UPDATED: FEBRUARY 13, 2023 | 2 MIN READ
Why should you buy renters insurance? Doesn’t the landlord’s insurance policy cover me since you’re renting their house? What does Arkansas renters insurance cover? How much will renters insurance policy cost me in Arkansas?
Why Should I Buy Renters Insurance in Arkansas
Basic renters insurance coverage will pay for damages to your belongings in case of a covered loss. The policy will cover you in liability coverage where you’re responsible for injury or property damage to others. The renters policy also includes additional living expenses coverage if you have to evacuate the home until repairs are completed from a covered loss.
What about the landlord’s insurance?
A landlord insurance policy only covers the buildings and the land you rent. This policy covers the owner’s interests, not the renter’s. The policy won’t cover your personal property or personal liability. It will not pay for your loss of use to rent elsewhere if there is a significant loss where the home can’t be occupied. That’s why you need renters insurance to cover yourself.
If my landlord doesn’t have flood insurance, can I get a flood policy as a renter?
A renter in Arkansas can get flood insurance even if the landlord does not carry flood insurance for the property. This would cover your personal belongings from flooding (rising water). A renters insurance policy will only cover water damage from a covered peril such as a broken pipe or roof leak, referring to spilling or falling water.
What Is A Covered Loss On A Renters Insurance Policy?
A covered loss on a renters policy can include theft, vandalism, water backup, and damage from natural disasters such as tornados and windstorms. You should pay a bit extra for the replacement cost of your valuables rather than having actual cash value. Replacement costs will pay today’s prices for items several years old.
Covered losses include personal liability coverage to pay for medical expenses in case someone is injured in your unit or if you damage their property. For example, if your dog bites someone on your property, it would be your responsibility and not the landlord’s issue.
What is a deductible?
A deductible is an amount you pay out of pocket before the insurance provider pays on a claim. It works the same on a homeowners or auto insurance policy. If you file a claim on a covered loss, you will pay the deductible first. The insurance policy would cover the rest up to the amount of coverage you have purchased.
What exclusions are on renters insurance in Arkansas?
A renters insurance policy will not cover flooding, earthquakes, landslides, or sinkholes.
How Much Does Renters Insurance Cost in Arkansas?
The average cost of renters insurance in Arkansas will be between $15 to $25 per month and is renewed annually. There are several coverage options where you can upgrade from the basic policy if needed. Arkansas’s best renters insurance companies include USAA, Nationwide, State Farm, Allstate, and Farmers Insurance.
Evaluate your personal belongings
Reviewing your personal belongings, you should evaluate the amount of renters insurance. Most renters policies start at $25,000 in personal property coverage and go up from there. The liability coverage usually starts at $100,000. When getting renters insurance quotes, the insurance agent can help determine the coverage limits you need.
Take advantage of discounts.
All renters insurance providers have discounts that may apply to your policy. Some discounts are based on security items like alarm systems and smoke alarms. There are also senior citizen discounts, claims free, and multi-policy.
Always have your car insurance and renters insurance policies with the same insurance provider if possible. Bundling is the highest discount you can achieve. The discounts will apply to your auto and renters policies, and you will receive the cheapest renters insurance rates.
How much is renter insurance in Arkansas?
Renters insurance in Arkansas is usually between $15 and $25 per month, depending on your coverage limits and deductible.
Is renters insurance mandatory in Arkansas?
Some landlords require their tenants to carry renters insurance policies, but there is no law in Arkansas it’s mandatory.
What does renters insurance cover in Arkansas?
The basic renters insurance in Arkansas covers personal property, personal liability, and additional living expenses.
What is the minimum deductible for renters insurance in Arkansas?
The minimum deductible for renters insurance in Arkansas is $500 per claim.
How often does renters insurance in Arkansas come up for renewal?
A renters insurance policy has a one-year term, and your renewal is usually automatic unless the company decides not to renew the policy at the end of the term.
What is the difference between renters insurance and homeowners insurance in Arkansas?
The difference between renters insurance and homeowners insurance is what they cover. A renters insurance policy covers your personal belongings, liability, and loss of use. A homeowners insurance policy covers everything that a renters policy covers but also includes the buildings and land.
Finding Renters Insurance In Arkansas
Now that you know renters insurance in Arkansas is highly affordable, you should assess your personal property and get quotes from reputable insurance agencies. Whether in Little Rock or Fayetteville, the best way to find the right renters insurance for you is to get online renters insurance quotes. We can help you find the best renters insurance with our online tools.