Insurance
Arkansas Homeowners Insurance Calculator: Free Cost Estimator (2024)
Updated: November 10, 2024
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MoneyGeek’s home insurance calculator will give you a ballpark estimate of your cost — it’s free, no personal information required, no spam.
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Rates updated:
Nov 20, 2024
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MONEYGEEK EXPERT TIP
To find the most cost-effective solutions for different profiles, MoneyGeek researched affordable home insurance providers in Arkansas. We found that Travelers is the cheapest homeowners insurance company in Arkansas.
We also listed the top homeowners insurance companies in Arkansas for different homebuyers and home types, so that can help those needing a great balance between affordability and cost.
How to Estimate the Cost of Your Homeowners Insurance Policy in Arkansas
Based on your needs and buyer profile, the cost of homeowners insurance in Arkansas may vary. Your rates are also impacted by the age, features and rebuilding costs of your home as well as by your location, credit history and coverage levels.
Use the MoneyGeek calculator below to estimate your potential insurance premiums by entering the appropriate data.
Arkansas
Depending on where you live, your homeowners insurance costs will vary. It is likely that your rates will be higher than someone who resides in a state with fewer possible hazards or if you reside in an area of Arkansas where there is a higher chance of theft, natural disasters or fires.
Dwelling Coverage
The amount of money required to rebuild your house is the dwelling coverage of an insurance policy. The price of homeowners insurance also depends on the amount of dwelling coverage your policy carries. Insurance plans with high dwelling coverage limits give you better protection against damage, but they cost more. The average dwelling coverage amount in Arkansas is $100,000.
Deductible
Your deductible is the amount you are required to pay out of pocket when filing a claim. For example, if your homeowners insurance deductible is $1,000 and the amount of your claim is $10,000, you are responsible for $1,000 while your insurer pays the remaining $9,000. A higher deductible will lead to a lower monthly rate but will cost you more if you file a claim.
Liability
Liability insurance will cover the costs if someone is injured or their property is damaged in your home as a result of damage caused by you, your pet or other family members. It covers death benefits, legal fees, replacement costs, medical expenditures and pain and suffering charges. You may only have to pay a few extra dollars a month if you increase your liability limits by tens of thousands of dollars.
Personal Property
Your personal property includes items both inside and outside your residence. This part of your policy provides reimbursement for damaged or stolen personal property. To estimate how much personal property coverage you require, use the calculator below. This can ensure that your personal property coverage is sufficient.
Credit Score
Your credit score is also taken into account when companies evaluate your homeowners insurance rates in Arkansas. Homeowners with poor credit scores are considered most likely to make a claim on their home. Therefore, insurance companies view them as riskier to cover and charge them higher premiums. If you want lower rates, you should try to improve your credit score.
Personal Property Coverage Calculator
When figuring out how much renters insurance you need, experts recommend the standard $100,000 in liability insurance and enough personal property protection to cover your possessions. Use MoneyGeek's calculator to estimate the value of your possessions so you know how much personal property coverage to buy.
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Average Cost of Home Insurance in Arkansas
Arkansas is one of the states with the highest home insurance premiums. The average Arkansas homeowner should expect to pay around $3,768 annually for a $250K dwelling policy. This exceeds the national average by approximately 56% and makes the state the eighth most expensive in the country.
If you need more or less coverage for your home, you can refer to the following table. It illustrates the average cost per level of coverage in Arkansas.
Average Annual Premium in Arkansas for Homeowners Insurance
| $100,000 | $3,062 |
| $250,000 | $3,768 |
| $500,000 | $9,361 |
| $750,000 | $14,195 |
| $1,000,000 | $19,472 |
| $2,000,000 | $41,264 |
| $3,000,000 | $65,448 |
MONEYGEEK EXPERT TIP
Dwelling coverage is an essential component of a homeowners insurance policy. In general, you will need sufficient coverage to pay for the cost of reconstructing your house.
Factors like your home's age, shape, size and other features will affect the amount of dwelling coverage you need. This can be estimated with the assistance of a professional appraiser or your insurance provider.
Remember that if you need to rebuild your home, an inaccurate estimate might lead to high additional costs. You can get extended replacement coverage or inflation guard coverage for further protection.
Frequently Asked Questions About Home Insurance in Arkansas
Obtaining homeowners insurance in Arkansas can be tricky due to the various factors that must be taken into account. MoneyGeek has answers to some frequently asked questions to help you better understand how home insurance works and the potential costs.
How much does homeowners insurance cost in Arkansas?
In Arkansas, homeowners insurance typically costs around $3,768. According to our data, Arkansas premiums are roughly 56% more expensive than the national average. Arkansas is the eighth most expensive state for homeowners insurance.
How do I know how much dwelling coverage to get?
The standard dwelling coverage in Arkansas is $100,000. To determine how much dwelling coverage your home needs, you must first calculate the cost of rebuilding it. This involves finding the current costs for labor and materials and construction. Your real estate company, the insurer or an appraiser should be able to assist you with this.
Insurance
Methodology
To determine the average cost of homeowners insurance in Arkansas, MoneyGeek sourced pricing data from Quadrant Information Services.
MoneyGeek chose a standard home profile to provide the most reliable and relevant data for developing a thorough analysis of homeowners insurance. This standard home profile consists of the following attributes:
- Construction year: 2000
- Construction type: Frame
- Composition roof
- Three-mile radius from the fire department
- Assumed value of other structures on the property: 10% of the dwelling coverage
- Personal property coverage: 40% of the dwelling coverage
- Liability limit: $100,000
- Deductible: $1,000
About Mark Fitzpatrick
Mark Fitzpatrick is a Licensed Property and Casualty Insurance Producer and MoneyGeek's Head of Insurance. He has analyzed the insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. He has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.
Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.
sources
- Insurance Information Institute. "What is Covered by Standard Homeowners Insurance?." Accessed August 26, 2022.