Average Cost of Renters Insurance in Arkansas
People in Arkansas spend about $18 a month, or $212 per year, on renters insurance. The average cost of renters insurance nationally is $15 a month, but some Arkansans pay quite low rates — as little as $13 a month for coverage. With rates ranging from $13 a month to $35 a month, people in Arkansas can customize their coverage to fit their needs.
|Coverage amount||Average cost per month||Average cost per year|
|Source: National Association of Insurance Commissioners (2019)|
Renters insurance offers fantastic value in Arkansas with an average cost of $18 a month. A monthly premium of $20 can get you $32,000 in coverage, enough to protect most people’s belongings. You may not think you have $32,000 in belongings, but when you add up your clothing, furniture, electronics, instruments and more, you may be surprised at the total value of your possessions. According to our data, people in Arkansas can more than triple their coverage from $14,000 to $44,000 while only increasing their monthly premiums by $8.
Renters in Arkansas insure only 23% of their housing units, about 15% lower than the national average. Arkansas, which has a low population of renters compared to the rest of the nation, at only 28% of all housing units, would likely see that number rise if more people were aware of how affordable renters insurance is. With less than a quarter of renters insured, many people in Arkansas are vulnerable should something bad happen at their rental unit.
Renters insurance in Arkansas costs $18 on average.
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Which companies provide renters insurance in Arkansas?
While price is obviously an important consideration when choosing an insurance company, we recommend considering other factors as well. Some things to consider include claims satisfaction, complaints filed against the company and customer service ratings. There is an abundance of companies that provide renters insurance in Arkansas, and many of them are well regarded.
Below we’ve listed some of the best renters insurance companies in Arkansas, along with their J.D. Power overall satisfaction score and NAIC Complaint Index. The NAIC Complaint Index indicates how many complaints a company receives relative to its size, meaning lower scores are better.
|Company||2019 J.D. Power overall satisfaction (out of 1,000)||2019 NAIC Complaint Index (lower is better)|
|Farm Bureau of Arkansas||—||0.39|
|United Home Insurance||—||0.59|
|*USAA is only available to military service members, veterans and their eligible family members.|
Renters insurance companies in Arkansas range from small outfits to larger, national companies. This leaves you to decide which company best fits you. There are several strengths and weaknesses to consider, including: How is the company’s customer service? How often are complaints filed against them? Does the company specialize in one type of coverage, or are they a jack-of-all-trades? Is the company local or national, and how will that affect the customer’s ability to get help or questions answered?
Compare quotes from the best renters insurance companies in Arkansas.
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How renters insurance quotes work in Arkansas
Your first order of business in getting a policy is to compare renters insurance quotes. To do this, you'll need to decide how much coverage you need. Quotes should consist of four types of coverage, each with its own limit: (1) personal property, (2) loss of use, (3) personal liability and (4) medical payments to others.
Types of renters insurance coverage
Personal property coverage is a very important aspect of your coverage because it protects your belongings. You should make sure that your renters insurance plan carries a high enough coverage limit to protect everything in your house that you care about. Your belongings will be protected from most major events that could damage them, such as fire, wind, theft or smoke damage. However, make sure you get additional flood insurance as well (especially if you’re in a flood-prone area) because standard renters insurance does not cover flooding.
The average value of people’s belongings falls in the range of $20,000 to $30,000, which may sound like a lot. Don’t be surprised; instead, consider all of the things you own and how much their added value comes to. It is probably more than you think, which is why we recommend over-insuring your personal property rather than trying to cut corners in this area.
Loss of use coverage pays for your additional living expenses if your home is damaged and you are unable to occupy it for a time. If, for instance, a tree fell on your roof and crushed your bedroom, you would need to stay somewhere else while your house was being repaired. Loss of use coverage helps pay for the costs you incur while living away from your home, including the cost of your hotel, transportation and even meals. This coverage is typically capped at no more than $5,000.
Personal liability coverage is an important protection to have. This coverage helps prevent you from financial disaster should you incidentally injure someone or damage their property. This coverage is designed to cover your legal costs and/or settlement fees should an incident occur. The limit of this coverage can be quite high, usually $100,000 or more.
Medical payments coverage is similar to personal liability coverage except that it is intended to cover guests injured in your own home. Should a guest be injured while visiting your home for any reason, he or she may need medical treatment or emergency personnel. This part of your policy helps cover some or all of the costs of the guest’s treatment, usually up to $5,000. This number can be adjusted if you think you need more coverage.
These coverages and their limits are important to keep in mind when surveying your coverage options. When you compare renters insurance quotes, make sure you look at each coverage limit individually and decide if it meets your needs. You may even consider reducing it to save a few dollars if you are sure you don’t need that much coverage. But remember: if a quote doesn’t provide sufficient coverage for your needs, it doesn’t matter how cheap it is.
Renters insurance requirements in Arkansas
There is no federal or state law that requires you to have renters insurance in Arkansas. However, some landlords may require proof of renters insurance as part of a lease agreement. If your landlord requires renters insurance, they are considered an interested party and will be notified of your coverage. If you live with roommates, everyone will need their own, separate renters insurance policies unless they are family members.
Also, remember: your landlord’s insurance is not your own. Your landlord’s insurance covers the structure of the home, but not your belongings. This is why you need your own renters insurance policy, separate from your landlord’s.
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