Homeowners Insurance in Arkansas

Posted June 25th, 2019 by Amy Danise

It’s important for Arkansas homeowners to protect their property with the right insurance policies. A standard homeowners insurance policy may not be enough for the problems that can plague Arkansas:

  • With the record-breaking flooding along the Arkansas River in 2019, homeowners may need to seriously consider flood insurance.
  • Arkansas also sees earthquakes, especially in the northeast part of the state. Here, too, homeowners insurance won’t help -- you’ll need earthquake insurance to cover quake damage.

Arkansas home insurance

How do I get flood insurance in Arkansas?

Arkansas homeowners can buy flood insurance through the National Flood Insurance Program (NFIP), a federal program. To do so, your community needs to participate in the NFIP. You can buy an NFIP flood policy through any home insurance agent.

If you want private flood insurance, or your community doesn’t participate in the NFIP, there are personal private flood insurance policies available in Arkansas, such as the policies available from TypTap.

In addition, companies such as Wright Flood offer “excess” flood insurance in Arkansas, meaning coverage the supplements a base flood insurance policy from the NFIP or a private insurer.

What does Arkansas homeowners insurance cover?

A typical home insurance policy in Arkansas will include these six coverage types:

  1. Coverage A - Dwelling: For a house damaged by a problem covered by the policy.
  2. Coverage B - Other structures: For damaged or destroyed structures not attached to a house, such as garages, storage sheds and fences.
  3. Coverage C - Personal property: For all your stuff (such as furniture, clothing and decorations) that are damaged or stolen.
  4. Coverage D - Loss of use: For additional living expenses such as hotel and restaurant costs if you have to temporarily move because of damage to the house.
  5. Coverage E - Personal liability: Pays out if you are legally responsible for someone else’s injury or property damage, and also pays to defend you in court against liability lawsuits.
  6. Coverage F - Medical payments to others: For the medical bills of people hurt on your property, or even away from your house.

How much is Arkansas home insurance?

The average annual Arkansas homeowners insurance premium is $1,348 for a common policy, called an HO-3, according to the National Association of Insurance Commissioners. That’s higher than the nationwide yearly average of $1,192.

20 largest Arkansas homeowners insurance companies

Rank in Arkansas Company Market share % in the state
1 State Farm 26.17
2 Farm Bureau Mutual Insurance Co. of Arkansas 14.38
3 Shelter Insurance 8.4
4 Allstate Corp. 8.24
5 Farmers Insurance 6.82
6 USAA 5.64
7 Liberty Mutual 4.56
8 Nationwide 2.84
9 Auto-Owners Insurance 2.54
10 State Auto 2.09
11 United Home Insurance Co. 1.87
12 MetLife 1.58
13 Travelers 1.41
14 Auto Club Exchange 1.4
15 Assurant 1.28
16 Munich Re 1.2
17 The Cincinnati Insurance Cos. 1.19
18 The Hanover Insurance Group 0.81
19 The Hartford 0.8
20 American National 0.78
Source: S&P Global Market Intelligence, based on homeowners multiple peril insurance market share in 2018.