Best Homeowners Insurance In Arkansas For 2024

State Farm offers the best homeowners insurance in Arkansas.

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Updated: 04 May 2024
Written by Bob Phillips
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Arkansas experiences a range of weather, from hot and humid summers to occasional freezing winters. The state is prone to tornadoes, flooding, snow and ice, and thunderstorms with damaging winds and hail. Given the potential for severe weather events, having sufficient home and property insurance coverage is crucial.

State Farm is often regarded as a top choice for homeowners insurance in Arkansas, offering comprehensive coverage options.

Best Home Insurance Companies In Arkansas, 2024

Best Home Insurance, Arkansas 2024

Compare The Best Homeowners Insurance Companies In Arkansas

Overall Rating Best For A.M Best Rating J.D Power Rating Online Experience Get A Quote
State Farm
4.9

Best Overall

A++

829

9/10

Instant Quote
Farmers
4.4

Policy Perks

A

792

9/10

Instant Quote
Nationwide
4.6

Coverage Options

A+

815

8/10

Instant Quote
Allstate
4.7

Discounts

A++

816

9/10

Instant Quote
Chubb
4.8

Cheap Rates

A+

809

7/10

Instant Quote
Scroll to see comparisons

Our Methodology

When doing research on homeowner insurers, there will be a few standard things you'll want to find out about each company. Rates, customer satisfaction, financial strength, this data and more will help you decide which is the best carrier for you.

We turn to established, impartial sources like J.D. Power and AM Best for information, along with customer reviews and ratings online and other data. AM Best is where we learn about the financial health of a company. J.D. Power rates customer satisfaction.

56

Quotes Analyzed

17

Brands Reviewed

15+

Years Of Experience

30+

Research Hours

The Best Homeowners Insurance Companies In Arkansas


Best Overall

Overall Rating
4.9

Key Statistics

10/10 Affordability
9/10 Customer Reviews
9/10 Claims
10/10 Coverage Level

Why We Like Them

State Farm is a top choice for homeowners insurance in Arkansas due to its strong financial foundation, receiving the highest rating of A++ from AM Best. The company also boasts a high customer satisfaction rating of 829/1000 from J.D. Power, based on numerous positive online reviews. With numerous local offices and agents in Arkansas, State Farm offers fast and convenient service.

One of State Farm’s appealing features is protection against credit card fraud and identity theft. Homeowners who need to rebuild after a covered loss may face challenges with their homeowners association (HOA) due to stricter codes and regulations. State Farm provides legal assistance and covers the cost of new and more expensive materials to comply with HOA requirements.

Starting the insurance process with State Farm is quick and easy online, although you’ll need to contact an agent to purchase a policy. Once you’re a customer, you can manage your account online through the app or website. This includes enrolling in auto-pay, paying premiums, choosing paperless billing, filing claims, and accessing a resource library with helpful insurance information.

Benefits & Drawbacks

Benefits
  • Highest A++ rating from AM Best for being financially strong and stable
  • Many offices and agents locally available in Arkansas
  • Multiple coverage options
Drawbacks
  • You can't buy a policy from an independent agent

Best For Policy Perks

Overall Rating
4.4

Key Statistics

9/10 Affordability
6/10 Customer Reviews
7/10 Claims
9/10 Coverage Level

Why We Like Them

Customers consistently give Farmers homeowners insurance top reviews and ratings for its policy perks and online services. The company’s clear explanations of its policy perks contribute to positive feedback about the online experience.

Understanding the perks offered and how they can save you money on premiums is valuable when shopping for homeowners coverage. Farmers’ policy perks might influence your decision in choosing an insurer.

Some of Farmers’ policy perks include:

  • Deductible Declines: $50 off your deductible for each year your policy is active.
  • Claim-Free Discount: Discount for not filing a claim in at least three years.
  • Guaranteed Replacement Cost: Pays the total cost of rebuilding or repairing your home after a covered loss, regardless of the cost.
  • Claim Forgiveness: Premium won’t increase for at least 5 years if you haven’t filed any claims.
  • Multi-Line Policies: Bundle insurance coverage with Farmers (e.g., auto and homeowners) for up to a 34% discount.

Farmers home insurance has a high rating of 9.3/10 from J.D. Power, with the only drawback being lower-than-average customer satisfaction ratings.

Benefits & Drawbacks

Benefits
  • Many agents and offices found locally within Arkansas
  • Over 12 discounts offered
  • Standard feature in every policy is Guaranteed Replacement Cost
Drawbacks
  • Policyholder satisfaction ratings are lower than the national average

Best Coverage Options

Overall Rating
4.6

Key Statistics

8/10 Affordability
6/10 Customer Reviews
9/10 Claims
9/10 Coverage Level

Why We Like Them

Nationwide receives a high rating from J.D. Power for its financial strength and stability. While there is room for improvement in customer satisfaction ratings, Nationwide is well-regarded in the insurance industry with a solid reputation. With numerous local offices and agents in the state, Nationwide offers convenient and quick customer service.

If you value policy options, you’ll appreciate the variety offered by Nationwide, some of which are unique. These options include reimbursement for credit card fraud and identity theft, which are common concerns.

For homeowners in very restrictive HOAs, Nationwide offers assistance if you must rebuild your home following a loss and find yourself out of compliance with newer codes. Nationwide provides an attorney to help with the problem and extra coverage for labor and materials to rebuild to code.

Nationwide also offers the Better Roof Replacement option, providing additional coverage for installing new roofing materials due to a covered loss.

With the Brand New Belongings option, Nationwide reimburses policyholders for the destruction or damage of belongings, adjusted for depreciation. Simply buy replacements, send the receipts to Nationwide, and you’ll be reimbursed for the difference between the cost to replace them and the depreciation.

Benefits & Drawbacks

Benefits
  • Highest rating from AM Best for financial strength
  • Multiple offices and sales agents locally within the state
  • Lots of coverage options offered
Drawbacks
  • Above average of negative reviews from policyholders online
  • AirBnb or other short term rentals are not covered

Best For Discounts

Overall Rating
4.7

Key Statistics

8/10 Affordability
7/10 Customer Reviews
8/10 Claims
8/10 Coverage Level

Why We Like Them

Discounts are a crucial aspect of homeowners insurance, as they can help you save money on premiums. Allstate stands out by offering eleven discounts to its policyholders, compared to the national average of seven.

For those interested in discounts and savings, Allstate is a reputable choice known for its strong foundation. Many insurance analysts consider Allstate to be one of the best companies in the industry.

Allstate’s discounts include:

  • New Home: Discount for purchasing a newly built home.
  • Bundle: Up to a 25% discount for bundling multiple insurance types with Allstate.
  • Responsible Payment: Discount for maintaining a good payment record.
  • Early Payment: 10% discount for taking out a new policy within one week of renewing the old one.
  • Loyalty: 10% discount upon policy renewal.
  • Claims Forgiveness: Rates won’t increase after filing a claim with Allstate’s claims forgiveness feature.
  • Automatic Payment: 5% discount for enrolling in automatic payments.
  • New Home Buyer: Discount for purchasing a newly constructed home.
  • Protective Device: Discount for installing protective fire and theft devices.
  • Deductible Reward: $100 off your deductible when purchasing a policy with Allstate.
  • Claims Free: 5% discount for going a year or longer without filing a claim.

Allstate’s range of discounts surpasses the national average, and it offers additional optional coverage for outdoor property, such as landscaping and riding mowers, as well as coverage for Identity Theft and credit card fraud.

Benefits & Drawbacks

Benefits
  • Numerous offices with agents locally, within the state
  • Financially strong and solid and stability
  • 11 discounts compared to the industry average of 7
Drawbacks
  • Higher than average number of complaints from customers

Best For Cheapest Coverage

Overall Rating
4.8

Key Statistics

10/10 Affordability
9/10 Customer Reviews
9/10 Claims
8/10 Coverage Level

Why We Like Them

Chubb is known in the insurance industry and among policyholders for offering affordable luxury home coverage. While its rates are slightly higher than the Arkansas yearly average of $1,610.00, at around $1,940.00 annually, Chubb is competitive with similar companies, particularly for high-end home coverage.

Chubb excels in customer satisfaction, receiving high marks for its service quality. In addition to its competitive rates, Chubb offers options that cater well to many homeowners. If your home is damaged or destroyed by extreme weather or another covered loss, Chubb allows you to choose a cash settlement instead of requiring a rebuild.

Chubb provides various features, including property management services for a second home, personalized claims, high-tech property inspections, and more. It also offers add-ons to its basic home insurance, such as coverage for water backup, equipment breakdown, replacement of your home and personal belongings, and coverage for other events. Additionally, Chubb offers extra coverage for the extended replacement cost of your home, even if its value has depreciated.

Benefits & Drawbacks

Benefits
  • Among the cheapest rates in Arkansas
  • Special coverage is offered for high-end homes
  • Lots of options and special features are available
Drawbacks
  • You can't get a rate quote online
  • No scheduled personal property

Average Cost Of Home Insurance In Arkansas

 Cheapest Home Insurance In Arkansas

Insurer Annual Rate
State Farm $1,351.00
Allstate $2,897.00
USAA $2,631.00
Chubb $2915.00
Arkansas Average Rate $3,020.00
Travelers $1,067.00
Farmers $1,258.00
Nationwide $1,625.00
Kin $1680.00

Cheapest Cities For Homeowners Insurance In Arkansas

City Annual Rate
Rogers $1,396.00
Ravenden Springs $1,425.00
Pea Ridge $1,414.00
Mena $1,653.00
Mineral Springs $1,882.00

Most Expensive Cities For Homeowners Insurance In Arkansas

City Highest Rate
Springdale $2,487.00
Fort Smith $2,761.00
Jonesboro $2,983.00
Pine Bluff $3,059.00

Home Insurance Premiums By Deductible In Arkansas

Deductible Average Annual Rate
$500 $2,303.00
$1,000 $2,143.00
$1,500 $1,895.00
$2,000 $1,847.00
$5,000 $975.00

Home Insurance Prices By Coverage Level In Arkansas

Coverage Level Average Annual Rate
$100,000 Dwelling $3,062.00
$200,000 Dwelling $3,567.00
$250,000 Dwelling $3,768.00
$400,000 Dwelling $7,726.00

The Most Affordable Areas For Homeowners Insurance In Arkansas

Premiums in Arkansas range from Rogers at $1,396.00 in zip code 72956, to $3059.00 in Pine Bluff, zip code 71061. The lowest rates according to zip codes are:

ZIP Code City Lowest Rate
72956 Rogers $1,355.00
72751 Pea Ridge $1,415.00
72459 Ravenden Springs $1,425.00
71593 Mena $1,603.00

 

How To Find The Best Home Insurance Company For You

If you’re looking for homeowners insurance and have questions, you’ll find that the internet offers a wealth of information at your fingertips.

Start by visiting websites of various home insurance companies to compare options quickly. Your home is likely your most valuable asset, so protecting it from loss is crucial for your financial security.

Here are five steps to help you find the best homeowners insurance company:

  1. Research Home Insurance in Arkansas: Educate yourself about home and property insurance in Arkansas. Make a list of carriers and narrow it down to three top contenders.
  2. Determine Coverage Needs: Figure out how much coverage you need. Consider meeting with an agent for advice.
  3. Get Quotes: Obtain premium quotes from each of the three companies.
  4. Compare Rates and Features: Compare rates, financial strength, customer reviews, and coverage options.
  5. Choose a Company: Select a company and apply for coverage.

Most home insurance companies allow you to get quotes online, but some may require meeting with an agent.

 

How To Get A Home Insurance Quote Online In Arkansas

Getting a home insurance quote online in Arkansas is typically straightforward, but some companies may not offer online quotes. In such cases, you’ll need to meet with one of their agents. To start, research a few companies that interest you and check their customer ratings and reviews. Look at their AM Best and J.D. Power ratings to assess their financial strength and customer satisfaction, which are important factors.

Narrow down your choices to three companies and request quotes from them. Once you have the quotes, select the best option and apply for coverage. Here are three simple steps to get your home insurance quotes and apply for coverage:

  1. Fill out the Insuranceopedia form with details about your home’s value, the value of your belongings, the size and age of your home, and its contents.
  2. Submit the form to receive quotes.
  3. Review the quotes and choose the best company for you, then submit your application for coverage.

For companies that don’t offer online quotes or accept online applications, you’ll need to meet with an agent.

Things That Impact Cost Of Your Home Insurance Policy In Arkansas

Several factors influence the cost of your homeowners insurance in Arkansas:

  1. Location: Homes in areas prone to severe weather, such as flooding, snowstorms, ice storms, or tornadoes, typically have higher insurance rates.
  2. Claim History: Having a history of filing homeowner claims can lead to higher rates.
  3. Deductibles and Coverage Amounts: Lower deductibles result in higher premiums. Additionally, the more valuable your home and property, the more expensive it is to insure.
  4. Age of the Home: Older homes (30 years or more) can cost up to 75% more to insure than newer homes. This is because older homes may require more costly upgrades to comply with current building codes.
  5. Proximity to Flood Zones: Homes located in flood zones or areas prone to heavy flooding generally have higher insurance rates.

Home Insurance Discounts In Arkansas

When discussing your home insurance coverage with an agent, be sure to inquire about available discounts. Discounts can help reduce your premiums, so it’s wise to take advantage of them whenever possible. Here are some discounts that may be offered:

  1. Claims-Free Discount: Not filing a claim for 12 months or longer may result in a 25% discount.
  2. Automatic Payment: Agreeing to have your premiums automatically deducted from your checking account could qualify you for a discount.
  3. Responsible Payment: Paying your premium on time may earn you a discount.
  4. Bundle Discount: Insuring your home and auto with the same company could lead to a discount of up to 25% off your premium.
  5. New Home Discount: Purchasing a new home might make you eligible for a discount.
  6. Early Payment Discount: Taking out a new policy within a week of your current policy renewal might qualify you for a discount.

FAQs

Is home insurance more expensive in Arkansas?

Yes, it is. The annual cost for homeowner insurance in Arkansas is $3,020.00, higher than the national average of $1,820.00

How much per month is a million-dollar home insurance policy in Arkansas?

Your home insurance premiums in Arkansas are based on several key factors. Two of the less costly homeowners insurance rates are Travelers at $1,067.00 and State Farm, with its yearly premium of $1,351.00.

What is the average monthly cost of home insurance in Arkansas?

Rates are calculated on things like the value of your home and its contents, your personal valuables, where your home is located, your deductible, your home’s age, and more. In Arkansas, a home appraised at $300,000 will average about $300 a month in premiums.

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