Best and Cheapest Renters Insurance in Arkansas (2024)

While State Farm is the best for $20K in personal property coverage with an average annual premium of $113 and a MoneyGeek score of 95 out of 100, the perfect choice depends on your specific needs. For instance, Shelter is the most affordable option at $111 annually, while USAA offers the best support for veterans.

State Farm is the best renters insurance provider in Arkansas, with a MoneyGeek score of 95 out of 100 and an annual premium of $113. The following are the two best renters insurance providers in Arkansas for the same policy.

• State Farm: MoneyGeek score of 95 out of 100 ($113 per year)
• Nationwide: MoneyGeek score of 93 out of 100 ($142 per year)

State Farm has perfectly balanced customer satisfaction and affordability. However, the best provider for you will still depend on your needs.

Shelter offers the cheapest renters insurance in Arkansas, with an annual premium of $111 for $20K in personal property coverage with a $1,000 deductible. The following are the top two cheapest providers in Arkansas for this level of coverage:

• Shelter: $111 per year
• State Farm: $113 per year

Personal property coverage helps protect your belongings, like electronics and furniture, from theft or damage. Cheap renters insurance policies often have low personal property coverage limits. Higher coverage limits can raise monthly costs but offer better protection for your belongings.

For policies with $20,000 in personal property coverage and a $2,000 deductible, the top two cheapest providers in Arkansas are:

• Shelter: $102 per year
• Encompass: $104 per year

A deductible is the money you pay before your insurance company helps cover a claim. Choosing a higher deductible typically lowers your insurance premium because you're assuming more financial responsibility. Review the table below to see how changing your deductible can impact rates.

In Arkansas, the best renters insurance company for service quality is Travelers, with a MoneyGeek score of 95 and an average premium of $434 per year. If you're seeking excellent customer service, the following providers are the top two best in Arkansas:

• Travelers: MoneyGeek score of 95 out of 100 ($434 per year)
• Nationwide: MoneyGeek score of 94 out of 100 ($142 per year)

Great customer service can make a substantial difference to renters, especially during stressful times like making a claim. For instance, if you suddenly experience property loss or damage, a swift and empathetic response from your insurer can provide much-needed peace of mind.

State Farm is the best renters insurance company for those needing $100K of personal property coverage in Arkansas, with an annual premium of $225. For this level of coverage, the top two providers in Arkansas are as follows:

• State Farm: MoneyGeek score of 95 out of 100 ($225 per year)
  
• Nationwide: MoneyGeek score of 93 out of 100 ($327 per year)

Renters with more personal belongings often require higher personal property coverage, which is designed to protect items like furniture, electronics, and clothing from theft, damage, or loss. Even if it costs more each month, it's important to get the coverage amount you need to protect your assets — this ensures that if an unfortunate event occurs, you'll have the necessary financial protection and support to recover your losses.

USAA is the premier renters insurance company for homeowners with military backgrounds. State Farm is the second-best company for veterans and military families.

• USAA: MoneyGeek score of 100 out of 100 ($117 per year)
• State Farm: MoneyGeek score of 95 out of 100 ($113 per year)

USAA offers a range of products tailored for those with a military background, offering discounts and coverages that suit the military lifestyle. In Arkansas, USAA is the cheapest for military members seeking renters insurance.

State Farm is the best renters insurance company for those with poor credit in Arkansas with an annual premium of $270. The following are the top two best providers in Arkansas for those with poor credit.

• State Farm: MoneyGeek score of 93 out of 100 ($270 per year)
• Nationwide: MoneyGeek score of 92 out of 100 ($349 per year)

Rates for those with poor credit are often higher, as they pose a greater risk to providers. Providers view them as higher risk due to the likelihood of filing claims. You can take steps to improve your credit to lower rates and take advantage of discounts where possible.

The average cost of renters insurance in Arkansas is $193 annually or $16 monthly, which is higher than the national average of $145 annually. These rates are based on a renters insurance policy with $20K personal property limits, $100K liability limits, and a $1,000 deductible.

Be aware that the cost of renters insurance in Arkansas can vary significantly based on the amount of personal property coverage you choose. Use the tool below to get an estimate tailored to your needs.

The average cost for renters insurance varies by state and city. For instance, the annual premium in Little Rock, Arkansas, is $204, compared to the state average of $193.

These rates are based on a renters insurance policy with $20K personal property limits, $100K liability limits, a $1,000 deductible, and a good credit score. See the average cost in your city using the table below.

Multiple factors impact the cost of renters insurance in Arkansas, including location, coverage amount, and deductible. Understanding what affects the cost of renters insurance is important for making informed decisions and potentially lowering your premiums.

• Location: Premiums vary based on crime rates and natural disaster risks in different areas.
• Coverage Amount: Higher coverage limits typically result in higher premiums.
• Deductible: Choosing a lower deductible increases the premium cost.
• Credit Score: Poor credit scores can lead to higher premiums.
• Claims History: A history of claims may increase your insurance costs.

Determining your personal property coverage involves creating a personal inventory of all your belongings at home. A personal inventory is a detailed list of all personal items, including descriptions, values, and receipts if available. Follow these steps to create a personal inventory:

1. List all items: Walk through each room and list every item you own, from furniture to electronics.
2. Document details: Write down descriptions, purchase dates, and estimated values for each item.
3. Take photos: Photograph each item and store the images with your inventory list.
4. Store safely: Keep your inventory in a secure place, such as a cloud storage service or a fireproof safe.
5. Update regularly: Review and update your inventory at least once a year, or whenever you make significant purchases.

Renters insurance primarily protects your personal belongings from damage, but it also extends to other areas such as liability and additional living expenses. Here's what a typical policy may cover:

• Personal Property Coverage: Safeguards your possessions against covered perils like theft to help you replace them.
• Personal Liability Coverage: Protects you from legal responsibility for injuries or damage to others, such as if a guest is injured in your rental unit.
• Loss of Use Coverage: For additional living expenses if your rental is uninhabitable due to a fire, for example, loss of use coverage can cover temporary housing costs.

Renters insurance typically applies to specific events, like theft, vandalism or specific natural disasters. Here's what most policies cover:

• Fire or lightning
• Windstorm or hail
• Explosions
• Riots
• Damage caused by aircraft
• Damage caused by vehicles
• Smoke damage
• Vandalism
• Theft
• Volcanic eruption
• Falling objects
• Weight of ice, snow or sleet
• Water-related damage from home utilities
• Electrical surge damage

Although renters insurance provides a safety net for your personal property and liability, it does not universally cover all losses. For instance, damage from floods or earthquakes typically falls outside standard policies. Here's what else is usually not included:

• Natural Disasters: Standard policies often exclude events like floods and earthquakes.
• High-Value Items: Expensive jewelry or electronics may exceed policy limits.
• Business Equipment: Items used for business purposes may require additional coverage.
• Roommate Property: Your policy does not cover your roommate's belongings.
• Pest Damage: Infestations and damage from pests are generally not covered.
• Car Theft: Personal vehicles are covered under auto insurance, not renters insurance.

Understanding these exclusions can help you seek additional coverage if necessary, ensuring you're protected against a wider range of potential risks.

Finding the best renters insurance provider for you can be easy. We've answered some common questions to help you make an informed decision.