average annual premium for $250k dwelling||J.D. Power score|
|Auto-Owners||$2,984||889 out of 1000|
|USAA*||$2,468||904 out of 1000|
|Farmers||$3,199||893 out of 1000|
|MetLife||$1,834||877 out of 1000|
|Allstate||$2,337||882 out of 1000|
*USAA is not available to all homeowners
Auto-owners Insurance is one of the oldest insurance providers in the state. It has been around for over 100 years, is available in almost 26 states, and has almost three million policyholders. Auto-Owners offers more than just home insurance. It offers car and life insurance as well, making it easy for policyholders to bundle and save.
For active or retired military and their families living in Arkansas, USAA is a great homeowners insurance provider to consider. With policies designed with the demands of military life taken into account, homeowners can rest easy knowing their home is protected from covered losses. In addition to other insurance products, banking capabilities, and investment guidance, USAA offers policyholders a unique portfolio of financial services. Although it consistently receives high scores in the J.D. Power home and auto studies, USAA is technically rank-ineligible because of its limited availability.
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.
With competitive rates and high customer satisfaction scores from J.D. Power, MetLife is a great homeowners insurance provider to consider for residents in Arkansas. All home insurance policies come with identity protection services, which is a great perk. To further round out your protections, MetLife offers home and auto bundling, as well as umbrella policies.
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.
Average cost of homeowners insurance in Arkansas
The average cost of homeowners insurance in Arkansas is $2,302 a year for $250k in dwelling coverage; this is above the national average of $1,477, likely due to the frequency of natural disasters that lead to insurance claims. Compared to states like Delaware and New Hampshire however, which have less national disasters, Arkansas’ average rates are more expensive. The average annual rate for 250k dwelling coverage in Delaware is $589, and is $709 in New Hampshire.
The cost of homeowners insurance among the top five companies in Arkansas varies.
Home insurance considerations in Arkansas
Each state is different, so when looking for the best homeowners insurance, homeowners will want to look at each state differently. Below are the common causes of loss in Arkansas and the recommended coverage options for Arkansas homeowners.
Arkansas common causes of loss
There are a number of reasons why someone would file a Arkansas home insurance claim, and it’s important that the insurance company you choose can properly resolve common claims in your area.
The following are common causes for homeowners claims in Arkansas:
- Earthquakes – Arkansas is susceptible to earthquakes due to its proximity to the New Madrid seismic zone.
- Hail damage – Commonly associated with thunderstorms and hurricane activity
- Wind damage – Thunderstorms and proximity to hurricanes often results in damaging high winds in Arkansas.
- Theft and/or burglary of property – Arkansas is statistically above average in crime rates per 1,000 residents for property crime.
Recommended coverages in Arkansas
Finding the right Connecticut home insurance coverage doesn’t have to be stressful. Here are the most common types of insurance coverage that are recommended based on Arkansas state factors:
- Hazard insurance: This option is recommended as it 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 snow or heavy rain and wind.
- Personal property coverage: Personal property coverage is recommended in Arkansas as it 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. Homeowners are advised to obtain liability protection to protect them against any future expenses that can be caused by an accident.
- Guest medical protection: Also known as goodwill coverage, this coverage pays for medical expenses if someone gets injured on your property. Just as liability protection is recommended, guest medical protection is another coverage that can prevent unnecessary expenses if a guest were to injure his/herself 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.
Bankrate utilizes Quadrant Information Services to analyze rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on 40-year-old male and female homeowners with a clean claim history, good credit and the following coverage limits:
- Coverage A, Dwelling: $250,000
- Coverage B, Other Structures: $25,000
- Coverage C, Personal Property: $125,000
- Coverage D, Loss of Use: $50,000
- Coverage E, Liability: $300,000
- Coverage F, Medical Payments: $1,000
The homeowners also have a $1,000 deductible and a separate wind and hail deductible (if required).
These are sample rates and should be used for comparative purposes only. Your quotes may be different.
Rates are determined based on 2020 Quadrant Information Services data.