Best Homeowners Insurance in Arkansas: Homeowners insurance is one of those things you hope you never have to use, but you’re grateful to have when disaster strikes.
If you’re living in Arkansas, where tornadoes, severe storms, and flooding can wreak havoc on homes, having the right homeowners insurance is essential.
This guide will walk you through everything you need to know to choose the best homeowners insurance in Arkansas, including how to get a free quote that could save you hundreds of dollars a year.
What is Homeowners Insurance?
Homeowners insurance is a type of property insurance that covers losses and damages to an individual’s house and assets inside the home. A typical policy will also offer liability protection against accidents that happen on your property or that you, your family, or even your pets cause to others.
Key Coverage Areas of a Typical Policy:
- Dwelling Coverage: Protects the physical structure of your home.
- Personal Property: Covers belongings inside your home.
- Liability Protection: Offers coverage if someone is injured on your property.
- Additional Living Expenses: Covers costs like hotel stays if your home becomes uninhabitable.
Why Do You Need Homeowners Insurance in Arkansas?
Arkansas is known for its beautiful landscapes, but it’s also prone to severe weather. Tornadoes, hailstorms, and flooding can cause significant damage to homes. Besides weather-related risks, homeowners insurance offers protection from theft, fire, and even lawsuits resulting from accidents on your property.
How Much Does Homeowners Insurance Cost in Arkansas?
The cost of homeowners insurance in Arkansas depends on several factors, including the age and condition of your home, its location, and the coverage you choose.
Factors That Affect Insurance Rates:
- Location: Homes in high-risk areas for natural disasters typically have higher premiums.
- Age of Home: Older homes may cost more to insure due to outdated plumbing or wiring.
- Credit Score: Some insurers factor in your credit score when determining your rate.
On average, homeowners insurance in Arkansas can range between $1,000 and $2,500 annually. However, by shopping around and comparing quotes, you can find more affordable options.
Types of Homeowners Insurance Policies in Arkansas
There are different types of homeowners insurance policies to suit varying needs:
- HO-1: Basic Form: Offers limited coverage and is rarely used.
- HO-2: Broad Form: Covers more perils but still somewhat limited.
- HO-3: Special Form: The most common policy, covering all risks except those specifically excluded.
- HO-5: Comprehensive Form: Offers the most extensive coverage for homes and belongings.
- HO-6: Condo Insurance: Tailored for condominium owners.
Top Homeowners Insurance Companies in Arkansas
Several top-rated insurance providers offer homeowners policies in Arkansas:
- State Farm: Known for excellent customer service and customizable policies.
- Allstate: Offers a wide range of coverage options and discounts.
- Farmers Insurance: Great for bundling home and auto insurance for discounts.
- Shelter Insurance: Offers competitive rates and strong local presence.
- USAA: Provides comprehensive coverage but only for military members and their families.
Cheapest Home Insurance Companies in Arkansas
Home insurance rates in Arkansas vary based on the insurance company you use. Farmers offers the cheapest home insurance policies in Arkansas at $138 per month, on average. This compares favorably to the state average price, offering a $57 monthly discount versus the statewide average rate.
Start searching for affordable home insurance coverage by reviewing the cheapest Arkansas home insurance companies, listed below, or checking out our list of home insurance carriers ranked best for customer satisfaction.
AFFORDABLE HOME INSURANCE COMPANIES IN ARKANSAS
| Insurance Company | Average Monthly Rate | Average Yearly Rate |
| Farmers | $138 | $1,665 |
| Shelter | $140 | $1,678 |
| USAA | $162 | $1,938 |
| Farm Bureau | $167 | $2,000 |
| State Farm | $174 | $2,084 |
Arkansas home insurance prices by coverage levels
The amount of homeowners coverage you elect determines the insurance premiums you pay. In Arkansas, carrying $200,000 dwelling coverage costs an average of $1,670 per year, while maintaining coverage up to $400,000 costs as much as $3,120 per year.
POPULAR HOME INSURANCE COVERAGE LIMITS IN ARKANSAS
| Coverage Level | Average Monthly Cost | Average Annual Cost |
| $100,000 Dwelling | $137 | $1,649 |
| $200,000 Dwelling | $195 | $2,342 |
| $300,000 Dwelling | $254 | $3,043 |
| $400,000 Dwelling | $311 | $3,731 |
| $500,000 Dwelling | $379 | $4,550 |
| $600,000 Dwelling | $452 | $5,418 |
Homeowners Insurance Deductibles in Arkansas
Arkansas homeowners have a lot of decisions to make when buying a homeowners insurance policy, including how much their deductible should be. A deductible is the amount for which a homeowner is responsible before an insurance company steps in to cover costs. The deductible that you choose can have a big impact on home insurance rates.
When selecting a deductible, remember that the higher your deductible is, the lower your insurance rates will be. Therefore, you may want to think about setting a higher deductible if you’re seeking lower home insurance premiums. Bear in mind your homeowners deductible should not be set at an amount that you would have difficulty paying in the event of a loss.
Take a look at the typical deductibles offered by home insurance companies and an approximation of average homeowners insurance rates.
HOME INSURANCE PREMIUMS BY DEDUCTIBLE IN ARKANSAS
| Deductible Tier | Average Monthly Rate | Average Annual Rate |
| $500 | $192 | $2,303 |
| $1,000 | $179 | $2,143 |
| $2,000 | $158 | $1,895 |
| $5,000 | $154 | $1,847 |
Arkansas Homeowners Insurance Costs by City
Not all Arkansas cities have the same home insurance rates. Policies are often priced on locally specific variables such as the number of claims filed in the immediate area, lending your ZIP code plenty of weight in deciding how much you pay.
The cheapest homeowners insurance in Arkansas is found in Bella Vista. A typical home insurance term in Bella Vista totals just $1,998 annually — $407 less than the average Arkansas rate. Reference the below table to see the cheapest cities in Arkansas for home insurance.
CHEAPEST CITIES FOR HOMEOWNERS INSURANCE IN ARKANSAS
| City | Average Monthly Rate | Average 12-Month Rate |
| Cammack Village | $154 | $1,851 |
| Bethel Heights | $160 | $1,914 |
| Cave Springs | $160 | $1,917 |
| Tichnor | $160 | $1,919 |
| Brookland | $160 | $1,925 |
Home and auto Insurance Bundling in Arkansas
If you want to save on insurance, consider purchasing your homeowners and car insurance policies from the same company. Bundling auto and homeowners insurance in Arkansas can lead to substantial savings on your auto insurance bill. Bundling policies in Arkansas can lead to a monthly price break of $35.
HOME AND AUTO BUNDLING DISCOUNTS IN ARKANSAS
| Avg. Monthly Rate (No Bundle) | Avg. Monthly Rate (w/ Bundle) | Monthly Savings ($) | Savings (%) |
| $179 | $144 | $35 | 24% |
Factors to Consider When Choosing Homeowners Insurance
When choosing a homeowners insurance policy, it’s important to look beyond the price tag. Consider factors like:
- Coverage Limits: Does the policy cover the full cost of rebuilding your home?
- Deductibles: How much are you willing to pay out-of-pocket before your insurance kicks in?
- Customer Service: How quickly does the insurer process claims?
- Discounts: Look for available discounts for bundling policies, installing security systems, or being claim-free.
How to Get a Free Homeowners Insurance Quote in Arkansas
Getting a free homeowners insurance quote is easier than ever. Here are three simple ways to get started:
- Online Comparison Tools: Use websites like NerdWallet or The Zebra to compare quotes from multiple insurers.
- Contacting Insurance Agents Directly: Speak to local agents to get personalized advice and quotes.
- Using Insurance Company Websites: Most insurers offer online quote tools that give you an estimate in minutes.
Arkansas Homeowners Insurance Laws and Requirements
While homeowners insurance is not required by law in Arkansas, most mortgage lenders will require it. Additionally, if you live in a flood-prone area, you may need to purchase separate flood insurance since standard policies typically don’t cover flood damage.
Common Coverage Gaps and How to Avoid Them
A standard homeowners insurance policy won’t cover every possible risk. Common gaps include:
- Flood Damage: Requires separate flood insurance.
- Earthquake Damage: May need an additional rider depending on your location.
- High-Value Items: Jewelry, art, and other valuable items may need additional coverage.
How to Lower Your Homeowners Insurance Premium in Arkansas
There are several ways to save money on your homeowners insurance:
- Increase Your Deductible: A higher deductible can lower your monthly premium.
- Install Security Systems: Adding burglar alarms and smoke detectors can lead to discounts.
- Bundle Policies: Many insurers offer discounts if you bundle home and auto insurance.
Understanding Deductibles and Claims in Arkansas
A deductible is the amount you pay out-of-pocket before your insurance covers the rest. Choosing a higher deductible can lower your premium, but it’s important to ensure you can afford it in case of a claim. If your home is damaged, contact your insurance provider immediately to start the claims process.
How Arkansas Weather Impacts Homeowners Insurance
Arkansas is prone to tornadoes, hailstorms, and other severe weather events. Homes in areas that experience these conditions will likely have higher insurance premiums to account for the increased risk of damage.
Comparing Homeowners Insurance Quotes: What to Look For
When comparing homeowners insurance quotes, don’t just look at the price. Consider the level of coverage, customer service reviews, and the insurer’s reputation. A cheap policy won’t do you any good if it doesn’t cover you when disaster strikes.
FAQs about Best Homeowners Insurance in Arkansas
What is the average cost of homeowners insurance in Arkansas?
The average cost of homeowners insurance in Arkansas is around $1,500 per year, but this can vary depending on the location, age of the home, and coverage limits.
What does homeowners insurance cover in Arkansas?
Homeowners insurance in Arkansas typically covers damage from fire, windstorms, theft, and certain natural disasters. It also includes liability coverage in case someone is injured on your property.
Is flood insurance included in Arkansas homeowners insurance?
No, flood insurance is not typically included in standard homeowners insurance policies in Arkansas. You will need to purchase a separate policy for flood protection.
How can I lower my homeowners insurance premiums in Arkansas?
You can lower your premiums by installing security systems, bundling your home and auto insurance, raising your deductible, and maintaining a claims-free record.
What are the best companies for homeowners insurance in Arkansas?
Some of the top-rated homeowners insurance companies in Arkansas include State Farm, Allstate, and Farmers Insurance. Be sure to compare quotes to find the best rates and coverage options.
Conclusion
In summary, homeowners insurance in Arkansas is essential for protecting your home and personal belongings from unexpected events like natural disasters or theft. With the right coverage, you can avoid significant financial setbacks and ensure peace of mind.
It’s also crucial to get multiple quotes before making a decision. Comparing offers from different insurance providers helps you find the best coverage at the most affordable rate. This simple step can save you money and ensure you get the protection you need without overpaying.
References
For further reading and to validate the information provided in our guide to the Best Homeowners Insurance in Arkansas, we’ve compiled a list of reputable sources. These references offer valuable insights and updates on insurance policies, ensuring you have access to the latest and most reliable data.
- Arkansas Department of Insurance – Official website with regulatory information and consumer protection resources.
- National Association of Insurance Commissioners (NAIC) – Provides national standards and state-specific guidelines on homeowners insurance.
- Insurance Information Institute – Offers educational materials and statistical data related to homeowners insurance across various states, including Arkansas.
- Consumer Reports – Independent reviews and rankings on homeowners insurance providers in Arkansas.
Feel free to explore these resources for more detailed insights into the best homeowners insurance options available in Arkansas.
