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On average, American homeowners pay $1,211 per year for their home insurance coverage. However, in Arkansas, the average annual premium is higher at $1,373 a year. Shopping around for the best price has the potential to save you hundreds of dollars a year.
Even though the cost of home insurance may seem like a lot of money, having this coverage is important because hazards like severe weather, accidental fires, and property crimes can result in expensive losses for Arkansas homeowners who are not insured.
Your home insurance policy is designed to cover against many of the hazards you are likely to face as a property owner in Arkansas. Whether you have been impacted by a tornado, a house fire, or a rash of burglaries, you can gain peace of mind from knowing that a suitable Arkansas homeowners insurance policy can cover the associated costs.
Let’s look at some of the ways that your homeowners insurance policy can protect your finances:
We can’t be 100% certain, but in 2016, insurance companies paid out more than $550 million in home insurance claims in the state of Arkansas alone.
Those are a lot of unfortunate events happening to Arkansas homeowners!
Insurance companies calculate home insurance costs according to how valuable your property is and how likely it is that something bad will happen to it.
The higher the probability that a damaging event will affect your house or personal property, the more expensive your home insurance policy will be. We call these potential damaging events risks or exposures. Let’s take a look at how risky Arkansas is compared to the rest of the US.
The bad news is that the overall burglary rate in Arkansas is significantly higher than the national average. This can have a negative influence on your home insurance rates, particularly if your house is located in a high-crime ZIP code.
There are ways to keep your costs manageable. Many insurance companies offer policy discounts if you have a burglar alarm, deadbolt locks, and other security features installed in your home.
Severe weather events, like tornadoes and hail, can wreak havoc on residential properties in this state. Be sure that your home insurance provides all the coverage you need before disaster strikes.
Keep in mind that while most disasters are covered by homeowners insurance, flood damage is not. A local independent agent can help you supplement your homeowners insurance coverage with an affordable flood insurance policy through the National Flood Insurance Program (NFIP).
The size of your home can affect your home insurance rates since larger homes tend to have more personal property inside them. The estimated cost to rebuild your home will also play a large role in how much your home insurance costs.
In Arkansas, the average home value is lower than the national average. However, in many of this state’s larger cities and their suburbs, properties values tend to be a bit higher.
For help determining how much coverage you need for your house, you can consult a local independent insurance agent.
No single insurance company is best for everyone. The policy that offers the best value to you and your family may not necessarily be the best choice for your next-door neighbor or your best friend.
That is why independent agents compare policies and rates from multiple companies. That way, they are able to find the coverage that is best able to meet your coverage needs and budget.
Yes! There are currently 220 independent insurance agents in Arkansas who are ready to help.
Did you know that independent insurance agents can work with several different insurance providers to find you the best rate for coverage? Working with these agents enables you to buy a policy that meets all your coverage needs at a highly competitive price.
National average burglary rate 3.76 per 1,000 homes
National average home value $269,000
National average home insurance cost $1,211 year
|City||Avg. home value||Burglaries / 1,000 homes||Annual insurance cost|
|North Little Rock||$147,522||6.49||$1,218|