Whether you rent an apartment in Little Rock, or you lease a townhome in Sherwood, Arkansas offers many great rental communities. Unfortunately, many Arkansas renters do not realize that their landlord's insurance policy does not extend to their own belongings until it is too late and the damage is done.
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Before you search for renters insurance quotes, there are several factors to consider.
How Arkansas Renters Fare
According to census data:
- The average renter owns about $20,000 worth of personal belongings.
- Approximately 7 percent of Arkansas residents are renters.
- The gross median rent for Arkansas residents in 2012 was $640 per month.
- Apartments and townhomes that share walls with neighbors are at an increased risk of fire.
- Property crimes affect renters at higher rates than single-family dwelling residents.
Why is Renters Insurance Important?
While your landlord or condo association has insurance policies that cover their property, the coverage does not extend to your personal belongings kept inside the unit. Should a fire, severe weather event or burglary take place, only a renters insurance policy can help you recover quickly from damages or loss.
You are also responsible for any injury that a guest or delivery person sustains while visiting your Arkansas rental unit. If you are sued after your dog takes a bite out of the mail carrier, only a renters insurance policy can help pay your legal fees and court costs.
It is possible that your landlord or condo association may require you to carry renters insurance as part of your lease agreement. Be sure to review this document carefully to determine if that is the case.
What Does Renters Insurance Cover in AR?
Most Arkansas insurance companies will give you several options to choose from as you build your renters insurance policy. The most common features include:
- Liability coverage: This option can help protect you from lawsuit, should you be found negligible in causing injury or damage to another person, and can help pay your legal fees and court costs.
- Personal property coverage: Sometimes called "contents coverage," this option can help repair or replace the personal belongings you keep inside your rental unit.
- Additional riders: You can opt to include ATVs, dirt bikes or other items as an addition or "rider" to your renters insurance policy.
- Alternate living coverage: Should your apartment or condo be completely destroyed by a covered event, this type of optional renters insurance can help arrange for another place for you to stay.
What Will My Renters Insurance Quote Look Like?
The quotes you will receive from Arkansas insurance providers may vary. Different insurance companies use their own methods to calculate a quote, but most will use the following factors to determine your renters insurance premium:
- Where you live: Neighborhoods with high rates of property crime will find higher quotes than low-crime areas.
- The amount of coverage you need: If you have $30,000 worth of personal property to cover, your quote will be higher than someone who has $10,000 worth of belongings.
- Your deductible: While a higher deductible may yield a lower quote, be sure the deductible you choose is one you can comfortably afford to pay should you need to file a claim.
- The options you choose: When determining your personal property coverage, you have two options from which to choose -- actual cash value (ACV) or replacement cost (RC). The difference between the two can mean the difference between a speedy recovery or a long, slow process.
- Actual cash value: This type of reimbursement takes depreciation into account. For example, if your 10-year-old TV is destroyed by a fire, your Arkansas insurance company will only reimburse you the cost it takes to purchase a 10-year-old TV.
- Replacement cost: This type of reimbursement ignores depreciation. In the same example, your insurance company would reimburse you the cost it takes to purchase a brand new TV with comparable features to your old one.
ACV insurance policies will have lower quotes than RC policies, but it may be worth the few extra dollars per month for the added coverage of replacement cost.
Most renters insurance policies in Arkansas can be found for as little as $100 to $250 per year.
Where Can I Find Renters Insurance in AR?
The last thing you want to worry about during an apartment fire is if you can afford to replace the things you cherish. A comprehensive renters insurance policy can give you peace of mind to focus on finding safety. Knowledgeable, independent insurance agents in the Trusted Choice network are always available to answer your questions, suggest coverage options, and even assist you in filing a claim. These agents have years of experience working with Arkansas insurance providers, enabling them to find you a number of quotes with only the best coverage options at the most affordable rates. Contact a Trusted Choice agent near you to find out how you can obtain a renters insurance policy that meets your needs and budget.