10 Best Renters Insurance Companies in Arkansas of 2023
Arkansas is a beautiful state with lakes, rivers, and streams that attract visitors and others who decide to stay and take up residence in places like Batesville or Lake Dardanelle. The downside may be the active weather patterns, storms, or flooding that can also impact Arkansas residents.
Renters insurance shoppers in Warren or Humphrey understand how damage to personal property can be devastating if you don’t have a way to recover the loss of items like your clothing, furniture, and even your electronics after a storm or fire. Arkansas is one of the top ten states in the country for weather-related storm or flood damage, so protecting your property is a solid plan. Renters insurance is not required by law in the state of Arkansas, but that doesn’t mean you should go without a renters policy.
It doesn’t really matter if you live in a Northern Arkansas town like Bentonville or a city like Jonesboro a renters insurance policy is a benefit in a catastrophic event.
For many, a loss of personal property in a fire, for example, is more than just a physical loss of property but an emotional event. So, even tenants living in the largest city of Little Rock purchase renters insurance to have peace of mind if a loss occurs, they have a way to recover from the loss.
According to PropertyNest research, the average basic renters insurance cost in Arkansas is $27.99 a month or $335.88 a year.
Compare Renters Insurance Rates in AR
Best Renters Insurance Companies in Arkansas
- Allstate - Best for Mobile App Customer Service
- Liberty Mutual - Best for Coverage Options
- State Farm - Best for Overall Competitive Pricing
- Progressive - Best Discounts for Organized Shoppers
- Lemonade - Best Overall Digital Option
- Toggle: Best Digital for Coverage Customization
- Travelers: Best for Multiple Sales and Service Channels
- USAA: Best for Military Families looking to include Flood Insurance
- Farmers: Best for Non-Smokers
- Nationwide: Cheapest for Basic Coverage
Allstate: Best for Mobile App Customer Service
Coverages, discounts, claims service, and an agent that can help when the customer needs it most. That is what Allstate offers with both state-of-the-art technology and a local agent for tenants who buy renters insurance in Arkansas. Technology tools offer ease of access to policy information on the mobile app and makes customer service functions for consumers on the go easy and user-friendly. Customers in any part of the state of Arkansas can access policy information, pay a bill or report a claim on the Allstate app. If a tenant wants a local agent instead, they can have it.
A unique feature of the Allstate Digital Footprint section of the mobile app lets clients see the type of information companies may collect about them and how it is used. The website is loaded with educational tools, both written and video formats. These customer service options put Allstate at the top of our list for Best Overall Digital Customer Service.
Read a full Allstate renters insurance review.
| J.D. Power (out of 1,000) | 837 |
|---|---|
| A.M. Best - Financial Strength Rating | A+ |
| NAIC Complaint Index | 2.05 |
| BBB | A- |
Liberty Mutual: Best for Coverage Options
Coverage options allow a tenant to build the coverage protection they need and only pay for the coverage they choose. Liberty Mutual renters’ shoppers in cities like Texarkana may be inclined to seek out Liberty Mutual due to the coverage options available. For example, jewelry coverage can be purchased as a blanket coverage with a no deductible option or up-front appraisal, or choose insurance per piece of jewelry depending on the need.
The Liberty Mutual online platform makes it easy for customers to review coverages and make changes on their own when necessary. We choose Liberty Mutual for the best coverage options even for small towns like Jasper since you can choose to add or remove coverage options on your own or reach out to the company directly for help.
Read a full Liberty Mutual renters insurance review.
Progressive: Best Discounts for Organized Shoppers
Choosing to quote renters insurance in advance or get a quote before moving into a new rental residence may give Arkansas residents in both Clinton or Batesville a substantial discount. Progressive discounts reward customers for being organized about their insurance portfolio in general.
Progressive looks to provide customer convenience options and offer discounts for online receipt of your policy information including your ID card via email. Most companies offer a discount for a monthly bank draft, but Progressive also offers a pay-in-full discount for those organized customers.
Read a full Progressive renters insurance.
| A.M. Best - Financial Strength Rating | A+ |
|---|---|
| NAIC Complaint Index | 1.66 |
State Farm: Best for Overall Competitive Pricing
If a company does a lot of business, they must be doing something right. At PropertyNest, we find State Farm is a top insurance company and holds a firm market share in Arkansas, which all Arkansas residents can verify through the department of insurance. Shoppers in smaller rural communities like Eureka Springs find State Farm, a competitive insurance company for renters' policies with affordable coverage choices, limit options, and flexible endorsements to increase or restrict coverage for budget-conscious consumers.
Prospective renters who have a rare collection of items; or unique personal property like a vintage pair of sneakers still find State Farm affordable and competitive.
The competitive pricing edge is given to State Farm due to the flexible overall pricing their renters policy offers savings up to 17% on a renters and car insurance bundle.
Read a full State Farm renters insurance review.
| J.D. Power (out of 1,000) | 836 |
|---|---|
| A.M. Best - Financial Strength Rating | A++ |
| BBB | A+ |
| NAIC Complaint Index | 1.77 |
Lemonade - Best Overall Digital Option
Most companies today are still website, agent, and call center driven for quoting and purchasing renters insurance. Lemonade, an insurtech insurance company, is a direct online option for quoting, buying, and servicing a renters policy. Consumers give up agent and call center support for cheaper pricing and self-service policy maintenance.
Just download the app to a mobile device or go online to get a quote, and pricing starts at $5 per month in cities like Van Buren or Mountain Home.
Personal property coverage is important no matter where that property is at the time of a loss.
If you are traveling across England and your bike, backpack, and mobile device are stolen, Lemonade is an insurtech partner with worldwide coverage for personal property. .
Don’t worry though, your laptop, TV, and other important personal property are covered at your residence too.
Our team of experts recommend Lemonade for tech-savvy consumers who aren’t looking for local support and want control in managing their renters insurance policy.
Read a full Lemonade renters insurance review.
| J.D. Power (out of 1,000) | 853 |
|---|---|
| BBB | B+ |
| NAIC Complaint Index | 1.94 |
Toggle: Best Digital for Coverage Customization
- Available in 29 states
- Quote access: Online only
Toggle, opened their doors in 2018 as a fully digital insurance company backed by the financial strength of its parent company, Farmers Insurance Group, who has 90 years of experience writing insuance. The brand offers a basic, standard, and premium level coverage package that shoppers in Hot Springs or Conway can customize to fit a tenant’s lifestyle. However, consumers are likely to find the basic policy isn’t enough coverage and the next level of add-ons can quickly inflate the premium. This renters policy has low maximum coverage limits in each add-on, so shoppers who have a large amount of personal property may not find this policy a fit. Several add-on endorsements are unique to Toggle like the side hustle endorsement which offers additional property coverage for some business-related uses. We choose Toggle for customers who have very little unique or personal property in general, do not own pets, and who live a simple lifestyle.
Travelers: Best for Multiple Sales and Service Channels
Travelers have been a staple in the insurance industry since 1853. They are a financially stable company that offers a renters policy. Travelers boasts ease of access to file a claim online or with an agent and has the excellence in technology tools consumers expect. Travelers has over 300 agency locations across Arkansas which makes it easy to find a local agent.
The website offers an online quote process so you can see your premium ahead of time, review coverage videos on YouTube, and secure coverage right away or save your quote for later.
After buying a renters insurance policy you can request a local agent in case you have a future claim and want someone local for support. Many companies offer mobile apps and online services, but Travelers leads our list for their ease of access and options for communication channels.
Read a full Travelers renters insurance review.
| J.D. Power (out of 1,000) | 801 |
|---|---|
| A.M. Best - Financial Strength Rating | A++ |
| BBB | A |
| NAIC Complaint Index | 3.88 |
USAA: Best for Military Families looking to include Flood Insurance
Flood insurance is an optional coverage for most insurance companies. However, USAA does provide some flood coverage in a renters policy automatically. That’s because Arkansas is one of the top 10 states for flooding events on average. They also have three active military bases. Active duty, retired military and their families spread out across the state gain an additional coverage benefit with USAA. The insurer honors and supports Arkansas’s military presence by offering specific coverages to military families that aren’t highlighted or offered by other insurance companies.
Renters insurance is available to tenants across Arkansas who are related to any branch of the military. USAA has affordable renters insurance. We choose USAA as the standard coverages for water damage like flood are included along with several optional coverages including one for electronics that has its own deductible.
Read a full USAA renters insurance review.
| J.D. Power (out of 1,000) | 886 |
|---|---|
| A.M. Best - Financial Strength Rating | A++ |
| BBB | A+ |
| NAIC Complaint Index | 0.88 |
Farmers: Best for Non-Smokers
Every insurance company has discounts and unique features that draw consumers to their product. Farmers Insurance offers a non-smoking discount for renters who purchase a renters insurance policy. But, service and affordability are not far behind the discounts so tenants in Siloam Springs or Rogers benefit, even if they are a smoker. In addition to the discount, there are plenty of coverage options to choose from in the Farmers Insurance renters policy.
Consumers can purchase a policy online, receive their documents via email, and request a local agent for ongoing service and claims support.
Read a full Farmers renters insurance review.
| J.D. Power (out of 1,000) | 831 |
|---|---|
| A.M. Best - Financial Strength Rating | A |
| BBB | A- |
| NAIC Complaint Index | 0.56 |
Nationwide: Cheapest for Basic Coverage
Tenants who are first-time purchasers of renters insurance, own limited personal property or have a small risk for liability should consider Nationwide. Target markets for Nationwide are consumers with minimal coverage needs and the growing senior market who are moving to retirement and downsizing personal property. Multi-policy discounts at Nationwide can make the cost of renters insurance as low as $20 per month if you bundle the auto. Multi-policy discounts can play a factor as one of the top-priced discounts for Nationwide. We choose Nationwide for tenants who may lead a simple life and are looking for just the basics.
| J.D. Power (out of 1,000) | 859 |
| A.M. Best - Financial Strength Rating | A+ |
| BBB | A+ |
| NAIC Complaint Index | 0.04 (Very Low) |
What are the Key Coverages for Renters Insurance?
Actual Cash Value (ACV) or Replacement Cost (RC)
Most basic policies include actual cash value as the determination for payment of damaged personal belongings in a loss. Always make sure you request the replacement cost option for your personal property. Replacement cost means that if your 10-year-old couch is damaged in a fire, the insurance company will pay the cost to replace it with a new one, not a comparable 10-year-old one. You may pay a few dollars more over the year for this coverage, but it is well worth the extra premium.
Personal Property
Personal property is defined by insurance as clothing, furniture, kitchen items, and other personal belongings, like a bike, laptop, and jewelry. Be diligent in asking questions if you have high-end valuables or unique items as renters insurance may not provide adequate coverage in a basic insurance policy. Check to be sure you are getting replacement costs for these items.
Liability Coverage
Liability coverage protects you against another person who sues you for bodily injury or property damage that they believe you or your family caused. There are a variety of limits available and we recommend choosing a high limit as the cost is relatively inexpensive to purchase more than the minimum of $100,000 usually offered.
Medical Expenses
This expense category is meant to help if someone has an accident on your property and wants you to pay the hospital or bodily injury damages. You don’t have to be found at fault in court to have this coverage paid to someone else for the accident.
Additional Living Expenses (Loss of Use)
This coverage is certainly beneficial as it provides additional expenses you incur when your home is uninhabitable for a period of time due to a covered loss and you and your family must live somewhere else while the repairs are made.
Conclusion
The PropertyNest team encourages all tenants to purchase renters insurance and protect their personal property belongings. It doesn’t matter if it’s a catastrophic event or an accidental event. Policyholders can have peace of mind there is an insurance company with integrity to navigate the loss and help you recover.
Consider getting several renters insurance quotes to compare pricing and coverage options and remember if you live in an area prone to flood, consider asking your insurance professional about flood insurance, too.
How We Selected the Best Renters Insurance in Arkansas
Experts in the insurance field spend hours reviewing companies in Arkansas to find the top companies for renters insurance. We review websites and talk to other professionals and customers when gathering details for you. We include factors like pricing, coverage options, discounts available, and the customer service experience before we choose our best insurance companies for renters.
Pricing
Arkansas renters insurance premiums are very close to the national average when comparing against the minimum property and liability limits. Our choices for top companies offer affordable rates in all areas including big cities like Little Rock or smaller communities like Tontitown, one of the fastest growing towns in Arkansas.
Coverage options
Options to increase coverage are key to tenants in largely populated areas like Fayetteville and residents in small communities like Charleston, so we chose companies with the broadest and most affordable coverage options available.
Discounts
Not all discounts are created equal, so we choose companies that offer a large variety of discounts at all policy levels.
Customer Service Support
Technology, insurance agents, agencies and company personnel support are necessary to provide service for a renters policy. We focused on companies that highlight all factors of excellent service and the option for multi-channel communication options.
