Best Home Insurance in Arkansas in 2023

According to an analysis by NerdWallet, the average price of Arkansas homeowners’ insurance is $3,020 annually, which comes out to about $252 per monthly. This is more than the average annual cost of $1,820 in the United States.

Our team has compared rates across Arkansas and reviewed companies to determine the most affordable homeowners insurance. Sample rates for homeowners with good credit, $300,000.00 of dwelling coverage. $300,000.00 of liability coverage. A $1,000 deductible. Rates will vary.

Please note that some insurance companies mentioned in this article have changed their underwriting policies and may no longer be issuing new policies within your state.

NerdWallet has compiled a list of NerdWallet’s Top Homeowners Insurance Providers .

Find out more about the companies to decide which is right for you.

In 2022, the largest American home insurance company celebrated its centennial. A State Farm policy may include an inflation guard endorsement, which will automatically increase your policy limits. This ensures that your coverage does not fall below the required amount.

State Farm provides a Ting as an added benefit to home insurance customers. The Ting smart plug monitors the electrical system in your home to prevent fires.

Farmers’ homeowner policies may offer two types of valuable insurance, including extended dwelling coverage and replacement cost coverage. The extended dwelling insurance provides extra coverage for your home’s structure, while the replacement cost insurance offers a higher payout for damaged or stolen items.

Some Farmers’ policies come with additional benefits that could save you money. With claim forgiveness for example, Farmers will not raise your rates if you’ve never filed a claim in the last five years.

Nationwide’s wide range of options for coverage is something we like. As an example, the standard policy for homeowners includes coverage under ordinances or laws, which will help you pay to get your house up to code after a claim. Other coverage is available for identity theft, drain and sewer backups, and other issues.

You can either get an online quote or contact a local agent, depending on your needs. The website can be used to check the status of claims, pay your bills or file a claim.

USAA offers homeowners insurance for veterans, active-duty military personnel and their family members. You may want to consider USAA if you are a member of one of these groups. USAA’s homeowner policies offer some special perks, such as coverage against identity theft and military uniforms without a deductible.

Arkansas homeowners can participate in the Connected home program of their insurance company. This offers a discounted rate on policies if they purchase and install smart devices. Water leak sensors, thermostats and cameras are among the devices that qualify.

In Arkansas, the average cost per year of homeowners insurance is $3.020. This is 66% higher than the average national cost of $1,820.

Many insurers in Arkansas and most states of the U.S. use your insurance credit score when determining rates. The insurance score you receive is not the same as your credit score.

According to NerdWallet, the rate analysis, homeowners with bad credit in Arkansas pay on average $6,850 annually for insurance. This is more than twice what people with good credit pays.

The cost of homeowners insurance in Arkansas varies depending on where you reside. Home insurance costs in Little Rock average $2,740 a year. In Fayetteville, homeowners pay an average of $2,590 a year.

Below are some of the insurance companies we identified with rates that were below the Arkansas Average Rates.

When shopping for insurance, Arkansans need to consider the risks of natural disasters such as tornadoes, wildfires, and flooding, along with more frequent storms, like hail and lightning.

Arkansas has become a part Tornado Alley. This is the geographical stretch in which tornadoes are most frequent. Tornadoes or windstorms can cause damage to homes, roofs, and even destroy them.

In many cases, wind damage caused by tornadoes is covered in standard homeowner’s insurance policies. You may need to pay a wind-related deductible. They are usually a fixed amount, like $1,000, or percentages of the dwelling coverage. Your policy might have a $1,000 deductible for the majority of claims, and a 1% for wind damage. If your home has dwelling coverage of $250,000, then you would have to cover the first $2,500 in wind damage.

In Arkansas, rivers, lakes, and streams can be overflowed by heavy rainfall, rapid melting of snow, or both. RiskFactor.com is a website of the First Street Foundation. It estimates that more than 200,000 homes have a greater than 26% risk of flooding within the next thirty years.

Flood damage is not covered by standard homeowners policies. In order to protect themselves from damage caused by water, some homeowners may have to buy separate flood insurance.

While you can buy flood insurance at any time, it usually takes 30 days for the policy to take effect. For more information on flood insurance, including waiting periods, click here.

In Arkansas, hailstorms can occur during the summer and spring storm season. Hail damage can be costly for homeowners, resulting in roofs, siding and windows being damaged.

Hail is usually covered by your home insurance, but you should read the policy carefully as there may be a separate deductible.

Wildfires are not common in Arkansas but they can be dangerous for home owners, especially in areas that are dry or wooded. Flames, heat and smoke can cause damage or destruction to homes. Standard home insurance covers damage caused by wildfires.

Attention to the limit of your home coverage. The amount that the insurer will pay for the rebuilding of your home. Talk to your insurance company to make sure you are covered in case of a major fire.

Although earthquakes in Arkansas are rare, they still pose a significant risk to homeowners when it comes time to shop for insurance. Minor earthquakes occur frequently in the New Madrid Seismic Zone. The quakes that occur can be devastating to buildings and possessions.

Most standard homeowners’ insurance policies do not cover damage caused by an earthquake. If you are in a high-risk area, review your insurance policy and consider buying additional earthquake coverage.

Pay attention to deductibles when purchasing an earthquake policy. This will help you understand the possible out-of pocket costs. You may have a deductible for your earthquake insurance, usually between 5% and 25%. If you had a 20% deductible on a coverage of $200,000, then you’d have to pay $40,000 in deductibles for any earthquake-related damage.

Arkansas Insurance Department provides information and consumer protection, while also regulating the insurance industry in Arkansas. You can use the Consumer Complaint Form to lodge a complaint with your insurance provider.

For questions regarding insurance coverage or filing complaints, you can contact Consumer Services at 1-800-852-5494. You may also email [email protected]

Amanda Shapland is the author of this article.