Best Condo Insurance In Arkansas 2024

In Arkansas, Nationwide is the leading condo insurance provider, according to our research.

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Written by Bob Phillips
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Welcome to the ultimate resource on Arkansas’s top condo insurance. With 13 years as a licensed insurance agent, I can confidently provide you with the vital information you need. Getting the right condo insurance is critical—it protects your investment and guarantees your peace of mind.

Neglecting to take action can have severe repercussions. With 13 years in the insurance field, I’ve seen numerous condo owners endure major financial setbacks due to inadequate coverage. Don’t let this be your experience. Let’s dive into the world of condo insurance in Arkansas, examine your options, and ensure you have the protection you need.

Best Condo Insurance Companies In Arkansas, 2024

Best Condo Insurance, Arkansas 2024

Compare The Best Condo Insurance Providers In Arkansas

Best For Overall Rating A.M Best Rating J.D Power Rating Average Monthly Cost Get A Quote
Nationwide

Overall

4.9

A+

816

$890

Instant Quote
Travelers

Discounts

4.6

A

794

$813

Instant Quote
Amica

Runner-Up

4.8

A+

849

$1,467

Instant Quote
Chubb

High-Value Condos

4.7

A++

809

$1,540

Instant Quote
Scroll to see comparisons

Best Condo Insurance Companies In Arkansas


Best Overall

Overall Rating
4.9

Key Statistics

9/10 Affordability
10/10 Customer Reviews
10/10 Claim Payouts
9/10 Coverage Level

Why We Like Them

For securing your condo, Nationwide is an excellent choice for insurance in Arkansas. Their coverage is comprehensive and specifically designed to address the unique requirements of condo owners, ensuring you are well-protected.

Nationwide’s condo insurance is comprehensive, protecting your furniture, clothing, and personal belongings from covered losses and offering reimbursement for additional living expenses if a covered loss forces you out of your home.

Nationwide stands out for its superior claims service. When you need support, you want an insurer who will respond quickly and fairly. Nationwide excels in this, offering a smooth claims process and a dedicated team to help you when you need it most.

Nationwide’s commitment to customer needs exceeds standard coverage. They provide options to cover additions, alterations, fixtures, improvements, and installations, ensuring comprehensive protection for your investment.

Benefits & Drawbacks

Benefits
  • Thorough coverage
  • Economical pricing
  • Superior customer service
Drawbacks
  • Not recommended for low-value homes
  • Possible higher fees
  • Limited options for certain discounts

Best For Discounts

Overall Rating
4.6

Key Statistics

9/10 Affordability
8/10 Customer Reviews
8/10 Claim Payouts
9/10 Coverage Level

Why We Like Them

Travelers Insurance stands out as a top selection for condo insurance in Arkansas, especially for individuals interested in substantial discounts. They provide various avenues to save, ensuring their policies stay affordable while offering comprehensive coverage.

Among their appealing discount selections is the multi-policy offer. By pairing condo insurance with a Travelers auto policy, homeowners can slash costs by up to 15%. This method streamlines insurance management and yields considerable savings.

Additionally, Travelers offers more ways to save for homeowners equipped with eligible smart or connected home technology. This demonstrates the company’s commitment to encouraging and compensating proactive actions in home maintenance and protection.

With its comprehensive coverage selections and discount opportunities, Travelers emerges as a top choice for condo owners in Arkansas. Additionally, Travelers has garnered praise for offering lower home insurance premiums compared to most competitors, while still providing similar coverage options.

Benefits & Drawbacks

Benefits
  • Budget-conscious pricing
  • Stable financial health
  • Choices for bundling
Drawbacks
  • Limited range of options
  • Potential restrictions on dog breeds
  • Higher number of complaints from customers than others

Best For High-Value Condos

Overall Rating
4.7

Key Statistics

7/10 Affordability
10/10 Customer Reviews
9/10 Claim Payouts
9/10 Coverage Level

Why We Like Them

Chubb stands out as a premier choice for high-value condo owners in Arkansas. The company is known for its excellent service and specialized coverage tailored to affluent policyholders, offering extensive coverage limits and numerous benefits.

Designed for high net-worth families, the Masterpiece policy offers extended replacement cost options to fully cover your valuable property.

Known for more than just extensive coverage, Chubb also offers unique services like cyber protection and identity theft coverage. With a focus on meeting the special needs of high-net-worth households, Chubb provides elite insurance solutions for Arkansas’s affluent condo owners.

Benefits & Drawbacks

Benefits
  • Exceptional customer support
  • Offers more coverage choices
  • Low levels of customer complaints
Drawbacks
  • Higher than normal premiums
  • Not recognized by BBB
  • May not be suitable for mid-priced condos

Best Runner-Up

Overall Rating
4.8

Key Statistics

8/10 Affordability
9/10 Customer Reviews
9/10 Claim Payouts
10/10 Coverage Level

Why We Like Them

For those in Arkansas looking for comprehensive condo coverage, Amica is a standout choice. With exceptional customer service and a broad range of coverage options, Amica ensures a hassle-free insurance experience. Policyholders can also save up to 20% by bundling condo and car insurance.

Amica’s rates are highly competitive, with a comparison to Allstate revealing much lower monthly costs. Furthermore, Amica has a low complaint level, which suggests high customer satisfaction. Its Platinum Choice Home Coverage combines several types of coverage, offering strong protection for your condo.

Benefits & Drawbacks

Benefits
  • Offers a diverse array of coverage options
  • Customers are highly satisfied.
  • Insurer is financially stable
Drawbacks
  • Premiums are higher than average
  • Does not pay dividends
  • AM Best rating remains strong despite a downgrade in 2017

How Much Is Condo Insurance In Arkansas?

To guide your decision-making, here are some in-depth comparison charts:

The Average Cost Of Condo Insurance By City

This table shows the average annual and monthly condo insurance costs in the ten largest cities in Arkansas:

City Average Annual Rate Average Monthly Rate
Little Rock $700 $58
Fayetteville $650 $55
Fort Smith $710 $59
Springdale $540 $45
Jonesboro $750 $61
Rogers $649 $55
Conway $650 $55
North Little Rock $550 $46
Bentonville $700 $58
Pine Bluff $750 $63

These rates are estimates and can fluctuate based on factors like the precise location of your condo, its structural features, and the level of coverage you seek.

Average Cost Of Condo Insurance By Building Property Limits

One size does not fit all for condo insurance. The coverage amount you need depends on the value of your property and belongings. To guide your decision, here’s a comparison chart of average condo insurance rates in Arkansas based on building property limits:

Building Property Limit Average Annual Rate
$40,000 $750
$60,000 $909
$80,000 $1,116
$100,000 $1,325

These rates are approximate and can vary based on factors like the location of your condo, its structural features, and the level of coverage you require.

Average Cost Of Condo Insurance By Company

Here is a table presenting the average annual rates from ten leading national insurance companies offering condo insurance in Arkansas:

Insurance Company Average Annual Rate
State Farm $751
Allstate $502
Liberty Mutual $553
USAA $704
Progressive $905
Nationwide $886
Farmers $707
Travelers $828
Erie $769
American Family $510

These rates are estimates and can vary due to factors like your condo’s location, its structural features, and the coverage you require. The cheapest rate may not be the best value. Consider a policy that balances affordable rates with comprehensive coverage, excellent customer service, and financial stability.

How To Find The Best Condo Insurance Company For You

Investing time and effort in finding the best condo insurance for your needs is essential. Your condo is probably your most valuable asset, so protecting it and your belongings is vital for your family’s long-term financial security.

Use these five straightforward steps to discover the best policy for you:

  1. Conduct online research on condo insurers and select three companies you’re comfortable with.
  2. Decide on the coverage limits you need.
  3. Request quotes for the coverage from the three insurers.
  4. Pick a carrier based on coverage options, customer feedback, financial strength, discounts, and pricing.
  5. Finalize your application for coverage.

To find quality condo insurance in Arkansas, compare multiple quotes side-by-side. Get multiple quotes now with Insuranceopedia.

How To Get An Online Condo Insurance Quote In Arkansas

When seeking an online insurance quote in Arkansas, the optimal approach is to utilize a website that can offer multiple quotes concurrently, allowing for easy side-by-side comparison, like Insuranceopedia.

To get an online quote, you’ll need to share specific details:

  • Condo replacement cost: If your condo sustains damage, the amount needed to rebuild it using similar materials.
  • Personal property value: Your personal property coverage limits are set based on the value of your personal possessions.
  • Personal information: Your name, address, insurance background, the number of people living in your condo, and additional details will be required.
  • Details about your condo: When your condo was constructed, its total square footage, the type of exterior materials, whether it has security systems, and additional information.

What Does Condo Insurance Cover In Arkansas?

Arkansas condo insurance policies, known as HO6 insurance, focus on covering the interior of the condominium. This includes protection for installed fixtures, appliances, and personal belongings, as well as damage to walls, floors, and cabinets within your unit.

The policy extends to personal property, protecting your items from theft or damage. Furthermore, loss assessment coverage is typically included, starting at $1,000, with the option to increase it through an endorsement.

How Much Condo Insurance Is Required In Arkansas?

InArkansas, while state laws don’t obligate condo owners to have insurance, many mortgage lenders and condo associations do. Coverage typically starts at $100,000 and can reach up to $500,000. Additionally, It is recommended to include a minimum of $2,000 for loss assessment to cover common area damages.

How Much Condo Insurance Do I Need In Arkansas?

Determining the necessary condo insurance coverage in Arkansas depends on multiple factors, including the value of your belongings, the interior components of your condo, and the type of master policy held by your HOA. By law, Arkansas requires your policy to have at least $2,000 in loss assessment coverage to cover common area damages.

How To Save Money On Arkansas Condo Insurance

In Arkansas, condo owners can cut insurance costs by increasing their deductible. This will lower your premium but result in higher expenses if you need to file a claim. It’s crucial to choose a deductible that aligns with your financial situation.

Strengthening your condo against catastrophes is an effective method to save on Arkansas insurance. Adding storm shutters or enhancing your security system can safeguard your property and may qualify you for premium discounts.

Factors That Impact The Cost Of Your Condo Insurance Policy

Here are four important elements that determine the price of your condo insurance policy in Arkansas:

Location of Your Condo

The location of your condo is one of the biggest determinants of your insurance costs. Condos in high-risk zones for natural disasters, such as hurricanes, floods, or wildfires, usually face higher premiums. In Arkansas, the frequent hurricanes contribute to higher insurance rates.

Age and Construction Type of Your Condo

The age and construction materials of your condo greatly influence your insurance rates. Older buildings with outdated wiring, plumbing, or heating systems are at higher risk of damage, which raises insurance costs. Additionally, condos constructed with less durable materials tend to have higher premiums.

Replacement Cost of Your Condo

Another factor affecting condo insurance costs is the replacement cost of your home. This is the amount needed to completely rebuild your condo if it’s destroyed. Higher replacement costs lead to higher insurance premiums.

Claims History

The history of your insurance claims can impact your condo insurance rates. Frequent claims may lead insurers to label you as high-risk, resulting in higher premiums. Conversely, a spotless claims history can help lower your insurance expenses.

Our Methodology

To find the top condo insurance providers in Arkansas, I analyzed data from AM Best (financial strength) and J.D. Power (customer satisfaction). I also considered consumer feedback and leveraged my experience as a former licensed property and casualty agent who sold condo insurance in the state.

127

Quotes Analyzed

38

Brands Reviewed

15+

Years Of Experience

30+

Research Hours

FAQs

How much is condo insurance in Arkansas?

The typical condo insurance premium in Arkansas is about $590 per year, or $50 per month. However, these rates can vary greatly based on location, the amount of coverage, and the policyholder’s claims history.

How does condo insurance work?

Serving as a financial safety net, condo insurance provides coverage for your personal items, the interior of your unit, and liability claims. It also addresses gaps left by your condo association’s master policy, shielding you from unforeseen financial setbacks.

Sources

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