Arkansas Homeowners Insurance Guide
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The Bear State is one of the country’s best kept secrets. Perhaps best known for being the birthplace of the United State’s 42nd president, William Jefferson Clinton, Arkansas has a lot to offer by way of its natural beauty. There’s an abundance of wilderness, and a terrain that spans everything from mountains and caves, to hot springs. Needless to say, outdoor enthusiasts simply love to spend days on end purveying the open lands of Arkansas.
Arkansas is also completely landlocked. However, that doesn’t prevent it from periodically experiencing some of the hurricane activity delivered by way of the Gulf of Mexico. As such, property owners in the state consistently must prepare for heavy rains and floods. In addition, due to its climate and region, they must also prepare for tornadoes and major ice storms.
Homeowners and renters insurance rates in Arkansas are fairly high. Property owners in the state pay the seventh highest renters insurance premium and 13th homeowners’ in the country. This is an indication of the inherent property risk that characterizes the region. Unfortunately, the Bear State is susceptible to just about every natural disaster, except for earthquakes.
Average Homeowners and Renters Insurance Premium
Source: Insurance Information Institute (2017)
While the standard insurance policy will cover resulting damage from the typical ice storm or tornado, in addition to the more mainstream perils such as fire, vandalism, and liability; flood is excluded. As a result, property owners in the Bear State should look to augment their standard property insurance policy with a flood policy from the National Flood Insurance Program (NFIP).
The largest homeowners insurance carrier in the Arkansas market controls over 26% of the property insurance business. Outside of this fact, the market seems fairly competitive with no other carrier controlling more than 14% of the market, and having a good representation of both national and regional carriers. When searching for the right homeowners or renters insurance partner, make sure to include both national and regional carriers. Although the largest carrier controls a large portion of the market, you may be able to find a better package, either through pricing, or customer service with a carrier that may not have good brand name recognition, but is a great company.
Top 5 Home Insurance Carriers in Arkansas
|Farm Bureau Mutual Insurance Co. of Arkansas||14.0%|
|Farmer Insurance Group||6.6%|
Source: Insurance Information Institute (2019)
Often overlooked, those that have visited the Bear State, or indeed call it home know of the beauty that the state beholds. Whether it is hiking the limestone caves at Blanchard Springs Caverns, or studying up on American history in Little Rock at the Clinton Presidential Center, Arkansas has quite a bit to offer. Although its homeowners and renters insurance rates are relatively high when compared to other states, its beauty is unparalleled.
Arkansas Department of Insurance
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