Compare Homeowners Insurance Quotes In Arkansas

On average, your neighbors pay $104 a month.

See Your Rates

Best Home Insurance Rates In Arkansas

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

Average Arkansas Homeowners Insurance Rates

Arkansas’s average home insurance rates are slightly high compared to the rest of the US. According to the most recent available data from the Insurance Information Institute, in 2014, the average home insurance premium in the state of Arkansas was $1,252, slightly higher than the national average of $1,132. There are 13 states with higher average home insurance rates than Arkansas.

Arkansas Average Annual Homeowners Insurance Rates
  2012 2013 2014
Arkansas Annual Average $1,034 $1,183 $1,252
Arkansas Price Per Month $86 $98 $104
US Annual Average $1,034 $1,096 $1,132
US Cost Per Month $86 $91 $94
National Rank 15 14 13
Source: http://www.iii.org/fact-statistic/homeowners-and-renters-insurance

Choosing a homeowners insurance company in Arkansas should be easier. Actually, it’s already easy; you could just go with whichever company your mortgage lender recommends, but you probably won’t get the best rates that way. The key to finding the best rates is to get a home insurance quote comparison in Arkansas

Best 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 Insurance
  2. Farmers
  3. Progressive Casualty
  4. Nationwide
  5. Geico
  6. Liberty Mutual
  7. AAA Insurance Co.
  8. USAA
  9. Safeco
  10. Shelter Insurance Co.
Get a quote from some of these top rated insurers! Request Quote Get a Quote From Top Insurers

Why contact every individual company in Arkansas that you want a homeowners quote from when you can just answer a few questions about your home and desired coverage, and get competing quotes from agents? Save time and money with QuoteWizard.

Top 10 Arkansas Home Insurance Company Market Share

Source: Insurance Information Institute
Rank Company Direct Premiums Written (in thousands) Market Share
1 Citizens Property Insurance Corp $1,272,336 14.5%
2 Allstate Corp. $66,378 8.3%
3 Farmers Insurance Group of Cos. $65,454 8.2%
4 Shelter Mutual Insurance Co. $63,920 8.0%
5 USAA Insurance Group $32,776 4.1%
6 Travelers Companies Inc. $30,605 3.8%
7 Nationwide Mutual Group $26,059 3.3%
8 Liberty Mutual $25,296 3.2%
9 MetLife Inc. $14,989 1.9%

Financial Strength Ratings of Top Arkansas Home Insurers

Source: A.M. Best (Ratings as of 8/5/2015)

  • Farm Bureau Mutual Insurance Co.: A+
  • Allstate: A+
  • Farmers Insurance Group of Cos.: A
  • Shelter Mutual Insurance Co.: A
  • USAA Insurance Group: A++
  • Travelers Companies Inc.: A++
  • Nationwide Mutual Group: A+
  • Liberty Mutual: A
  • MetLife Inc.: A
Get a quote from some of these top rated insurers! Request Quote Get a Quote From Top Insurers

Rating Guide

Arkansas Property & Casualty* Insurance Company Market Share

Source: National Association of Insurance Commissioners
Rank Company Direct Premiums Written (in thousands) Market Share
1 Farm Bureau Mutual Insurance Co $246,418 5.5%
2 Shelter Insurance Group $229,700 5.1%
3 Southern Farm Bureau Casualty Insurance $227,654 5.1%
4 Allstate $197,462 4.4%
5 Travelers Companies Inc. $191,797 4.3%
6 Farmers Insurance Group of Cos. $186,351 4.2%
7 Liberty Mutual $174,671 3.9%
8 Nationwide Mutual Group $142,969 3.2%
9 Progressive Group $118,542 2.6%
*Represents both home and auto insurance

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, because the likelihood that someone will need to file a claim is higher. According to data from the FBI Uniform Crime Report, in 2013, Arkansas’ average burglary rate was 1,030.1 per 100,000 people, which is considerably higher than the national average of 610.0 per 100,000.

States with more law enforcement per capita tend to be safer than states with fewer policemen and women. In Arkansas, there are 11.8 law enforcement personnel per 100,000 total citizens, which is significantly 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, leading to 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, involving heavy winds and rain that can cause considerable damage to property. They are 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, and 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. Because Arkansas is so close to the Gulf of Mexico, 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, and 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, while the central city of Little Rock only receives 3.5 inches annually. Because Arkansas winters are not particularly cold, these storms can be surprising and destructive.

Heat Waves: Summers in Arkansas are traditionally hot, with high temperatures averaging over 90 degrees, and 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, making it especially difficult and dangerous. Summer temperatures begin as early as May and don’t taper off until September, with August as the peak 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 Office of the Insurance Commissioner

Website:
Homepage
Insurance Commissioner:
Allen W. Kerr
Insurance Hotline:
(800) 282 - 9134
Office Hours:
Monday - Friday
9:00 am to 5:00 pm
File a Consumer Insurance Complaint
Complaint Page

Sources:

QuoteWizard.com LLC has made every effort to ensure that the information on this site is correct, but we cannot guarantee that it is free of inaccuracies, errors, or omissions. All content and services provided on or through this site are provided "as is" and "as available" for use. QuoteWizard.com LLC makes no representations or warranties of any kind, express or implied, as to the operation of this site or to the information, content, materials, or products included on this site. You expressly agree that your use of this site is at your sole risk.