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 compare home insurance quotes 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

How much does homeowners insurance cost in Arkansas? Rates depend on several factors. Some revolve around you and your house. Others, however, depend on the region you live.

Your Personal Rate Factors

Your House

Where do insurance companies start when pricing your home insurance policy? Well, with your house, of course! Every house has different insurance needs, but insurers analyze three common concerns:

House age

As a house gets older, the cost to insure it increases. Why? Chances of filing a claim go up as the house ages. That’s especially true if the house is lacking routine maintenance. Nearly 40 percent of Arkansas’ homes were built before 1970. If you live in one of those older houses, expect higher rates.

Roof

Your roof provides necessary protection for your home against extreme weather hazards. Having an old or poorly maintained roof guarantees you’ll face higher insurance rates. Rainstorms are a frequent occurrence in Arkansas. The average annual rainfall is 49.57 inches, well above the national average of 32 inches. Insurers will want to know that your roof can handle such rain.

Waterproofing your roof is an excellent way to prevent damage from heavy rain. On top of extending your roof’s lifespan, it also helps reduce the chances of mold and mildew setting in. If your roof is too old, insurers will charge more, or even refuse to cover your home. Installing a new roof can reduce your rates.

Replacement cost

Dwelling coverage is the corner stone of a home insurance policy. It pays for repair or rebuilding of the physical structure of the house. Your dwelling coverage amount is based on your home’s replacement cost. This is the dollar amount necessary to rebuild your house from the ground up. A higher replacement cost leads to a higher dwelling coverage level. That, in turn, makes your insurance policy pricier.

Your home’s replacement cost and market value are different. Market value accounts for the land, while replacement cost is related strictly to the physical house. It’s based on features like a house’s size and style, materials, and finish quality. A house worth $151,000 in Conway can actually cost more to replace than a house worth $215,000 in Fayetteville.

Claims History

You need to think carefully about filing a home insurance claim. When you make a claim, it’s more than likely that your premium will increase. Claims stay on your record for five to seven years. If you file any other claim in that time frame, your rates will increase substantially. Your insurer may even decide to drop you.

Pets

According to the AVMA, Arkansas has one of the country’s highest rate of pet owning households. If you’re a dog owner in Arkansas, you should know that insurance companies believe certain dog breeds are an insurance risk.

Credit Score

Insurers will check your credit rating before they quote you. Your credit history, current debt, and limits are all factors in the process. And if your credit is poor, you’re going to pay more for insurance. It’s unfortunate, but true. The average credit score in Arkansas is 677. This is a bit below the national average credit score of 682.

Arkansas Rate Factors

Weather

Arkansas has a history of dangerous weather. Floods, tornadoes, and snowstorms all occur in the state. It costs more to insure a house in an area prone to natural disasters. Arkansas has seen 70 natural disasters since 1953, the 13th highest rate. That fact will undoubtedly lead to higher insurance rates.

Damage from tornadoes and snowstorms are covered under most policies, but flooding is only covered by separate flood insurance. Of course, buying flood insurance will raise your overall home insurance costs, but it’s an important investment if you live in a flood-prone area.

Crime

Like weather, property crime is a regional insurance factor. If property crime is a serious problem in your neighborhood, you can see it hit your premiums. In Arkansas, there are 3,269 property crimes per 100,000 cities, more than the national average.

Of course, property crime rates vary from city to city. Little Rock, for example, has a property crime rate of 6,932 per 100,000 residents. Greenbrier has a paltry rate of 351 per 100,000. It’s a safe bet that Little Rock has the higher homeowners rates.

Types of Home Insurance Policies

  • HO-1: HO-1s only cover 10 named peril risks in the event of catastrophic loss. It is the most basic policy you can get.
  • HO-2: This type of policy covers named perils, but also cover events like frozen plumbing and rupturing of heat, AC, or hot water heater systems.
  • HO-3: This is the most popular policy type due to how comprehensive it is. Everything is covered under this policy unless specifically excluded. It covers the house, attached structures such as garages and decks, as well as liability and belongings.
  • HO-5: This is a premium plan similar to the HO-3, except it has fewer exclusions.
  • HO-6: This is a specific policy for condos, covering liability and possessions.
  • HO-7: Covers manufactured and mobile homes, which are not covered under a HO-3.
  • HO-8: This policy is used to insure older houses that are hard to replace due to their age. The HO-8 covers homes at replacement cost value.

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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