There are a lot of nagging expenses that come with buying a home, but Arkansas residents know how important it is to protect your property and belongings with homeowners insurance. Arkansas pays more on average for homeowners insurance than the rest of the country and almost twice as much for claims. For homeowners in Arkansas, the question is not so much “Should I get homeowners insurance?” as it is “Does this plan offer the right coverage?”
Use this guide to narrow down your options and start shopping for homeowners insurance. All companies offer something different, so make sure you are taking advantage of the right discounts and won’t have to empty your pockets after a tornado or other catastrophic event.
Top 5 Homeowners Insurance Providers in Arkansas
Many insurance companies offer online quote tools and State Farm is no exception. It is one of the top insurance companies in the country for a reason; its accolades include a ⅘ rating from J.D. Power and an A++ financial strength rating from AM Best.
Customers can search online through State Farm’s many discount programs and endorsement offerings. This is a great place to start your search; you can get a good idea of what discounts are available and what programs you will need to ask other insurance companies about.
Still have questions about the homeowners insurance process? Ask Allstate. Their website offers great resources for homeowners who have questions about the claims process in your local area. Like State Farm, Allstate offers a wide range of discounts and endorsement offers which allows you to customize your plan without burning a big hole in your pocket.
Don’t stop your shopping at just one or two options. Shelter Mutual isn’t as well-known as Allstate or State Farm, but it has consistently high ratings. J.D. Power gave Shelter Mutual a 5/5 for claims and a ⅘ for overall satisfaction. Trust us, it’s not easy to get these ratings. Arkansas residents know that they will get claims in a good amount of time.
Be sure to check the full list of endorsements - Shelter offers one of the most customizable homeowners insurance plans for Arkansas residents.
Farmers is another company that offers great resources for homeowners. It doesn’t rank as high as the three companies we just mentioned, but a visit to the website alone can give you useful tips that could potentially save you money. Premiums range depending on where you live in Arkansas and Farmers offers the same prices as competing companies.
Farm Bureau Mutual Insurance Co. of Arkansas
If you are looking for a more local company, consider the Farm Bureau Mutual Insurance Co. of Arkansas. They received an A- rating from AM Best, so they are worth a call. To qualify for a plan, you will have to be a member of the Farm Bureau organization. The Farm Bureau does not have online quote tools, so you will have to call a representative and find out how much a plan would cost.
Additional Considerations Before You Commit to a Homeowners Insurance Carrier
When it rains, it pours. When the rain turns into a hurricane or a tornado comes through town, it floods. Not all damage from tornadoes or hurricanes will directly relate to the storm itself. Damage from flooding is covered under flood insurance, even if it occurs directly after a separate storm. If you live in an area with high risk of flooding, make sure you purchase flood insurance.
A few insurance companies will include flood insurance in their plan, but you will have to purchase some sort of separate flood insurance. Ask about different types of hazard insurance as you shop.
Don’t let all of the costs keep you from affording the home of your dreams. When you are ready to buy a house, reach out to a buyer’s agent. They can guide you through the process of finding a home and making necessary expenses for a fraction of the costs.
An experienced buyer’s agent can also give advice on how to handle things like property taxes, closing costs, and, of course, homeowners insurance. Arkansas residents have enough to worry about - let your agent help you through the home buying process.