Renters Insurance Arkansas: Find the Best Quotes
As you probably know, Arkansas has a little of something for everyone – from Little Rock to Hot Springs, from Billy Bob Thornton’s hometown of Malvern to the Mississippi River flood plain, Arkansas is an amazing place to land.
Hot, humid summers, cold winters, long, spring nights – Arkansas is growing, and it’s a great place to raise a family or to sojourn on your own. We love Arkansas because it’s one of our favorite places to set up the best renters insurance policies. The cost of living isn’t as high as other places in the country, rents are affordable and the right protection can be really simple and affordable for families. Read more to find out how.
Do I have to have Renters Insurance in Arkansas?
You’ll find that Arkansas property management companies often require at least $100,000 of personal liability renters insurance. Although most state laws don’t require renters insurance, it IS legal for your property owner to require you to furnish it. Even a cheap renters insurance policy could help.
This makes sense, of course – your property manager or landlord won’t want to pay for any damages to your stuff, accidental or otherwise, so getting chapter renters insurance in Arkansas is your safest bet.
In 2017, the average Arkansan spent about $700 on rent. Arkansas is a family type of state – there are many rural areas, with fewer people renting dwellings than the national average.
One of Arkansas’s long-standing institutions is the University of Arkansas in Little Rock. Attended by famous Arkansans such as Bill Clinton, rents are always plentiful in the area, dwindling as you get closer to campus.
How much does a policy cost?
Is cheap renters insurance always best? Well, we do try to connect you with the cheapest rate possible! You can still get all the coverage you need and save at the same time. Once you get your quotes, you will find a premium that breaks down into a monthly payment. Renters insurance premiums are annual.
You should expect to spend $200 on average for renters insurance in Arkansas if you’re a ‘typical’ customer.
We recommend this coverage breakdown for your policy:
Personal Property Insurance
We recommend: $20,000
Of course, it’s extremely important to make sure your items are protected. We find out how much your property might be worth by working with you to get an itemized list of your belongings and their ballpark value. The more specific you can get with us, the more we can help you decide how much coverage will be enough. $20,000 is our typical set amount for personal property when writing renters insurance in Arkansas.
Medical Liability Coverage
We recommend: $100,000
If someone has an accident, including a fall, a dog bite or anything else you can think of, you may be found medically liable. This type of coverage ensures that if someone is injured in your home, and you’re found at fault, you’ll be able to pick up the bill without paying more than your deductible out of pocket (provided the expenses don’t exceed the coverage amount listed in your policy).
Loss of Use
We recommend: $1000
If you need to get a room or provide meals for yourself because you’re unable to live in your home for a certain period of time, loss of use can help you. Not having access to the basic components in your home can get frustrating and expensive, so this type of insurance is necessary.
Popular metros we service in Arkansas include:
- Little Rock
- Hot Springs
- Malvern
- Bentonville
There are plenty of things that affect the amount you’ll pay for your policy. Here are some:
- Your credit score;
- Materials your home is constructed from;
- Whether or not you’re close to a business;
- Location of the residence;
- Proximity to a metro area;
- Fire district/fire safety;
- Proximity to higher crime areas;
- Any previous renters insurance claims;
- Any previous cancellation of policy;
- Ownership of certain breeds of dogs
… and much more.
Most deductibles cost right around $500, meaning you will need to pay out this amount of money to the insurance company before receiving a claim.
Also, make sure to discuss RCV vs. ACV (Replacement cost value vs. actual cash value) with your agent when you get your policy started, so you can account for the depreciation cost of your items.
What incidents are covered?
Arkansas is unfortunately subject to what can be some pretty intense tornadoes. Flatland offers the opportunity for tornadic storms to travel miles and miles, pick up speed, develop cleanly and cause major devastation.
Rather than wondering how you’ll be able to replace all your belongings, getting a renters insurance policy that can cover loss is always the best idea.
How much coverage do I need?
Work with your agent to create and share an itemized list that will go through your personal property and determine the value of your items. It may be tempting to just go with an initial recommended coverage amount, but sharing that itemized list with your agent can really protect you in the case of loss. If you have a family heirloom in your home that cost way more than your other items, it’s important to disclose those as well so that your agent can work with you to give you more protection if it is necessary.
Are there discounts?
Absolutely. Most carriers offer discounts for the following:
- Bundling home, auto and other types of insurance,
- Paying in full before the policy period starts,
- Paying your premium in advance a day before the policy expiration,
There are other discounts you might be able to get depending on your situation. Talk to us about the discounts you’re looking for and we can help you save.
Get Cheap Arkansas Renters Insurance Online
We’ve got you covered! We can show you a wide variety of policies and help you make a decision about the best renters insurance for you. Don’t hesitate to reach out and connect with us – let us show you your options in Arkansas today! There’s nothing more we love than helping our customers find the most affordable insurance with the best protection, and we can’t wait to get you and your family set up with the right policy.