The most common reason that people give for not having renters insurance in Arkansas is that they don’t know what it covers. Many people think the policy is there for fire, theft, and little else. There’s far more to your coverage than that. Insurance is often viewed as less than transparent, and we believe that needs to change. Effective Coverage focuses on education and on offering affordable policies with broad coverage so that everyone can be protected.
At Effective Coverage, we realize that your individual coverage needs are just that – individual. Where you live has a great deal to do with the coverage you need. People in Little Rock face different risks than people in Jonesboro. People in Fort Smith and Fayetteville need to be aware of their coverage, too. The risks that renters insurance protects you from can vary based on where you live and what kind of housing you live in.
You should read your own policy because you’re responsible for knowing what’s covered. However, insurance policies are often written in an unfamiliar language and filled with references to other parts of the policy that are equally difficult to read out of context. That’s why Effective Coverage works to make insurance more accessible.
2021 Arkansas Renters Insurance Guide Table Of Contents
- Who Is Effective Coverage?
- Why Do I Need Arkansas Renters Insurance In 2021?
- What Does Renters Insurance In Arkansas Cover?
- Can I Get Arkansas Renters Insurance If I Don't Live In An Apartment??
- Arkansas Renters Insurance Fast Facts
- What Should I Look For On My 2021 Renewal? How Much Will It Cost?
- Bonus: Renting In Arkansas: Tenant Protections, Tenant Traps
Who Is Effective Coverage
Effective Coverage is the premier provider of Arkansas renters insurance. Right now, only forty-four percent of renters are covered and we’re on a mission to increase that number in 2021. Many people feel that they don’t have access to a solid resource to answer their renters insurance questions. If their questions aren’t answered, they’re hesitant to buy a policy. Effective Coverage offers the assistance of insurance experts who can give you the answers you need and help you to understand exactly what you’re buying.
With the rise of direct writers, the insurance industry has largely shifted towards one-size-fits-all and away from helping to fit coverage to the person. Effective Coverage firmly believes that taking the time to understand the risks faced by an individual and the things they’re trying to protect is still the best way to offer insurance products and services. That’s why we measure our staff on their knowledge and friendliness instead of on how long a particular call takes.
Effective Coverage is also the only place on the internet where you can quote and buy Arkansas renters insurance quickly and easily. You can get in touch with us online, from your cell phone or tablet, or call and speak with an insurance expert. We recognize that some people value speed and convenience, and we’ve risen to meet that challenge as well. Effective Coverage continues to innovate to bring you the coverage you deserve at a price you can afford.
Why Do I Need Arkansas Renters Insurance In 2021?
There are a thousand good reasons to have an Arkansas renters insurance policy in 202. We all know that life happens, and usually at the worst possible moment. A properly designed policy can protect you from those worst-case scenarios. Have you thought about what all of your personal property is worth?
Most people haven’t given that question much consideration. If they have thought about it, they’ve valued their property at what they might get for it on Craigslist. That’s the “actual cash value” but Arkansas renters insurance pays for replacement cost. You should have a list of your property with what it would cost to buy new in a store today. Most people couldn’t afford to pay to replace everything at retail.
In addition, many Little Rock landlords and Fayetteville apartments require Arkansas renters insurance. That’s a good enough reason on its own. You can comply with your lease and protect your family with the same affordable Arkansas renters insurance policy.
What Does Renters Insurance In Arkansas Cover?
What does renters insurance in Arkansas protect your personal property against? There’s a long list of renters insurance covered perils in your policy. Among other things, they include fire, theft, vandalism, weight of ice and snow, falling objects, aircraft, vehicles that you don’t own, and much more. Individually, some of the perils are unlikely but taken together there is nearly a 100% chance that you’ll fall victim to at least one of them eventually. If you live on the first floor, all it takes is one drunk driver trying to park in your living room to cause a loss.
If there’s a fire – or someone’s car lands in your living room – where would you go? When a covered loss prevents you from using your home as a residence while repairs are made, Arkansas renters insurance policies have another type of coverage that can respond. It’s called “loss of use” and it pays for the additional living expenses resulting from that covered loss. Hotels are expensive, and many other expenses come with temporarily relocating.
Loss of use coverage even can pay if your neighbor has a covered loss that puts your home in danger. Whether it’s a fire, a drunk driver, or something else, a serious loss in your neighbor’s apartment might make your home unsafe or structurally unsound. If a civil authority forces you to relocate because of imminent danger to your home from a covered loss to an adjacent home or structure, loss of use can help you with those costs.
Medical payments to others coverage helps when a guest suffers a small injury in your home. There doesn’t have to be any negligence or fault, the injury can be just one of those things. Med pay coverage is designed to offer a small amount of money in return for the injured party’s agreement that there is no liability claim to be made. It resolves small problems quickly and efficiently.
What if the injury is your fault? Or what if there’s damage to your apartment? That’s where Arkansas renters insurance liability coverage comes into play. Liability is designed to pay for a loss that you cause to someone else. It also pays to defend against the claim or lawsuit, even if it’s false or frivolous. Some people will do anything for a fast buck, and fraudulent liability claims are not unheard of. A defense paid for by the insurance company helps to be sure you’re not responsible for such a claim.
Liability coverage protects you from a broad array of risks. Apartment fires caused by cooking are quite common. A simple walk down the street could result in you bumping into someone and injuring them. If you have kids, they could have friends over and the friend could be injured at your home. Liability is the simplest coverage on your policy. If it’s not excluded (i.e., business pursuits), it’s accidental, and it caused bodily injury or property damage to a third party, it’s probably covered!
Arkansas renters insurance provides coverage that’s more comprehensive than ever. If you’re looking for additional coverage such as identity fraud, water backup, or renters insurance jewelry coverage, your insurance expert can help determine your needs and explain the options. You can be covered in just minutes.
Can I Get Arkansas Renters Insurance If I Don't Live In An Apartment??
33% of Arkansas households rent their primary residences. That’s about 378,000 households. Given the Natural State’s well-deserved reputation for natural beauty and rural areas, that many renters can put pressure on the rental market. While development in the state is on the rise, new apartment community starts lag behind those in the rest of the country. Many renters don’t live in traditional apartments. Are they still eligible for a policy?
Arkansas renters insurance in 2021is very different from the policies of old. Not only is the coverage broader, but the types of eligible dwellings have increased. You can get a policy in almost any living situation. If you rent a home or even part of a home, you’re able to get renters insurance in Arkansas. If you rent a room, or stay with family, or have some other living situation that you don’t own, you’re eligible.
Renters insurance in Arkansas isn’t just for those who live in apartments. If you’re concerned that the type of dwelling in which you live might make it difficult to get insurance, why not give an insurance expert a call? Effective Coverage insurance experts are happy to answer your questions and explain what’s available in your area, for your individual situation.
Arkansas Renters Insurance Fast Facts
- Your landlord’s renters insurance doesn’t protect you or your property!
- Arkansas is the only state where non-payment of rent can become a criminal matter. After a major theft, you’d have to choose between criminal charges for non-payment of rent and replacing your property if you didn’t have Arkansas renters insurance!
- The average property loss in a home fire is almost $10,000
- Hotels in Arkansas average $132 per night. After a fire, how long could you afford that?
- A property crime happens every fifteen seconds in America.
- Two million property crimes annually means you have a 1:150 chance of being a victim every single year! Do you really want to keep rolling those dice until you lose it all?
What Should I Look For On My 2021 Renewal? How Much Will It Cost?
If you have Arkansas renters insurance and you’re expecting a 2021 renewal, you might be wondering what to expect and how much it will cost. The cost is a concern for many people, but it shouldn’t be. Sure, you might spend around $200 a year for the policy. But that’s not much money if you break if into monthly payments. In fact, it’s about the cost of having a pizza delivered every month. A pizza will buy you protection from a recently re-popularized fictional gang of turtles for about five minutes. Arkansas renters insurance will buy you protection from many different types of risks all year long.
When you’re reviewing your policy renewal for 2021, you’ll want to look for a couple of key points. Make sure that you still have enough personal property coverage. Have you bought anything new during the year that should be accounted for? Many policies offer a few percentage points of automatic increase in your property coverage every year to account for inflation. That doesn’t account for the new laptop you bought, though.
Make sure you see the words “replacement cost” somewhere on the declarations page of your renewal. That’s what gives you enough money to purchase new property instead of the actual cash value of what was lost. Make sure your liability is at least $100,000. $300,000 gives your more coverage as our world becomes even more litigious. Consider increasing medical payments to others, as well – a higher limit costs just a few dollars a year and can prevent liability claims.
Do you know who to call if you have a question or a claim? That information should be on your declarations page. If it’s not, find out and put those numbers in your phone as well as on the declarations page. Look at the price relative to what you paid last year. A few dollars increase isn’t surprising, but you should inquire about significant increases. They may be related to your claims history, or simply part of a statewide increase.
When you’re considering the price of Arkansas renters insurance, remember that the rates are based on numbers that are filed with the state. There’s a base rate, and each credit or surcharge that’s applied is just simple math. Discounts can’t be given unless they’re meaningful to the risk of the policy. The cable company can give you six months of a movie channel for free as an introductory offer. Insurance doesn’t work that way.
Renting In Arkansas: Tenant Protections, Tenant Traps
Even in 2021, Arkansas is known for having limited tenant protections. It’s the only state in the union where failure to pay rent can be a criminal offense. That may change in the future, but appeals are still pending. Any lease violation can result in a three-day notice to vacate. If a notice to vacate is ignored, the landlord can give notice to the tenant that they intend to report a misdemeanor and the tenant can be charged.
Arkansas is also the only state without an implied warranty of habitability. In other states, basic rights such as running water and heat are guaranteed. The laws of most states assumes that if you’re renting residential premises you intend to live in them and they should be fit for the same. In Arkansas, caveat emptor is the law of the land. If it’s not in your lease, you may safely assume that an Arkansas landlord is not required to provide it. This applies even if the item in question is something that would be considered basic and necessary for use as a residence, such as water.
Security deposits may be up to two months rent, and must be returned with a list of deductions within sixty days after a tenant moves out. If the deposit is not returned, the tenant may take the landlord to small claims court. Since the small claims limit is $5,000 in Arkansas, this is usually the most appropriate venue for such an action. Late fees on rent are not addressed by state law. On the downside, this means the late fee may be whatever is specified in the lease no matter how onerous. On the upside, if a late fee is not in the lease, the landlord may not charge one at all.
Renting in Arkansas can be challenging, especially outside of a city. Apartment complexes mostly have moved to using credit and background checks. Private landlords outside of urban areas, however, use a variety of methods to choose tenants. One thing you can do to make yourself more attractive as a tenant is to have Arkansas renters insurance at your current location and be ready to move the policy to the new location. This tells the landlord that you are conscientious and responsible.
If you have questions about your Arkansas renters insurance in 2021, or if you need a policy, the insurance experts at Effective Coverage are ready to help. Effective Coverage makes it quick and painless for everyone to get covered. Just call (800)892-4308 or click to get covered - whether you need Arkansas renters insurance quotes online or coverage anywhere else!
Effective Coverage offers the nation's only completely mobile platform to quote and purchase renters insurance right from your phone or tablet in just one minute. Get an online renters insurance quote today and protect your family.
