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CheapRenters InsuranceArkansasThe Best and Cheapest Renters Insurance Companies in Arkansas for 2023: 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.
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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.
Read MoneyGeek's USAA renters Insurance Review2
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.
Read MoneyGeek's Nationwide renters Insurance Review3
State Farm
Score:89
State Farm is the third-best renters insurance provider in Arkansas. It has an overall score of 89. It scored high in customer experience and earned a perfect rating for financial stability. State Farm allows you to add coverage to your policy, like Incidental Business Liability, which can cover the cost of defense if your business faces a liability lawsuit.
More About State Farm
State Farm offers policies in all 50 states. Although it only has five endorsements, two of these, business owners insurance and business professional liability coverage, are not commonly offered by other insurers. Policyholders with businesses can choose to add these additional coverages to their plans. In terms of discount offerings, State Farm offers less than the national average with only two options available.
Prospective customers can get customized estimates through State Farm’s website. You can even use their online calculators to make better financial decisions. Policyholders can also make monthly payments, set up automatic payment schedules or go paperless online.
Read MoneyGeek's State Farm renters Insurance Review4
Allstate
Score:84
With an overall score of 84 out of 100, Allstate is also a solid option for renters insurance in Arkansas. Although its policies aren’t the cheapest, you can expect a positive user experience. You can avoid paying out of pocket for a liability claim with Allstate's personal umbrella policy.
More About Allstate
Regardless of where you live, you can purchase a policy from Allstate since it’s available in all 51 states. It only offers four additional coverages, falling below the national average of seven. Allstate advertises five discounts, which is equal to the national average.
If you’re thinking of purchasing an Allstate policy, you can get an online estimate from their website. You can also use online calculators to help you assess your financial obligations. Policyholders can manage their insurance through Allstate’s mobile app, which you can use to file and track a claim, too.
Read MoneyGeek's Allstate renters Insurance Review5
Farmers
Score:71
Last on our list is Farmers. It received a high score in customer satisfaction and had an overall MoneyGeek score of 71 out of 100. However, its scores for affordability and financial strength are relatively low. A policy from Farmers can also help cover the cost of replacing older items with newer equivalents.
More About Farmers
Farmers policies are available in 42 states, including Arkansas. Policies only offer three additional coverages, which is less than the national average of seven. However, Farmers has seven discount options, which is more than the industry average of five.
If you choose Farmers as your insurer, you may be eligible for lower rates if you consistently make payments or are a non-smoker. You can also complete most transactions online, from getting a personalized quote to signing up for autopay. The mobile app also gives you the option to manage your account and file claims on the go.
Read MoneyGeek's Farmers renters Insurance ReviewMONEYGEEK EXPERT TIP
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% |
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.
clothing
Total:
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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:
Deductible
You need to pay a deductible if you want your insurer to process a claim. Plans with lower deductibles have higher premiums because the insurance provider needs to pay more to cover your items. Conversely, policies with higher deductibles have lower rates because you need to pay more out of pocket for a claim.
Coverage Amount
Getting additional features and add-on coverages will increase your renters insurance premium.
Location
Your residential location plays a significant role, as localities with a higher risk of bad weather and crime will have higher premiums. In contrast, neighborhoods with easy access to public services like a fire station can have lower premiums.
Credit Score
Your renters insurance provider in Arkansas will evaluate your credit score to finalize your rate. Those with a bad credit score will pay higher rates, as carriers think they are more likely to file claims. On the other hand, a strong credit score can make you eligible for discounts.
Actual Cash Value (ACV) vs. Replacement Cost Value (RCV)
Insurance firms will reimburse your claim based on each item’s ACV or RCV. ACV packages pay depreciated rates for used property, while RCV policies reimburse you for a new product of similar type and quality. RCV policies are typically costlier than ACV, as they make higher payments for claims.
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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.
- EventDescription
Structural Damage
Your policy does not cover damage to your building’s structure and frame. It is the landlord’s responsibility to purchase this coverage.
Earthquake Damage
Earthquakes are generally not covered by renters insurance policies, and you need to buy an add-on to get protection.
Flooding
Your policy may cover water damage due to broken pipes but may exclude flooding because of a natural disaster like a hurricane or rainstorm. Flooding is a relatively common natural disaster in Arkansas. Therefore, it’s advisable to obtain flood insurance via the National Flood Insurance Program (NFIP).
Expensive Items
You typically need to buy an added rider to protect high-end items, as they are not generally covered by renters insurance.
Roommate Property
Renters insurance covers only your property and not your roommate’s possessions. They have to purchase their own coverage.
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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.
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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.