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CheapRenters InsuranceArkansasThe Best and Cheapest Renters Insurance Companies in Arkansas for 2024: Rankings, Reviews and Rates
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CheapRenters InsuranceArkansasThe Cheapest Renters Insurance in Arkansas
Cheap Renters Insurance Companies in Arkansas
It’s important to find the best coverage at the most affordable rate. In Arkansas, USAA is the cheapest renters insurance provider, but its services are offered only to military members and their families. The next two most affordable carriers in the state are Nationwide and State Farm. Nationwide’s policy costs $158 per year on average, while State Farm’s average price is $175.
The average premium for each renters insurance company comes from quotes across several ZIP codes in Arkansas. The prices are for a renters insurance policy with personal property coverage of $20,000, liability coverage of $100,000 and a deductible of $500.
Personal Property Coverage:
$20,000
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Best Renters Insurance Companies in Arkansas
USAA offers the best renters insurance in Arkansas, with a score of 100. However, policies are only available to those with a military background. Nationwide was ranked as the second-best renters insurance company with a score of 89 out of 100.
To determine the best renters insurance companies, MoneyGeek considered several factors including companies’ affordability, J.D. Power customer satisfaction scores and financial stability ratings from AM Best.
It’s crucial to find a provider that balances cost and quality, so that you have a positive experience if you need to file a claim.
1
USAA
Score:100
USAA ranks first in MoneyGeek’s list of companies that offer the best renters insurance in Arkansas. It earned a perfect score across all three categories — user satisfaction, financial strength and affordability. However, it should be noted that its policies are only available to those who have military backgrounds.
More About USAA
USAA policies are available in all states, but only to those who are eligible. Renters insurance from USAA already includes flood and earthquake coverage, but you can choose to add electronics coverage and valuable personal property insurance for an additional fee.
If you qualify, you can get an online quote, but you must first create an account. Once you’ve purchased a policy and have your account set up, you can file a claim through your online account or USAA’s mobile app.
2
Nationwide
Score:89
Nationwide is one of the best renters insurance companies in Arkansas with high scores in user satisfaction and financial strength. With a Nationwide policy, you can add optional coverages like credit card coverage to your policy, which covers unauthorized transactions on your credit or debit card up to a chosen limit.
More About Nationwide
Nationwide policies are available in 44 states. You can add up to 11 different coverages, almost half of which are unique to Nationwide. Among these include loss assessment, credit card coverage and theft extension. However, the company only offers four discounts, three of which are common discounts offered by other insurers. The exception to this is Nationwide’s associate discount, but this is only available to Nationwide employees.
You can get a customized quote from their website and use their online calculators. Existing policyholders can also manage payments, view policy information and file claims online. They have a mobile app that you can use if you’re always on the go.
3
State Farm
Score:89
4
Allstate
Score:84
5
Farmers
Score:71
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Finding cheap coverage provides several advantages, but having the best renters insurance in Arkansas may mean purchasing a more expensive policy with better coverage. This may turn out to be more cost-effective in the long term.
Largest Renters Insurance Companies in Arkansas
State Farm has the largest share of the renters insurance market in Arkansas. Market share, or the amount of sales in an industry generated by a specific company, can be a good indicator when looking for the best renters insurance in Arkansas.
Larger companies tend to be more financially stable and have more streamlined processes, which result in a better user experience. This means that you may face fewer challenges when you file a claim.
Company | Market Share | |
|---|---|---|
1. | State Farm | 26.3% |
2. | Southern Farm Bureau | 14.0% |
3. | Shelter | 8.3% |
4. | Allstate | 8.2% |
5. | Farmers | 6.6% |
6. | USAA | 5.8% |
7. | Liberty Mutual | 4.2% |
8. | Auto-Owners Insurance Co | 2.8% |
9. | Nationwide | 2.6% |
10. | State Auto | 2.2% |
Average Cost of Renters Insurance in Arkansas
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renters insurance is equal to the average.
The average cost of renters insurance in Arkansas is $16 per month or $197 per year. That's 24% higher than the national average.
It’s important to remember that these figures are state averages — your rate may vary depending on the amount and worth of your personal property.
MoneyGeek’s personal property calculator can help you determine how much coverage you need based on your possessions.
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Total: $0
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In Arkansas, how much your renters insurance costs depend on various factors. More than your personal property, your choice of provider also significantly impacts your rates. You can save up to $106 per year in premiums by comparing quotes between multiple insurers.
What Factors Impact Renters Insurance Cost in Arkansas
Several factors can impact your renters insurance cost in Arkansas, and you need to consider the following factors when making your purchase decision:
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Renters Insurance in Arkansas: What You Need to Know
Renters insurance is a smart investment, as it protects your valuable goods at a relatively low price. In Arkansas, about 33% of the population are renters, and the average monthly rental cost is $742. For a basic policy that includes $20,000 in personal property coverage, $100,000 in liability coverage and a $500 deductible, the average monthly premium is $16, which is 2.21% of the average monthly rental rate in the state.
What Renters Insurance Typically Covers in Arkansas
It’s important to comprehend the coverage options provided by renters insurance policies in Arkansas before you buy one. A standard package covers the four basic coverage types: medical payments, liability insurance, additional living expenses and personal property.
In Arkansas, personal property insurance will typically pay for damages caused by major natural disasters like wildfires and tornadoes.
What Renters Insurance Typically Does Not Cover in Arkansas
Though standard renters insurance in Arkansas can offer protection against many unexpected events, it may not cover some common issues like those outlined below.
Do proper research and read the fine print of your renters insurance policy to learn all the details. You can also get information from the provider about the coverage features and options. This knowledge can help you choose the right insurer and file successful claims.
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Arkansas’ Insurance Department can help you if you have concerns regarding your policy. They can assist if you have a complaint or even help you look for a provider or a missing insurance plan.
You can reach them through the following channels:
- Physical Address: 1 Commerce Way, Little Rock, AR 72202
- Trunkline: (800) 282.9134 or (501) 371.2600
- Fax: (501) 371.2618
The AID also has a solid social media presence through Facebook and Twitter. Business hours are from 8 a.m. to 4:30 p.m.
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FAQs About Renters Insurance in Arkansas
Getting renters insurance in Arkansas can be confusing. MoneyGeek gathered the most commonly asked questions to help you navigate the process.
Nationwide offers the cheapest and most widely available renters insurance in Arkansas with an average monthly premium of $13.
If you come from a military family, USAA is a cheaper option. You can purchase a similar policy for $9 per month.
The best renters insurance in Arkansas for military members and their families is USAA. For everyone else, Nationwide is the best option. It earned high scores in all three areas MoneyGeek considered — affordability, customer satisfaction and financial strength.
On average, renters insurance in Arkansas costs $197 per year, or $16 per month. Although it’s more expensive than the national average, your personalized quote may vary.
Your location, personal property and insurer can affect your premium.
Although no state regulation requires you to purchase renters insurance in Arkansas, it can be a good idea to have one. At the very least, it’s an affordable way to ensure your possessions are protected.
Your landlord may require that you get renters insurance, so you should check the conditions of your lease.
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Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.
Renters Insurance in Arkansas Analysis: Methodology
MoneyGeek analyzed renters insurance premiums from the top insurance companies in Arkansas provided in partnership with Quadrant. Our analysis includes quotes from ZIP codes across Arkansas. Quotes were gathered for policies with personal property coverage of $20,000, $50,000 and $100,000, liability coverage of $100,000 and a deductible of $500.
About Mark Fitzpatrick
sources
- Arkansas Insurance Department. "Helping Arkansas." Accessed March 29, 2022.
- J.D. Power Surveys. "2021 J.D. Power Customer Satisfaction Scores." Accessed May 3, 2022.