If you rent a home or apartment in Arkansas and want peace of mind, renters insurance should be on the top of your list.
Whether you’re leasing a bungalow in Bentonville or a loft in Little Rock, your policy gets you a lot of protection for not a ton of money.
Here’s the thing: A lot of people don’t actually have a grasp on how much renters insurance can do. We’ve got a full guide to what your Lemonade renters insurance covers, but we’ll hit the basics in this article. You won’t need to be an insurance nerd to understand it, either.
Let’s take a quick spin through your coverage options and what your policy would include. Here’s what we’ll discuss:
- What does renters insurance in Arkansas cover?
- How much does renters insurance cost in Arkansas?
- The average renters insurance cost in Arkansas
- How can I lower my renters insurance cost?
- Get a customized renters quote in Arkansas
What does renters insurance in Arkansas cover?
Here are some of the components of your Arkansas renters insurance policy, and when they would kick in.
Personal Property coverage
‘Personal property’ covers your personal belongings both inside and outside your home for theft, fire, vandalism, and other “perils.” So if your couch is ruined due to that burst pipe, or your laptop is swiped at a coffee shop, renters insurance has your back. That’s right: Your renters insurance policy also protects you when you’re on the go, not just at home.
Loss of Use
If your place becomes uninhabitable due to covered damages, your ‘loss of use’ coverage may help pay for a temporary place to stay and basic living expenses such as food, laundry, parking, etc.
If your neighbor slips and falls in your apartment, you could be liable. Oof. Liability coverage is vital if someone is injured on your property, or anyone on your policy causes damage to someone else’s property or stuff.
It may also come in handy if you’ve got a dog who accidentally bites someone else. Speaking of pets—did you know Lemonade offers pet health insurance in Arkansas, too? Just a thought.
If your neighbor needs to go to the hospital because of that slip and fall, your medical payments will kick in. Renters insurance covers you if your guests get injured at your place, or people you may have accidentally hurt outside of your home as well.
How much does renters insurance cost in Arkansas?
The cost of renters insurance varies depending on where you live, exactly. A two-bedroom in Little Rock will have a different monthly premium than a single-family home being rented in Hot Springs. And other factors come into play. Let’s take a look.
Age of your building
If your home or apartment building is brand new, you could get a discount on your renters insurance policy! However, old buildings are more likely to have structural issues or problems with the electrical or plumbing systems, which may jack up the price of your insurance a bit.
If you have a fire alarm, for example, you could get a discount on your renters insurance. That’s because they’ll allow you to catch a fire before it damages your stuff.
Amount of insurance
The cost to replace all of your belongings has an impact on the price of your renters insurance policy. So if you have $50,000 worth of personal property, your renters insurance policy will probably be a bit pricier than if your stuff is worth $10,000.
The lower your deductible, the higher your renters insurance price. So choose a deductible that makes the most sense for your lifestyle.
If you add Extra Coverage for expensive jewelry or fine art or tack on water backup coverage to your policy, your price will go up a bit.
If you’ve never filed a claim, you’ll probably have a cheaper renters insurance policy than someone who has a history of filing claims.
Different insurance companies and insurance providers offer different rates, so it makes sense to shop around. And even if you find the cheapest renters insurance, it might not fit your needs—there’s a lot to consider.
That said, you can get your quote from Lemonade in minutes—all online—simply by clicking the button below and answering some basic questions.
The average cost of renters insurance in Arkansas
Statewide, as of early 2023, the average annual Lemonade Renters insurance policy in Arkansas cost $188.13 (about $15.68/month).
This is right around the national average for renters insurance. That’s a lot of protection for about the price of three fancy coffees a month.
Of course, the averages vary depending where in Arkansas you live. Based on the same data, the average annual renters premium for Little Rock was $228 ($19/month), while the average annual premium for Fayetteville was $145 ($12.08/mo).
How can I lower my renters insurance cost?
While the cost of your renters insurance probably won’t be very high, everyone likes to save a bit of cash when it’s possible. Here are some ways you can chip away at your premium:
- One way to lower the premiums you pay for renters insurance is by decreasing the coverage amounts you’ve chosen. But that can leave you under-protected if disaster strikes.
- If you bundle your renters insurance with other Lemonade products, you’ll be eligible for special discounts across the board. For instance, bundling renters and pet health insurance together would earn you a 10% discount on both policies.
- Install security devices! Your home doesn’t need to be ‘smart’ in order to install some devices that will help to lower your renters insurance cost. Start with a standard fire alarm and burglar alarm, and you’ve already lowered your risks (for additional tips to secure your home, check out this post). And lowered risks may equal lowered premiums.
Get a customized renters insurance quote in Arkansas
Getting renters insurance can be time-consuming, confusing, and expensive.
But since Lemonade’s insurance is powered by tech, Arkansas renters can get a policy on the Lemonade app in less than 2 mins, at the lowest prices on the market. Zero paperwork, zero hassle.
Plus, if you ever need to file a claim, Lemonade processes them instantly, approving 30% in a mere 3 seconds.
A few quick words, because we <3 our lawyers: This post is general in nature, and any statement in it doesn’t alter the terms, conditions, exclusions, or limitations of policies issued by Lemonade, which differ according to your state of residence. You’re encouraged to discuss your specific circumstances with your own professional advisors. The purpose of this post is merely to provide you with info and insights you can use to make such discussions more productive! Naturally, all comments by, or references to, third parties represent their own views, and Lemonade assumes no responsibility for them. Coverage may not be available in all states.