Arkansas Homeowners Insurance Calculator: Free Cost Estimator (2023)
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Home Insurance Calculator
These are annual estimates. Get a personalized quote to determine your costs.
To find the most cost-effective solutions for different profiles, MoneyGeek researched affordable home insurance providers in Arkansas. We found that Travelers is the cheapest homeowners insurance company in Arkansas.
We also listed the top homeowners insurance companies in Arkansas for different homebuyers and home types, so that can help those needing a great balance between affordability and cost.
TABLE OF CONTENTS
How to Estimate the Cost of Your Homeowners Insurance Policy in Arkansas
Based on your needs and buyer profile, the cost of homeowners insurance in Arkansas may vary. Your rates are also impacted by the age, features and rebuilding costs of your home as well as by your location, credit history and coverage levels.
Use the MoneyGeek calculator below to estimate your potential insurance premiums by entering the appropriate data.
Depending on where you live, your homeowners insurance costs will vary. It is likely that your rates will be higher than someone who resides in a state with fewer possible hazards or if you reside in an area of Arkansas where there is a higher chance of theft, natural disasters or fires.
The amount of money required to rebuild your house is the dwelling coverage of an insurance policy. The price of homeowners insurance also depends on the amount of dwelling coverage your policy carries. Insurance plans with high dwelling coverage limits give you better protection against damage, but they cost more. The average dwelling coverage amount in Arkansas is $100,000.
Your deductible is the amount you are required to pay out of pocket when filing a claim. For example, if your homeowners insurance deductible is $1,000 and the amount of your claim is $10,000, you are responsible for $1,000 while your insurer pays the remaining $9,000. A higher deductible will lead to a lower monthly rate but will cost you more if you file a claim.
Liability insurance will cover the costs if someone is injured or their property is damaged in your home as a result of damage caused by you, your pet or other family members. It covers death benefits, legal fees, replacement costs, medical expenditures and pain and suffering charges. You may only have to pay a few extra dollars a month if you increase your liability limits by tens of thousands of dollars.
Your personal property includes items both inside and outside your residence. This part of your policy provides reimbursement for damaged or stolen personal property. To estimate how much personal property coverage you require, use the calculator below. This can ensure that your personal property coverage is sufficient.
Your credit score is also taken into account when companies evaluate your homeowners insurance rates in Arkansas. Homeowners with poor credit scores are considered most likely to make a claim on their home. Therefore, insurance companies view them as riskier to cover and charge them higher premiums. If you want lower rates, you should try to improve your credit score.
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Average Cost of Home Insurance in Arkansas
Arkansas is one of the states with the highest home insurance premiums. The average Arkansas homeowner should expect to pay around $3,768 annually for a $250K dwelling policy. This exceeds the national average by approximately 56% and makes the state the eighth most expensive in the country.
If you need more or less coverage for your home, you can refer to the following table. It illustrates the average cost per level of coverage in Arkansas.
Average Annual Premium in Arkansas for Homeowners Insurance
Dwelling coverage is an essential component of a homeowners insurance policy. In general, you will need sufficient coverage to pay for the cost of reconstructing your house.
Factors like your home's age, shape, size and other features will affect the amount of dwelling coverage you need. This can be estimated with the assistance of a professional appraiser or your insurance provider.
Remember that if you need to rebuild your home, an inaccurate estimate might lead to high additional costs. You can get extended replacement coverage or inflation guard coverage for further protection.
Frequently Asked Questions About Home Insurance in Arkansas
Obtaining homeowners insurance in Arkansas can be tricky due to the various factors that must be taken into account. MoneyGeek has answers to some frequently asked questions to help you better understand how home insurance works and the potential costs.
To determine the average cost of homeowners insurance in Arkansas, MoneyGeek sourced pricing data from Quadrant Information Services.
MoneyGeek chose a standard home profile to provide the most reliable and relevant data for developing a thorough analysis of homeowners insurance. This standard home profile consists of the following attributes:
- Construction year: 2000
- Construction type: Frame
- Composition roof
- Three-mile radius from the fire department
- Assumed value of other structures on the property: 10% of the dwelling coverage
- Personal property coverage: 40% of the dwelling coverage
- Liability limit: $100,000
- Deductible: $1,000
About Mark Fitzpatrick
- Insurance Information Institute. "What is Covered by Standard Homeowners Insurance?." Accessed August 26, 2022.