Protect What You Own with Arkansas Renter's Insurance

Arkansas Renter’s Insurance 

Purchasing a renter’s insurance policy is one of the easiest (and cheapest) ways to protect yourself and your belongings while renting your home in Arkansas. A typical policy costs only $10 to $20 per month and can save you much more should unexpected damage or liability occur. 

But despite its affordability and practicality, only about half (55%) of U.S. renters currently have renter’s insurance, most of whom must have a policy per their landlord’s requirements. 

We’ve prepared this article to help you understand why you need renters insurance in Arkansas and how to obtain a policy in this state—from cost and coverage to additional policies you may need.  

What is Renter’s Insurance? 

Renter’s insurance is insurance that covers specific types of losses suffered by renters during their occupation of a rental property. A typical renter’s insurance policy covers personal property, liability protection, and additional living expenses. Renter’s insurance often kicks in after damage from natural disasters, accidents, or other incidents.

An important note: Renter’s insurance does not cover the actual building itself. The physical building you live in should be covered by your landlord’s insurance. Renters insurance helps protect you and the belongings you own within the property that may be damaged or stolen.

Why Do I Need Renter’s Insurance? 

Everyone who rents their home—whether that be a single-family home, studio apartment, mobile home, townhome, condo, or other type of property— should have a renter’s insurance policy. This is because even though you don’t own the physical building you are renting, the items you keep within it (or even in your car, or elsewhere) could still be damaged or stolen.

For example, imagine that a fire occurred in your apartment complex. Your landlord’s insurance would cover the damage to the actual building, appliances, and building systems. However, your landlord is not responsible for replacing all your lost clothes, furniture, electronics, and other belongings. That’s what renter’s insurance is for.

Renters insurance policies can also cover medical or legal expenses if you are sued. For example, your renter’s insurance would apply if someone gets injured in your home and you are responsible for their medical bills.

An average renter’s insurance policy includes $20,000 – $30,000 of personal property coverage and doesn’t cost you more than a $20 bill each month. It’s a small price to pay for the great financial security renters insurance offers.

Is Renters Insurance Required?

Renters insurance is not required by federal or state law. However, many landlords choose to require renter’s insurance as a stipulation of their lease agreements. Even if your landlord does not require it, renters insurance coverage is still recommended and necessary to protect you from suffering large financial losses from unexpected damage or liability. 

What Does Renters Insurance Cover? 

Renter’s insurance has three main categories of coverage.

1. Personal Property: Personal property refers to any belongings like clothes, furniture, electronics, etc. Your personal property is subject to limits and requires a deductible. However, your insurance will reimburse you should your personal property get damaged by disasters such as the following:
   • Fire and smoke
   • Storms, lightening, wind, hail
   • Theft
   • Vandalism
   • Explosions
   • Winter weather damage
   • Damage from infrastructure tearing, cracking, burning, etc.
   • Sudden, accidental damage from electric currents
2. Liability: Liability coverage pays for your medical or legal bills should you be responsible for an injury on the property or damage to the property itself.
3. Loss of use/Living Expenses: Loss of use insurance kicks in if the property you rent becomes uninhabitable due to damage or repairs. It pays for your hotel bills and even certain food expenses while you wait for repairs to be completed.

There are a few disasters renter’s insurance doesn’t cover, like flooding. It’s important to read your renter’s insurance policy to understand what is and isn’t included. If you need coverage that isn’t included, you can purchase add-on policies, such as water backup coverage, theft extension coverage, scheduled valuables coverage, or earthquake and volcano coverage.

Arkansas Renters Insurance :

Renters insurance in Arkansas protects you and your belongings from a range of perils. For instance, severe storms, fire, theft, or vandalism could damage your personal belongings in Arkansas. Your renters insurance company can also pay for legal or medical expenses should someone be injured in your home. 

How Much Does Renters Insurance in Arkinsas Cost? 

Many Arkansas renters are understandably concerned about how much renters insurance costs. Fortunately, renters insurance premiums are generally very affordable across the U.S. In Arkansas, the average premium for renters insurance this year is $225, or about $19 per month. This monthly cost is about 58% more expensive than the national average of $12 per month in 2024, likely due to the increased risk of certain losses in the state. However, renter’s insurance is still very affordable in Arkansas and only a few dollars more expensive per month than in most states. You should also keep in mind that your monthly cost will depend on your renters insurance coverage for different losses and the specific liability coverage you need. 

What Are the Most Common Claims in Arkansas?

Common Arkansas renters insurance claims include damage due to heavy rain, tornadoes, and storms. In 2023, there were 30 tornadoes in Arkansas, some of which destroyed thousands of homes, businesses, and other structures.  

Burglary is also common in Arkansas, which ranks fourth in the nation for burglary risk and experiences nearly 600 burglaries per 100,000 people. Burglary rates in the state are on a declining trajectory since last year, but they are still a serious concern for renters and homeowners. If your belongings are stolen or vandalized from your home or car, your Arkansas renters insurance will cover either their cash or replacement value (depending on your policy), minus your deductible and up to your limits. 

What Additional Policies Do I Need in Arkansas? 

Renters in Arkansas may also need to purchase flood insurance to protect their belongings from water damage due to flooding. Thunderstorms, heavy rains, and overflow along the banks of rivers can damage or destroy homes and personal property within.  

Flooding is most common in central Arkansas (especially Pulaski, White, Saline, and Clark Counties), but floods have also occurred in the northwestern and northeastern corners of the state and some southern counties. You can view historical flooding trends on the Federal Emergency Management Agency’s site by selecting your state and county. 

Most renter’s insurance policies do not include flood coverage, so be sure to purchase a separate flood insurance policy if flooding occurs in your area. 

How to Get Renter’s Insurance in Arkansas 

Most major insurance providers offer renter’s insurance, often bundled with auto insurance for a lower price. You may be able to get renters insurance discounts by adding a policy to an existing one. To determine your policy and coverage details, your insurer will typically ask you a few questions about the rental unit (such as the type of building, year it was built, and address) and the dollar value or replacement cost of high-value personal belongings you own. The cheapest renters insurance companies and policies will have higher deductibles, whereas more expensive policies will have lower deductibles. You’ll be able to tailor your policy and coverage details to your needs and then compare renters insurance quotes between each insurance provider. 

Get Renter’s Insurance with Innago 

Innago offers renter’s insurance through our partnership with Assurant. If you’re a renter, regardless of whether your landlord uses Innago, you can purchase a policy and get protection for you and your personal belongings. You can get quick and affordable renters insurance quotes, customize your coverage, and add an additional person onto your policy at no extra cost.