Does Arkansas Require Renters to Buy Insurance?
Renters insurance is a low-cost way to protect your belongings and secure your residence. You’ll get peace of mind that your valuables can be replaced after different types of loss if an incident occurs. Although it’s not a requirement in most states, securing this type of insurance is a wise investment. Let’s discuss the specifics of renters insurance in Arkansas and learn why it is essential.
Renters insurance is not required in Arkansas by either federal or state law. Still, there’s a good chance your landlord or building manager will require you to secure a policy before they lease any space. Even if you aren’t required to carry coverage, you may want to secure a policy for your peace of mind. It can protect you against water damage, liability, household fire, theft, and other incidents that can cause you to lose your most valuable items.
What Type of Insurance Should I Get?
There are three standard coverages for nearly every policy regarding renters:
- Personal Property Insurance protects your personal belongings. This includes furniture, clothing, and most electronics.
- Loss of Use Insurance covers the costs associated with increased living expenses. For example, if you experience damage to your home and need to stay elsewhere while it’s being repaired or rebuilt, your insurance will cover the expenses.
- Personal Liability Insurance provides financial protection if you are legally responsible for someone’s injury or property damage.
You can also add a coverage option to your policy for medical payments to others. This pays for medical expenses you may incur due to a covered incident.
Can I Add Other Coverage Options to My Plan?
If you rent an apartment, condo, or home, you should add customized coverage to your policy. Here are some of the most popular options for additional protection:
- Certain valuables, like expensive jewelry, art, and other collectibles, may require a specific limit for coverage. If the value of these items exceeds the limit of your basic policy, you can purchase an endorsement for your policy. This is called adding a rider to cover the item’s value.
- Personal Injury Coverage is another option many renters add because it pays for legal fees and damage if you are found liable for slander or defamation.
- Water Backup Coverage handles the costs associated with water damage and water removal costs not covered by your standard policy.
What About Natural Disasters? Do I Need Renters Insurance to Cover Damage?
Arkansas sustains its fair share of natural disasters, like heavy rain, tornadoes, and flooding. Unfortunately, not all of these are covered by renters insurance. However, adding a flood insurance policy to your coverage is a good idea. If your residence is subject to river floods, flash floods, or even coastal floods, these policies can cover damage from outside flooding. Check out our post, What Type Of Insurance Is Best For Car, if you’re interested in learning more about the many types of auto insurance and what you need.
Contact Rocky Steele Insurance Agency Today to Secure Your Policy
Now that you know more about renters insurance policies, it’s time to talk with an agent to create a coverage option that fits your needs. Remember, obtaining a policy isn’t mandatory in Arkansas, but it is recommended. Call us today to talk to one of our friendly and knowledgeable agents and get the protection and peace of mind you deserve.
