Bentonville, AR Homeowners Insurance

The growing city of Bentonville is home to nearly 55,000 people. Whether you are a lifelong resident of this Arkansas city or you recently moved here for a job opportunity or other reason, if you own a house in Bentonville, you can benefit from the protections of a good homeowners insurance policy.

Local independent agents are free to work with several of the area's best insurance companies. This makes it easy for them to find you a suitable policy at a competitive price. Contact an independent insurance agent near you to start comparing customized homeowners insurance quotes.

What Is Homeowners Insurance and Is It Required in Bentonville?

Homeowners insurance is a personal insurance policy designed to protect the investment you have made in your house and property.

If you are still paying for your home or owe money on a home equity loan, your lender will likely require you to carry homeowners insurance coverage. Once you own your house outright and the title is clear, this insurance is optional but highly recommended.

How Much Does Homeowners Insurance Cost in Bentonville, AR?

The average homeowners insurance rate in Arkansas is higher than the national average. The average cost is even higher in Bentonville, where one can find many large and expensive homes.

• National average annual premium: $1,211
• Arkansas average annual premium: $1,373
• Bentonville average annual premium: $1,679

When calculating rates for your Bentonville home, insurance companies will consider several factors such as:

• The type of home you are insuring (e.g., single-family detached house, condo, townhouse, investment rental property, etc.)
• The year your house was built and the materials used in its construction
• The size of your home's living space, in square footage
• The crime rate and weather risks in your ZIP Code
• How long you have owned your home
• Your claims history and credit score
• The size of your deductible

No two insurance companies calculate rates in the same way. This means you are likely to receive different quotes from every company you contact. Comparison shopping lets you choose the policy that offers the coverage you want at the most affordable price. 

Where Can I Find Cheap Homeowners Insurance Near Me?

Naturally, nobody wants to spend a lot of money on insurance. Sometimes people think that they are getting the best value by buying the cheapest policy they can find. However, this is not necessarily the most cost-effective way to purchase homeowners insurance.

If you skimp on your coverage to save a few dollars on your monthly payments now, you may find that you need to spend a lot more later if a disaster causes significant damage to your home.

The cheapest policies typically have very high deductibles and somewhat limited coverage. They may also be written by insurance companies that provide poor customer service and leave you waiting a long time to receive compensation when you file a claim.

Independent agents can help you review policies from a variety of reputable insurers. You can then choose the policy that provides all the coverage you want at the most competitive price. It might be a little more expensive than the low-cost policy you were looking at, but it will have greater value.

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What Does Homeowners Insurance Cover in Bentonville, AR?

A homeowners insurance policy can shield you from facing significant financial losses with three types of coverage:

• Property coverage
• Displacement coverage
• Liability coverage

Each type of coverage is described in greater detail below.

How Does Homeowners Insurance Cover Your Property in Bentonville?

Homeowners insurance is designed to cover damage to the structure of your home (dwelling coverage) and your personal property (contents coverage). Your policy can protect you against most of the risks you are likely to face in northwestern Arkansas, such as:

• Property crimes like burglary and vandalism
• Fires, including accidental fires, wildfires, explosions, and smoke damage
• Falling objects like trees, branches, and hailstones
• Severe weather like thunderstorms, windstorms, tornadoes, and harsh winter storms

You will want to make sure that your coverage limits are high enough to enable you to fully rebuild your home and replace all of your personal property if a catastrophic event like a fire or tornado destroys your home.

How Does Homeowners Insurance Cover Bentonville Residents against Displacement?

Sometimes the damage caused by severe weather or other risks like fires can be so bad that your home is rendered uninhabitable.

If damage from a covered event displaces you from your home until repairs are made, the loss of use insurance included in your homeowners insurance can cover your extra living expenses. Loss of use insurance can cover things like:

• The cost of staying in a hotel or other reasonable accommodations
• A meal allowance, if your accommodations do not include a kitchen
• Moving and temporary storage fees
• Mileage reimbursement if you have to drive further to get to work
• Pet boarding, if necessary

Loss of use insurance coverage can continue until your house is safe to move back into or you have purchased or built a replacement home.

What Kinds of Liability Risks Can Home Insurance Cover in Bentonville?

Anyone can wind up on the wrong end of a personal liability lawsuit. All it takes is one mistake or lapse in judgment. Fortunately, in addition to covering your house and property, homeowners insurance can provide you with a significant amount of personal liability protection.

Homeowners liability insurance can cover expenses like court costs, legal fees, mediation costs, settlements, and judgments if you or someone in your household unintentionally cause someone else to suffer injuries, property damage, financial loss, or other harm. It can cover you against things like:

• Damage or injuries caused by your children or pets
• Injuries or property damage sustained by others that can be attributed to negligence on your part
• Accusations of libel or slander

Most home insurance policies offer between $250,000 and $500,000 in personal liability protection. If you want even more coverage than your home insurance can provide, you can significantly boost your liability insurance levels by purchasing an umbrella insurance policy.

Do Residents of Bentonville, AR Need Flood Insurance?

Homeowners insurance covers a lot of hazards, but it does not cover flood damage. Considering FEMA states that just one inch of rainwater in your home can generate as much as $25,000 in property damage, lack of protection against floods can leave some homeowners vulnerable.

The good news is that only about 3% of properties in the Bentonville area have a significant risk of sustaining flood damage in the next thirty years. However, this still constitutes more than 500 properties in this city. If your home is one of them, you may want to strongly consider purchasing flood insurance.

A local independent agent can help you review flood maps to determine whether your home is at risk for flooding. If so, your agent can help you secure affordable coverage through the National Flood Insurance Program (NFIP).

What Is the Burglary Rate in Bentonville, AR?

The burglary rate in Arkansas is much higher than the national rate, but the risk is low in Bentonville. Residents of this city report around 100 burglaries a year.

• Number of burglaries per 1,000 residents in the US: 3.76
• Number of burglaries per 1,000 residents in Arkansas: 6.37
• Number of burglaries per 1,000 residents in Bentonville: 1.50

Although this city's burglary risk isn't very high, it may be a comfort knowing that if you are the victim of a property crime, your homeowners insurance can help. It can reimburse you for your lost property and any damage the burglar may have caused to your house.

Also, you may qualify for discounts on your homeowners insurance if you have installed security features like deadbolts, surveillance cameras, and burglar alarms in your house. Be sure to ask about this and other potential discounts when you request quotes from prospective insurers.

What Are the Best Homeowners Insurance Companies in Bentonville, Arkansas?

The best homeowners insurance companies are the ones that have consistently proven themselves in terms of reliability, responsive customer service, and competitive rates.

Independent agents in Bentonville have teamed up with some of the best homeowners insurance companies in Arkansas, so they can help their clients find suitable yet affordable coverage.

Why Work with a Local Independent Insurance Agent?

Independent insurance agents make it easy to find the best and most affordable homeowners insurance policy. These agents can save you time and money by answering your coverage-related questions, offering guidance and advice, and doing the comparison-shopping legwork for you.

When you are ready for help finding the best and most affordable homeowners insurance policy in Bentonville, you can arrange an obligation-free consultation with an independent insurance agent near you.