Renters Insurance Arkansas
In 2013, the average estimated cost of renters insurance in Arkansas was $239 a year. Compared to that the average homeowners insurance is $1130 a year in Arkansas, thus renters insurance is cheaper than most people realize.
Comparing Renters and Owners Insurance in 2013 in Arkansas
The landlord's policy is not going to cover renter's damages like burglary of renters possessions. There were 31890 burglaries are reported in Arkansas in 2012. So, to make sure you're protected from these events like fire, burglary or other disaster, you may need renters insurance.
Renters Insurance Coverage Types:
Actual cash value policy:
The Actual cash value policy covers the depreciated value of loss. For example, a Desktop bought for $1290 might be worth only $650 in six months, and that is all one is going to get for it.
Replacement Coverage Policy in Arkansas:
- Quoting the same example, the insurance essentially may not pay for the Desktop but one will get adequate amount to buy another laptop same as the lost/damaged one. The replacement cost insurance in Arkansas costs around $59.75 more than the actual cash value policy.
- Taking into account the median rent in Arkansas as $800, the average renters insurance of $20 per month is 2.50% of median monthly rent.
Estimated Renters Insurance for Different House Types in Arkansas
|House Type||Median Rent||Estimated Renters Insurance|
Deductibles in Arkansas:
Choosing a $500 deductible over a $250 deductible in Arkansas can save average of $26.29 on insurance premium.