Whether you enjoy hiking in the Ozark and Ouachita Mountains, blazing trails on your ATV in the densely wooded Arkansas Timberlands or taking your fishing boat out on the Mississippi River in the eastern lowlands, Arkansas features something for everyone. The 2.9 million residents that call this place home have many different insurance coverage needs ranging from home insurance to life insurance and everything in between.
Independent insurance agents in the Trusted Choice® network are available to help you with all of your coverage needs. Arkansas currently has 220 Trusted Choice member agents and the state ranks 23rd in the nation in terms of agent-to-population ratio. Find an agent located close to your home or business for more information about Arkansas insurance.
Why Choose an Independent Agent in Arkansas?
A lot of people assume that all insurance agents are the same, but this is not so. When shopping for Arkansas insurance policies, there are two distinct types of agents you may work with: captive and independent.
- Captive insurance agents: These agents are employed by a single big-name insurance company and they are required to sell only the products and services offered by this company. Captive agents have very little room for customization when building policies for their customers.
- Independent insurance agents: These agents work with a variety of insurance providers. They are free to comparison shop and can use the products and services offered by the many companies with which they have relationships to build suitable policies for their customers. When you work with an independent agent, your agent is working for you, not for an insurance company.
All members of the Trusted Choice network fall into the independent agent category. Each has taken a pledge to provide exceptional customer service and honest, ethical advice to the members of their communities.
Find the Right Arkansas Auto Insurance Policy
Every state mandates minimum liability insurance coverage requirements. In Arkansas, the liability minimums are 25/50/25. This means that your auto insurance policy must cover a minimum of:
- $25,000 of bodily injury or death coverage for one person in an accident
- $50,000 of bodily injury or death coverage in total for two or more people in an accident
- $25,000 in property damage coverage per accident
An accident that results in serious injuries or casualties can easily exceed these coverage limits. Many Arkansas financial advisors recommend that you either purchase as much liability coverage as you can comfortably afford or invest in an umbrella insurance policy.
In addition to Arkansas’s state imposed liability coverage, you may opt to purchase additional coverage for your vehicle. These coverage options are:
- Collision insurance: This covers damages to your vehicle that result from an accident, regardless of fault.
- Comprehensive insurance: This covers loss or damage to your vehicle that is not collision-related. Covered damages include those caused by severe weather, falling objects, floods, fire vandalism and theft. This coverage is often required by financial institutions if you have financed the purchase of your vehicle.
- Uninsured / Underinsured motorist insurance: This covers damages to your vehicle and injuries to you and your passengers if you are involved in a collision caused by someone without the necessary funds or insurance coverage to cover your expenses. This also covers damages caused by hit-and-run drivers.
- Personal injury insurance: This covers any medical care necessary to treat injuries sustained by you or your passengers in a collision, regardless of fault.
Cover Your Home
Homeowners in this state are at risk of damages caused by tornados, hurricanes, floods and even earthquakes. If you are looking to protect your investment in your condo, mobile home, manufactured home or traditional house, a suitable Arkansas home insurance policy may be a great solution.
Homeowners insurance policies have three core coverage components. These include:
- Liability coverage: This covers you if a guest is injured or suffers property damage while on your property. Liability coverage also shields you from financial losses caused by charges of libel and slander. Some policies even will cover you if your children or pets cause property damage or injuries to others.
- Building coverage: This covers the costs associated with repairing damages to the structure of your home and outlying property such as detached garages and fencing if they are damaged by a covered event. Covered events typically include lightning, hail, heavy winds, falling objects and fire.
- Contents coverage: This covers the belongings you keep inside your home and on your property and includes everything from appliances to furniture to carpeting. If you own any very valuable property such as original artworks or collectibles, you may need to purchase additional riders, or endorsements, in order to achieve full coverage.
Be aware that most Arkansas homeowners insurance policies exclude coverage for:
- Earthquakes: While earthquakes in this state are not common, its proximity to the New Madrid Seismic Zone puts residents at risk for this type of natural disaster.
- Floods: Floods can happen anywhere in this state but the resulting damages are excluded from nearly every home insurance policy.
Coverage for floods and earthquakes can be purchased as separate policies from an insurance agent. These policies will typically cover your contents or the structure of your home, or both. You can review the details with your agent before you purchase to make sure you have the right coverage in place.
Are You a Business Owner?
As of 2008, residents of Arkansas owned and operated 214,316 small businesses. While many of these businesses were set up for self-employment and freelancing purposes, nearly 53,000 had employees on the payroll. If you own a business in this state, you may want to protect it with a suitable Arkansas commercial insurance policy.
A business insurance policy can protect your company from financial losses brought on by unexpected problems. An insurance policy can often prevent the need for a company to file for bankruptcy. Trusted Choice member agents write more business insurance policies than any other brand.
Business insurance providers offer a variety of coverage options. Some of the most frequently purchased coverage options include:
- Liability insurance: All business liability coverage includes compensation for court costs and legal fees. The most commonly purchased types include:
- General liability: This covers your business against third-party property damage or injuries that occur on your business property.
- Professional liability: This covers your business if one of your employees is accused of malpractice, negligence or providing services that cause financial, physical or personal loss to a customer.
- Product liability: This covers your business if you producing or sell faulty or tainted products that cause injuries, illnesses or property damage to others.
- Business property insurance: This covers all property owned by your business including computer equipment, office furnishings, tools, merchandise, production materials, inventory and more. If you own the building in which your business operates, you can include coverage for the building’s structure as well.
- Loss of income insurance: This provides your business with a continuation of a portion of its regular income if a covered event forces you to temporarily halt sales or production.
Protect Your Loved-Ones with Arkansas Life Insurance
In addition to providing death benefits to your beneficiaries, some life insurance policies also build up a cash value. You can close your policy and collect these funds at any time if the urgent need arises. There are two basic types of life insurance you can choose from:
- Term life insurance policies: These policies remain in effect only for a given amount of time, or term. This type is the less expensive of the two but these policies have no cash value and they expire at the end of the term.
- Permanent life insurance policies: These include universal, variable, and whole life policies. These policies never expire and they accrue a cash value that can be cashed in or borrowed against at any time. Permanent policies have the benefit of lasting for as long as you remain current on your premiums and allowing you to lock in low, affordable rates while you are young and in good health.
Many people have very strong feelings about which type of policy is the better choice but there are really no right or wrong answers and the decision is ultimately your own.
Affordable Arkansas Health Insurance
In 2009, approximately 836,000 Arkansas residents were living without health insurance. This is a staggering 34 percent of people under 65. Thanks to the passage of the Affordable Healthcare Act, these numbers are expected to change for the better.
Residents who do not receive subsidized health insurance through employers or spouses and do not qualify for Medicare or Medicaid will be able to take advantage of reduced group rates through the Arkansas health insurance exchange. Under the new law, you can no longer be turned down for coverage because of a pre-existing condition.
You may want to ask your agent about:
- Whether you would save money by forgoing coverage and operating on a pay-as-you-go basis
- How the new Arkansas health insurance marketplace works
- The coverage offered by the various tiers on the health exchange
- What tax incentives you qualify for when you purchase health insurance
- The tax benefit of setting up an HSA (health savings account)
- The differences between a PPO, an HMO and an EPO
Are You an Arkansas ATV Enthusiast?
If you are one of the many residents in the Southern state who owns one or more all-terrain vehicles, you may want to consider purchasing a comprehensive Arkansas ATV policy for your vehicle. ATVs, such as quads, 3-wheelers and UTVs, can provide a dual purpose. Some people use them for working and agricultural purposes, while others prefer to use them for fun and entertainment. Regardless of how or why you use your ATV, riding not without risks.
ATV liability insurance is not required by law in Arkansas. You may, however, be required by some ATV park operators to show proof of liability coverage before you hit the trails.
Whether or not it is required, ATV insurance can prove very beneficial if you are involved in a collision. Coverage options include:
- Liability coverage: This covers any necessary medical costs and property repair or replacement if you are responsible for injuries or damages to a third-party while operating your ATV.
- Collision coverage: This covers the cost of repairing your ATV if it is damaged in a collision for which you are at fault.
- Comprehensive coverage: This covers loss or damage to your ATV is stolen or damaged by a covered event such as a fire, flood, severe weather, falling objects, or vandalism.
- Personal injury coverage: This covers medical costs for you and your passengers if you are injured in an ATV collision for which you are at fault.
- Trailer insurance and roadside assistance: This covers the trailer used to transport your ATV to and from the trails and parks. If specialized towing and assistance is needed, this coverage will compensate you for the cost.
Arkansas Insurance Quotes
Independent insurance agents in the Trusted Choice network can help you with all of your Arkansas insurance coverage needs, whether they are personal or commercial in nature. Member agents can work with several different highly-rated insurance companies to build you customized policies that are suitable to meet your individual coverage and budgetary needs.
Trusted Choice member agents are dedicated to providing you with personalized service. Contact one of the 220 member agents in the state to learn more and start saving on Arkansas insurance today.