The Cheapest and Best Renters Insurance in Little Rock
The Companies With the Cheapest Renters Insurance in Little Rock
Little Rock renters should consider the cost of renters insurance since most companies offer the same basic coverage. Comparing renters insurance quotes will help you choose a policy that suits you best.
When it comes to cheap renters insurance in Little Rock, MoneyGeek's study found the following to be the most affordable options, on average:
- USAA: $109 per year (only available to current and former military members and their families)
- Nationwide: $158 per year
USAA policyholders can save even more on their insurance policies. These policies cover flood and earthquake damage. They also provide reimbursement for items at their replacement cost.
In this study, MoneyGeek based the prices on policies with $20,000 in personal property coverage, $100,000 in liability coverage and a $500 deductible. However, prices will vary according to your specific policy and coverage limits. Take a look at the table below to find out how the prices change for various personal property coverage limits.
Renters in Arkansas who live outside Little Rock can compare renters insurance policies for Arkansas as a whole.
Average Annual Rates for Personal Property Insurance
Personal Property Coverage:
Scroll for more
Compare Renters Insurance Rates
Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.
What Are the Best Renters Insurance Companies in Little Rock?
MoneyGeek ranked the top renters insurance providers in Little Rock, and the following companies topped the list:
- Best overall: USAA (only available to military personnel)
- Runner-up: Nationwide
MoneyGeek's rating system incorporates affordability, customer satisfaction ratings from J.D. Power and ratings for financial stability from AM Best. MoneyGeek also identified unique coverages provided by these companies that are not available from other insurance providers.
Having perfect scores in affordability, financial stability and customer satisfaction, USAA took the top spot on our list. However, USAA policies can only be purchased by current and former military members, as well as their families.
Across the country, USAA is consistently one of the cheapest options. It also offers unique coverages. For instance, unlike most companies, it covers flood and earthquake damage. Those currently serving in the military can also take advantage of USAA's discounts, which may make it even cheaper if you're eligible.Read MoneyGeek's USAA renters Insurance Review
Nationwide is the runner-up due to the high ratings it gets in multiple categories. It offers brand new belongings coverage.
With Nationwide, you can include various add-on coverages in your policy. These include valuables plus, water backup, earthquake and theft extension. It’s even possible to get multi-policy discounts, premium reductions for having protective devices and the ability to reduce your rates by staying claims-free.Read MoneyGeek's Nationwide renters Insurance Review
The Average Cost of Renters Insurance in Little Rock for 2023
renters insurance is equal to the average.
Renters in Little Rock pay an average insurance cost of $197 per year or about $16 per month. Compared to the national average of $159 per year, this is roughly $38 more per year.
What Factors Impact Renters Insurance Costs in Little Rock?
A number of factors influence the cost of renters insurance, but the following factors will have the greatest impact.
- Personal property coverage amount. The most important factor affecting insurance costs is the amount of coverage you purchase. This is essential to consider when looking for renters insurance in Little Rock.
- Location. Depending on where you live, the price of renters insurance in Little Rock may vary. Neighborhoods with high crime rates typically have slightly higher premiums due to the risks associated with the location.
- Deductible. This is the fee you need to pay to the insurance company to cover your claim. When you choose higher deductibles, your premiums will be lower since you will spend more of your own money if you need to file a claim.
- ACV vs. RCV. The type of insurance you have determines whether you receive reimbursements based on actual cash value (ACV) or replacement cost value (RCV). If you have an ACV policy, the insurer will reimburse you based on the depreciated value of your items. On the other hand, RCV policies reimburse the equivalent cost of buying a new item of the same quality and type without factoring in any depreciation. RCV policies are more expensive than ACV policies because they pay more for claims.
- Liability coverage amount. The amount of coverage you choose will only have a slight impact on the cost of your renters insurance. For instance, you can add additional coverage for just a few dollars each year if you need more than the standard $100,000 in liability coverage.
Calculate How Much Renters Insurance You Need
Does My Little Rock Neighborhood Impact Cost of Renters Insurance?
The location of your neighborhood does not affect renters insurance rates as much as it does with other types of insurance. Based on MoneyGeek’s findings, where you live only affects your insurance premium by a few dollars per month.
Understanding Renters Insurance in Little Rock
It is not a legal requirement in Little Rock to have renters insurance. Nevertheless, MoneyGeek strongly recommends purchasing an insurance policy as it is the most cost-effective way of protecting your assets. Essentially, your renters insurance offers financial protection from loss or damage to your belongings.
What Does Renters Insurance Cover in Little Rock?
Getting adequate coverage as a Little Rock renter is important when shopping for renters insurance. By purchasing a policy, you are protecting yourself from unexpected expenses in the event of theft and other damages.
Based on an FBI report, the number of property crimes in the city reached 5,583 per 100,000 residents in 2019, which is about 195% more than the national average.
Residents of Little Rock might also choose to buy additional insurance to cover risks that may arise, such as fires and water damage. Renters insurance in Little Rock typically covers the following items:
- Personal property coverage: With this coverage, your rental home is protected from certain perils, including fire, theft, vandalism, plumbing problems, electrical malfunctions and some weather-related damage.
- Additional living expenses: Sometimes, your rental unit may become uninhabitable after an insured peril. In this case, this coverage will cover your temporary housing expenses.
- Liability insurance: Having this insurance coverage protects you in case of an accident on your rental property that injures or damages others. This will cover any legal costs and payouts that you will be responsible for if you are found legally liable.
- Medical payments coverage: This coverage will help you with medical expenses if someone is injured while in your rented property. No matter who is at fault, it will cover the expenses.
What Is Not Covered by Renters Insurance in Little Rock?
In Little Rock, renters insurance covers your personal property but not the structure of the building. The building owner is responsible for that aspect of the property.
There are also some specific perils not covered by renters insurance. In these cases, supplemental coverage could be necessary.
Rental insurance, for example, will cover some water damage. Most standard policies, however, do not cover water damages caused by floods. To protect yourself against flood damage, especially if you live in high-risk zones, you can purchase additional coverage through the National Flood Insurance Program (NFIP).
Other renter's insurance policy exclusions include your roommate's possessions, earthquake damage, damage to your car, jewelry and other valuables that cost more than the policy limits. It is important to note that different policies offer different coverage options. To ensure you have accurate coverage, read the policy carefully before you finalize your purchase.
Frequently Asked Questions About Renters Insurance in Little Rock
In shopping for renters insurance, you should look for the company with the best combination of affordability and quality. Below you will find answers to the most frequently asked questions about renters insurance in Little Rock.
Renters Insurance in Little Rock Analysis: Methodology
MoneyGeek analyzed hundreds of renters insurance quotes in Little Rock to help you find cheap renters insurance. The best renters insurance rankings were determined using data from J.D. Power, AM Best and our affordability metrics that are derived from a comprehensive analysis of quotes provided by Quadrant.
About Mark Fitzpatrick
- Little Rock Police Department. "Year-to-Date Crime Stats for Week Ending June 6 2022." Accessed June 8, 2022.
- U.S. Census Bureau. "Little Rock City, Arkansas." Accessed June 8, 2022.
- United States Department of Justice. "2019 Crime in the United States." Accessed June 7, 2022.