Top 5 Renters Insurance Providers in Arkansas of 2023
Top 5 Renters Insurance Providers in Arkansas of 2023,Renting can alleviate some of the stress of home ownership and upkeep. But even if you don’t own the property where you live, you may still want to consider purchasing renters insurance in Arkansas to protect your belongings and have legal liability coverage.
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The Best Renters Insurance in Arkansas (2023)
After in-depth research, we found the following to be the best renters insurance options in Arkansas:
- Lemonade: Our pick for college students
- Geico: Our pick for easy policy management
- Allstate: Our pick for seniors
- State Farm: Our pick for affordable premiums
- Nationwide: Our pick for valuable endorsements
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1.Lemonade Renters Insurance
- AM Best rating: NR
- J.D. Power score: 853
Founded in 2015, Lemonade is an insurance provider that operates completely online. While Lemonade may not have as much industry experience as some competitors, you shouldn’t let a lack of brand recognition stop you from considering this company for renters insurance.
Because Lemonade doesn’t have traditional brick-and-mortar agencies, it can offer fast service and low prices if you’re comfortable fully purchasing a policy online. With policies starting at just $9 per month in Arkansas and coverage available in minutes with a few clicks online, Lemonade’s policies are ideal for renters who want straightforward, basic coverage.
Pros
Low insurance premiums
Fast online quotes and claims filing
Has a charitable donation program
Cons
No physical locations or in-person assistance available
No riders available for complex renting needs
Costs and Coverage Options
Based on our sample quote for a one-bedroom apartment with a single occupant in Little Rock, Ark., Lemonade renters insurance costs $9.34 to $27.42 per month, depending on the coverage. This range spans the lowest possible coverage limits to Lemonade’s standard selections.
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2.Geico Renters Insurance
- AM Best rating: A++
- J.D. Power score: Not rated
Geico received the top rating from the insurance credit rating agency AM Best (A++), and it offers great coverage options for renters in Arkansas. With multiple policy types available, Geico is especially beneficial for existing customers who already have an auto, motorcycle or another insurance plan. Bundling these services with a renters insurance policy can open up discounted rates.
The company’s mobile app also offers unique tools like a personal property calculator and a scanner to help you select the right coverage amounts. Plus, you can customize your policy to meet your needs with riders that extend coverage to jewelry, pet medical expenses and identity theft protection.
Pros
Offers multi-policy savings bundles
Online and in-person service available
Has several riders for additional coverage
Cons
Online services are not as easy to use as some competitors
Higher premiums for if aren’t already a Geico customer
Costs and Coverage Options
Since Geico requires you to input sensitive information like a Social Security number to receive a quote online, we were not able to pull sample quotes. But its website states that policies start at $12 per month.
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3.Allstate Renters Insurance
- AM Best rating: A+
- J.D. Power score: 837
One of the most reputable insurance companies in the business, Allstate’s renters policies cover all the basics with the option to add up to four riders to customize your policy. The company provides easy access to quotes online with a simple application process. You can also submit claims online or with a representative, allowing you to personalize your buying process.
Allstate is a viable insurance option for any renter, but we especially recommend this company for retired seniors. The company offers a policy discount of up to 25% for people over 55 who are not employed or seeking employment. This can make Allstate ideal for anyone living on a fixed income.
Pros
Easy online claim filing process
Offers discounts including up to 25% for senior retirees
Riders available for additional coverage
Cons
Below-average J.D. Power customer satisfaction score
More expensive than competitors without discounts or bundles
Costs and Coverage Options
Based on data from Quadrant Information Services, the average cost of Allstate renters insurance in Arkansas is $23 per month or $277 annually. You can also take advantage of the following discounts or add extra coverage:
Discounts: Multi-policy bundling, claims-free discount, senior discount (55 and older), automatic payment enrollment and safe home (having fire alarms, sprinklers, etc.)
Endorsements: Scheduled personal property coverage, personal umbrella coverage, identity theft restoration and flood coverage
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4.State Farm Renters Insurance
- AM Best rating: A++
- J.D. Power score: 836
With over 100 years of experience, State Farm is one of the most recognizable insurance agencies in the country. State Farm offers affordable renters insurance premiums — around $146 per year or $12 a month — and is a good option if you prefer to deal with an actual person during policy enrollment.
While State Farm has a great online interface where you can browse policies and get a quote, it also has at least one office in almost every city in Arkansas where you can have an in-person consultation with an insurance agent. Plus, State Farm’s policies are customizable, and the company offers unique riders that cover pet medical expenses, among other things.
Pros
High AM Best rating of A++
Offers pet insurance and other unique coverage add-ons
Has offices across Arkansas for in-person customer service
Cons
Policies must be bound by an agent, not available entirely online
Premiums can be expensive without multi-policy bundling
Costs and Coverage Options
State Farm’s coverage is similar to other basic renters policies. Based on data from Quadrant Information Services, the average cost of State Farm renters insurance in Arkansas is $12 per month or $146 annually. You can also add the following discounts (if eligible) and endorsements:
Discounts: Multi-policy bundling and prevention devices discounts (if you have safety alarms, smoke detectors, etc.)
Endorsements: Identity theft restoration, earthquake damage, pet medical insurance and sewer or drain backup coverage
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5.Nationwide Renters Insurance
- AM Best rating: A+
- J.D. Power score: 859
Nationwide is another reputable insurance provider offering quality renters policies in Arkansas. Nationwide offers a few unique perks with its policies, including bank and credit card fraud protection, which many competitors include with home insurance, but not renters. This protection is often included in all Nationwide renters insurance plans, which can be beneficial if you’ve been the victim of identity fraud in the past.
Nationwide also offers the optional “Brand New Belongings” endorsement, which provides full replacement cost coverage if you have to file a property loss claim. Even though Nationwide’s policies are more expensive than some competitors, it was J.D. Power’s top-rated company when it comes to customer satisfaction, which is based on real customer feedback about price, billing, claims, customer service interactions and coverage.
Pros
Earned J.D. Power’s highest customer satisfaction score
Includes credit card and bank fraud protection with most renters policies
Offers insurance quotes and customer support online, by phone or in-person
Cons
More expensive than some other providers
Discounts don’t provide as many savings as competitors
While Nationwide is a bit pricier than some other companies on this list, the company’s superior customer experience and unique policy inclusions can offset the monthly price. Based on data from Quadrant Information Services, the average cost of Nationwide renters insurance in Arkansas is $17.50 per month or $210 annually.
Nationwide also offers the following discounts and policy add-ons:
Discounts: Multi-policy bundling, protective devices and claims free discounts
Endorsements: Scheduled personal property (valuables coverage), theft extension, water backup and earthquake damage
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