Arkansas is home to so much natural beauty, but also experiences tornadoes and other extreme weather conditions. If you're an Arkansas resident, having home insurance is a very good idea. Although the State of Arkansas does not require you to have home insurance, your lender will almost certainly require homeowner’s insurance to cover the cost of your loan. Checking with your lender is a good first step when considering how much home insurance you need.
Comparing Home Insurance Rates
Home insurance rates in Arkansas may vary significantly. Insurers consider several factors when deciding how much you pay, such as:
- Home location
- Home value
- Home construction (brick, frame, mobile, etc.)
- Public protection classification
- Your credit score
In addition, you may want to insure structures, such as garages or workshops, or cover your personal possessions. You may also choose to cover the cost to rebuild your home in the event of a total loss. If you have a pool or other backyard leisure item, you may need liability coverage.
Another thing to think about is your deductible. The deductible is the amount you must pay in the event of a claim. Typically, this is either a set dollar amount or a percentage of a claim. Typically, if the deductible is lower, then the premium will be higher.
All these factors can affect how much you pay for home insurance. A qualified insurance company can help you assess your needs and create the right policy for you.
Preparing for Extreme Weather Conditions in Arkansas
Arkansas experiences extreme weather conditions and many storms. In addition, a few of the most destructive tornadoes in U.S. history have hit Arkansas. Therefore, taking steps to protect yourself and family in advance is essential.
Some things to think about when preparing your home for intense windstorms and tornadoes include:
- Securing outdoor items, such as grills, trash cans, and patio furniture
- Reinforcing garage doors
- Anchoring storage sheds or other outbuildings
- Locating your home away from trees, if you're building a new structure
Wind damage is always a risk in a tornado-prone area. However, taking extra precautions can help limit losses. You can get more tips on how to prepare for a tornado from The Federal Emergency Management Agency.
Frequently Asked Questions About Arkansas Home Insurance
1. What is a public protection classification and how does it affect your insurance costs?
A public protection classification is a one to ten ranking assigned to your property based on local fire department capabilities. Generally speaking, a lower classification reduces your home insurance premium. To find out your property's ranking, you can call your local fire department.
2. Can an insurer raise your rates even if you haven't filed any claims?
Sometimes, insurers may raise their rates across the board, if they have had to pay out more total claims than expected. In addition, they can adjust your personal rates based on factors specific to you. If your home insurance rates are higher or lower than expected, contact your insurance company for details.
3. Will an insurance company use your credit score to raise your home insurance premiums?
Your insurance company can use your credit score to decide whether to insure you and how much you will pay. In addition, your insurer can review your credit score when determining whether to review your policy and to adjust your rates. Your best bet is contacting your insurance provider to learn how it uses your credit score.
4. Can you cover valuables on your home insurance policy?
Often, homeowners or renters policies will have limits on coverage for valuables. However, you can always purchase separate policies to protect assets such as artwork, antiques, jewelry, and more.
How to Get Great Rates on Arkansas Home Insurance
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Arkansas Home Insurance Resources
Arkansas Home Insurance Laws
Laws and regulations regarding Arkansas home insurance