Insurance Arkansas: A Guide to Auto & Home Coverage
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With the endless auto and home insurance ads on TV, online, or in the newspaper, looking for the right policy can feel like navigating a maze. In addition, Arkansas residents face unique insurance challenges such as tornadoes and floods, so finding the right insurance coverage is even more critical. This guide will break down Arkansas insurance options and offer practical tips for finding affordable plans tailored to your needs.
Auto Insurance Requirements in Arkansas
Every vehicle owner in Arkansas must have liability coverage, which pays for any claims if you are at fault in an accident.
State-Mandated Minimums
The minimum liability Arkansas drivers are required to carry by law is:
- $25,000 for bodily injury per person
- $50,000 per accident
- $25,000 for property damage to other's property
These minimums, however, may not be enough to protect you financially in a major accident. Almost all insurers offer higher limits.
In addition, you can add additional car insurance coverage in Arkansas, such as underinsured or uninsured motorist coverage, which gives you extra protection if the other driver is at fault and doesn't have insurance or enough insurance coverage to cover your injuries.
Personal injury protection provides you with wage loss, death benefits, and medical coverage regardless of who's at fault.
Review the insurance requirements of your state:
Home Insurance Needs for Arkansas Residents
You are not legally required to get home insurance in Arkansas, but it is required in order to get a mortgage. Home insurance will protect your property, belongings, and liability in case of accidents or natural disasters.
Understanding Insurance Options for Arkansas Residents
A standard homeowners' insurance policy in Arkansas typically covers damage caused by fire, theft, and certain weather-related incidents. The standard coverages are:
- Dwelling coverage: Covers your house and any attached structures
- Personal property coverage: Covers your belongings if they're damaged or destroyed in a covered loss
- Other structures coverage: Covers structures not attached to your home, like a shed or fence
- Personal liability coverage: Protects you from lawsuits due to bodily injury or property damage caused to others
- Medical payments coverage: Covers other's medical costs if they get hurt on your property
- Additional living expenses or loss of use: Covers your living expenses if you can't live in it due to a covered loss
Arkansas homeowners can choose to add additional insurance plans such as:
- Personal property replacement cost: Covers the full replacement value instead of the market cost
- Identity fraud expense coverage: Covers identity theft and fraud
Depending on the insurance provider, they may have other optional policies to protect your belongings and cover damages.
Natural Disaster Preparedness and Insurance
Arkansas is prone to tornadoes, severe thunderstorms, wind, hail, and flooding. Typical homeowners' insurance policies cover damages from windstorms and most tornado damage.
However, certain disasters, such as flooding, are not included and require a separate policy through the National Flood Insurance Program (NFIP) under the Federal Emergency Management Agency. Many private insurers partner with the NFIP to offer flood insurance.
While flood insurance is an option, many mortgage lenders require it to get a loan if you live in a high-risk flood zone. It's important to review your policy to see what is covered and if you have enough coverage in case of a natural disaster.
Tips for Finding Affordable Insurance in Arkansas
Looking for cheap car insurance or homeowners' insurance in Arkansas? Here are a few tips for lowering your Arkansas insurance rates.
- Comparison shop: To find cheap insurance in Arkansas, comparison shopping can help you compare prices and features of similar insurance products. Auto insurance rates vary based on location, type of house or car, and history. Use comparison tools like EverQuote to find affordable insurance and other coverage options quickly.
- Bundle policies: Many insurers give you a lower rate if you bundle your auto insurance with homeowners', renters', or other insurance policies.
- Discounts: Many insurers offer discounts for safe driving, taking a defensive driving course, installing safety systems, or belonging to an association that gives you a membership discount. Ask your insurer to learn what they offer.
- Increase your deductible: Increase the amount you pay out of pocket before your insurance kicks in, which will typically lower your insurance rates.
Resources for Arkansas-Specific Insurance Regulations
Here are some resources for Arkansas-specific insurance regulations:
- Arkansas Insurance Department (AID): AID's main job is to protect Arkansas consumers by regulating insurance companies, making sure they are solvent, and preventing fraud. It also provides guidance on state-mandated insurance requirements.
- Arkansas attorney general's office: The AG enforces federal and state laws and insurance laws and protects consumers.
- NAIC consumer assistance: The National Association of Insurance Commissioners offers various services to help Arkansas consumers with their insurance needs.
Start Comparing Car Insurance Quotes Today!
Start protecting yourself today. Find the right coverage for your auto, home, and health by comparing your options quickly with EverQuote. With so many insurance companies in Arkansas, the best way to secure affordable car insurance and homeowners' insurance is by comparing personalized quotes. The quotes are based on your zip code and demographics. Click here to start with EverQuote — it's free, fast, and easy to use.