Arkansas renters insurance is an excellent way to protect your valuables at affordable rates if loss or damage occurs. Additionally, many landlords require renters insurance to secure a lease. Although it is not required insurance coverage in Arkansas, there are several advantages to investing in a policy. Let’s discuss the benefits of purchasing a renters insurance policy.
Advantages of Renters Insurance in Arkansas
State and federal laws do not require renters to purchase insurance in Arkansas. Still, there’s a good chance your landlord or building manager will require you to invest in a policy before you can lease a space. Even if coverage isn’t required, you’ll want to protect your valuables from damage and loss. Therefore, renters insurance is an excellent investment for all.
What Is Renters Insurance?
As with any policy, coverage varies from one individual to the next. The four standard coverage options include:
- Personal Property Coverage protects your personal belongings from water damage, household fire damage, theft, and other loss. Coverage typically includes furniture, clothing, electronics, and any other valuable belongings you list.
- Loss of Use Coverage helps cover the costs associated with increased living expenses if you’re forced to temporarily move out of your home for repairs or rebuilding. If you cannot stay in your home, these policies offer financial compensation up to your policy’s limit to cover room and boarding costs in another location.
- Personal Liability Coverage offers financial protection if you’re legally responsible for personal injury or property damage to another person.
- Medical Payments to Others cover costs associated with personal injury for a covered occurrence.
Can I Add Additional Coverage to My Policy?
Arkansas renters insurance can be customized to meet your specific needs if you rent an apartment, condo, or home. Additional coverage options include:
- Valuable Item Coverage– This includes art, collectibles, and expensive jewelry. You can add specific limits to your renters policy to cover loss or damage to valuable items kept in your home. Some policies also allow you to “add a rider” to protect items for their specific value.
- Personal Injury Coverage– Adding personal injury coverage to your policy may pay for legal fees and damages if you’re liable for slander or defamation.
- Water Backup Coverage– Standard renters policies do not typically cover backup through sewers, drains, or sump pumps. Adding water backup coverage can pay for water removal costs, property damage, and other water damage.
Since flooding is a significant risk in Arkansas, consider a separate flood insurance policy. Although there’s no add-on coverage for renters insurance, investing in a flood insurance policy is an excellent idea if you live in a house, condo, or apartment subject to flash flooding. Talk to your insurance agent to decide if flood damage coverage suits you. They can also help you bundle your policies to lower costs and find discount opportunities.
Trust Rocky Steele Insurance Agency for Your Arkansas Renters Insurance Needs
At Rocky Steele Insurance Agency, we’re dedicated to helping you find the right coverage to protect your valuables and minimize financial liability. Contact us today to discuss your renters insurance policy and find the most affordable and protective coverage for your needs.
