Renters Insurance in Arkansas

Arkansas renters pay an average of $294 a year for a renters insurance policy. We can help you learn how it works.

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A renters insurance policy in Arkansas costs an average of $25 a month, according to our research. This covers your personal property, loss of use, liability and medical payments. With many renters insurance companies to choose from, you should take the time to compare the strengths and weaknesses of the providers available.

In this article

How much is renters insurance in Arkansas?

Renters in Arkansas pay an average of $294 a year, or $25 a month, for renters insurance. This is about 28% higher than the national average rate of $18 a month. You can change your rate depending on the coverage amount you purchase.

Average yearly renters insurance by coverage amount
Coverage amount Annual cost
$13,999 and under $132
$14,000 - $19,999 $145
$20,000 - $25,999 $163
$26,000 - $31,999 $178
$32,000 - $37,999 $171
$38,000 - $43,999 $199
$44,000 - $49,999 $194
$50,000 - $74,999 $230
$75,000 - $99,999 $290
$100,000 and over $437
Source: National Association of Insurance Commissioners (2019)

It's important to have a clear vision of how much your belongings are worth when you are purchasing renters insurance. If the value of your personal property that is damaged or destroyed goes over the coverage limit of your policy, you'll have to pay for the remaining repairs or replacements out of your own pocket.

The best way to avoid this is to create an inventory list. Not only will this give you an accurate dollar amount of renters insurance coverage you need, but may even help speed up your payout should you have to file a claim.

The best renters insurance companies in Arkansas

Cost is definitely a factor when deciding who to go with for your renters insurance. However, you should also focus on getting the best customer care for your money. Consider an insurer's claim satisfaction and complaint resolution records as well.

J.D. Power rates insurance companies in its annual property claims satisfaction study based on factors such as the provider's claim resolution, policy offerings, interaction, billing and price.The average ranking in the 2022 study is 871, so the higher a company's ranking, the better.

The NAIC Complaint Index ranks insurance companies based on how many claim-related complaints they receive in relation to their size. The current average complaint index is 1.0. The lower a company's complaint index, the better.

Customer satisfaction and complaints by company
Company J.D. Power NAIC
Allstate 870 0.76
Farmers 884 0.04
Liberty Mutual 876 0.23
Nationwide 878 0.03
Progressive 874 0.2
State Farm 876 2.67
Travelers 852 0.02
USAA 893 0.6
Sources: J.D. Power U.S. Property Claims Satisfaction Study and NAIC Complaint Index

There are many renters insurance companies operating in Arkansas, ranging from large national providers to smaller, regional ones. This gives you many options, with different strengths and weaknesses to consider when comparing renters insurance quotes.

Get cheap renters insurance in Arkansas

How do I get renters insurance in Arkansas?

The first step in getting a policy is by comparing renters insurance quotes. To decide how much renters insurance you need, there are four coverage types you need to look at:

Personal property

Personal property is the main coverage point of renters insurance. It protects your belongings from covered perils such as fire, wind and theft. If you live in an area prone to flooding, you may also want to consider getting renters flood insurance. This is a separate policy you would need to get, as standard renters insurance does not cover flooding.

Loss of use

Loss of use (LOU) coverage, also known as "additional living expenses," takes care of extra living costs that can arise if you need to temporarily relocate while damages to your rental home are repaired. LOU covers extra expenses such as:

  • Rent cost differences
  • Extra commute costs
  • Meals
  • Laundry
  • Rental furniture

Personal liability coverage

This part of your rental insurance covers medical and legal costs that can arise from someone being injured in your rental, or if you damage someone else's property. Renters insurance liability coverage is usually $100,000 by default. This may sound like a considerable amount, but a long hospital stay or legal battle can exceed that limit quickly. This would leave you having to pay the excess costs that occur. In order to avoid paying thousands of dollars after an accident, we recommend raising your liability coverage limit to at least $300,000. The policy cost difference is usually very small.

Medical payments coverage

This coverage type is similar to liability, except it only covers guests injured in your home. If someone is injured in your rental home, this coverage type helps you cover the medical bills of your guest, usually up to $5,000.

Do I need renters insurance in Arkansas?

There is no federal or Arkansas state legal requirement to have renters insurance. However, most landlords require you to carry renters insurance for the duration of your rental agreement. If you're living with roommates, you should all have your own renters insurance policies. Some insurers allow you to share a renters insurance policy with others, but this means you're sharing the personal property limit amongst all of you, and it really isn't worth it for what a policy costs.

You should also know that your landlord's insurance only covers the structure of your rental home, not your belongings. This is one of the main reasons landlords require leasers to have renters insurance.

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