Best Home Insurance Rates in Arkansas

On average, your neighbors pay $109 a month.

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Compare Homeowners Insurance In Arkansas

From Johnny Cash to Maya Angelou to Sam Walton, Arkansas has certainly produced some greats. But, don’t walk the line when extreme weather makes finding the right homeowners insurance in The Natural State risky.

Average Arkansas Homeowners Insurance Rates

How much is home insurance in Arkansas? Homeowners insurance rates in Arkansas are slightly high compared to the rest of the US. The average home insurance premium in the state of Arkansas is $1,312. That's just slightly higher than the national average of $1,173. There are 13 states with higher average home insurance rates than Arkansas.

Arkansas Average Annual Homeowners Insurance Rates
  2013 2014 2015
Arkansas Annual Average $1,183 $1,252 $1,312
Arkansas Price Per Month $98 $104 $109
US Annual Average $1,096 $1,132 $1,173
US Cost Per Month $91 $94 $98
National Rank 14 13 14
Source: Facts + Statistics: Homeowners insurance

The graph below shows the change in average Arkansas home insurance rates from 2011 to 2015. According to the III, Arkansas homeowners insurance rates increased from $1,029 in 2011 to $1,312 in 2015, a jump of $283 dollars, or 27.5 percent.Arkansas average homeowners insurance rates

Choosing a homeowners insurance company in Arkansas should be easier. The key to finding the best rates is to get a home insurance quote comparison in Arkansas

Most Popular Arkansas Home Insurance Companies

Last year, these were the most common home insurance companies reported by QuoteWizard users living in the state of Arkansas. Out of the 8,339 Arkansas homeowners that used QuoteWizard to request insurance quotes last year, 747 had no home insurance.

  1. Allstate
  2. Farmers
  3. Progressive
  4. Nationwide
  5. Geico
  6. Liberty Mutual
  7. AAA
  8. USAA
  9. Safeco
  10. Shelter
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Best Homeowners Insurance Companies in Arkansas

The above list shows Arkansas’s most popular home insurers according to our users. But popular doesn’t always mean best.

Our study on the Best Homeowners Insurance Companies focuses on top of the line companies. In no particular order, these companies stand out among the rest:

  1. Amica: Best Overall
  2. MetLife: Best for Bundling
  3. Allstate: Best for Local Agents
  4. Hartford: Best for Seniors
  5. State Farm: Best for Pet Owners
  6. Travelers: Best for Flexible Policies
  7. Nationwide: Best Replacement Coverage
  8. Farmers: Best for Eco-Friendly Homes
  9. Liberty Mutual: Best for Quick and Easy Quotes
  10. Auto Owners Insurance: Best Claims Experience

Arkansas Home Insurance Company Market Share

Source: Insurance Information Institute
Rank Company Financial Rating Market Share
1 Citizens Property Insurance Corp NR 14.5%
2 Allstate Corp. A+ 8.3%
3 Farmers Insurance Group A 8.2%
4 Shelter Mutual Insurance A 8.0%
5 USAA Insurance A++ 4.1%
6 Travelers Companies A++ 3.8%
7 Nationwide Mutual A+ 3.3%
8 Liberty Mutual A 3.2%
9 MetLife Inc. A 1.9%
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Arkansas Home Insurance Rate Factors

Many different factors come into play when insurance companies calculate the cost of homeowners insurance. Some, like the age of your home, are within your control. Others, like crime rates or natural disasters, are beyond your control. Here are some of the factors that affect the cost of homeowners insurance in Arkansas.

Average Home Listing Prices

Home prices can greatly affect the cost of insurance in a state. A higher average home price generally means higher premiums in that state. For Arkansas, the average listing price is $179,570 as of July 2015, much lower than the national average of $284,748.

Average Burglary Rates

Burglary is a serious and sometimes violent property crime. States with higher average burglary rates generally have higher average home insurance premiums. That's because the likelihood that someone will need to file a claim is higher. In 2013, Arkansas’ average burglary rate was 1,030.1 per 100,000 people. This is considerably higher than the national average of 610.0 per 100,000.

States with more law enforcement per capita tend to be safer. In Arkansas, there are 11.8 law enforcement personnel per 100,000 total citizens. This is much lower than the national median of 32 per 100,000.

Home Insurance Hazards

Arkansas is known for hot, humid summers and extreme weather year-round. This creates several homeowners insurance hazards that are typical of the Deep South. Thunderstorms and tornadoes are very common as well.

Thunderstorms: Arkansas’ unique location between the Great Plains and the Gulf of Mexico frequently results in severe thunderstorms. Of the 100 days of rain Arkansas experiences per year, around 60 of those days contain thunderstorms. Rainfall is somewhat uniform throughout Arkansas, with almost every city averaging a little less than 50 inches of rain per year. Rain peaks in the springtime and wintertime, and thunderstorms are most common in spring. Heavy spring rains with lightning can pose a serious safety hazard, and can cause hail, wildfire, flash floods, and tornadoes. Floods are extremely dangerous, and the only way to obtain flood insurance is through the National Flood Insurance Program. Learn more about the NFIP here.

Tornadoes: Tornadoes are the most violent kind of storm. They involve heavy winds and rain that can cause considerable damage to property. They're often a by-product of other storms, namely thunderstorms. According to the National Oceanic and Atmospheric Administration, Arkansas averages 21 tornadoes per year. And, in 2012, the National Weather Service ranked Arkansas the #3 most tornado-prone state, after only Mississippi and Alabama. Even weak tornadoes can uproot trees and cause property damage. Arkansas has been hit by some of the strongest tornadoes on record. So be sure to discuss this hazard with your insurance agent.

Winter Storms: While not very common, snow and ice storms can be devastating in Arkansas. Ice storms occur every five to ten years, and have the ability to shut down the whole state. Arkansas is close to the Gulf of Mexico. So winter storms often take the form of freezing rain and hail. The different terrains within Arkansas can make these storms even worse, but luckily, they usually last only a short time. The southern half of the state is more likely to experience these winter storms. The northern half is more likely to experience snowfall. For example, the northern town of Eureka Springs averages 13.8 inches of snow per year. But he central city of Little Rock only receives 3.5 inches annually. Arkansas winters are not particularly cold. But these storms can be surprising and destructive.

Heat Waves: Summers in Arkansas are hot, with high temperatures averaging over 90 degrees. Plus there's almost 100% humidity, which only makes it feel hotter. When heat and humidity combine, the human body is not able to cool itself as effectively. This can be dangerous. Summer temperatures begin as early as May and don’t taper off until September. August is the hottest month of the year.

Heat waves, or prolonged periods of extreme heat, occur every few years. In the heat wave during summer 2011, temperatures in Little Rock reached 113 degrees.

Arkansas Insurance Department

Website:
Homepage
Insurance Commissioner:
Allen W. Kerr
Insurance Hotline:
(800) 282 - 9134
Office Hours:
Monday - Friday
8:00 am to 4:30 pm
File a Consumer Insurance Complaint
Complaint Page

Sources:

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