The third largest city in Arkansas, Fayetteville is the county seat of the Washington County. This city has been named as the third best place to reside in the United States according to the U.S Best Places to Live Rankings News in 2016. So if you are planning on moving to Fayetteville, there is no reason for you to doubt. It is also the home to the state’s largest university, University of Arkansas.
Fayetteville is no stranger to unwelcome precipitation like hail, sleet, and snow. It is also commonly known for damaging storms that can cause havoc in property and homes, racking up the cost of maintenance in case the disaster hits and cause damage. This is why if you are a resident in Fayetteville, you need to find yourself the best homeowners insurance company.
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Study of Homeowners Insurance Rates in Fayetteville, AR
We completed a study of home insurance costs in Fayetteville, AR. As the result average Fayetteville homeowners insurance monthly premium was found to be $120.10. This is $3.13 lower than the Arkansas monthly average premium which is at $123.23. To come up with these numbers we got quotes from Farm Bureau Insurance, Liberty Mutual, and State Farm. We also used 4 different zip codes to get a fair picture. Among the three companies, the cheapest home insurer in Fayetteville is Farm Bureau, which stands at an impressive rate of just $79.84. This is probably one of the cheapest rates in the whole of Arkansas. The State Farm averaged at $171.21, while Liberty Mutual ranked at $109.25.
It is important to mention that State Farm does offer a large 35% discount for customers that bundle their homeowners coverage with car insurance.
Fayetteville, AR Homeowners Insurance Monthly Premiums
|Zip Code||State Farm||Liberty Mutual||Farm Bureau Insurance||Zip Code Average|
|Company Average||$171.21||$109.25||$79.84||Fayetteville Average: $120.10|
For our methodology, we obtained quotes from 1500 sq ft housing with two separate bathrooms, assuming the house was built in 2000. The value of the home is estimated at $150,000 with the assumption that the roof has been replaced back in the year 2015. We got quotes for Fayetteville’s 4 zip codes, namely 72701, 72703, 72704 and 72764.
Fayetteville, AR Statistics
The current population of the city of Fayetteville for the census 2017, July 1 is 85,257. The number of housing units in the city which are owner-occupied stands at 39% of the total housing. The median value of these housing units stands at $186,200. The median selected owner costs on a monthly basis with a mortgage are at $1,331 and without a mortgage is at $376. As for the median gross rent, it is $376.
The median household income between 2012-2016 is $40013 and the per capita income for 12 months is $27,802. On a scale of 1 to 100, 1 being the lowest and 100 being the highest, Fayetteville has a violent crime rating of 36.2 and property crime of 50.0.
Cheap Fayetteville, AR Home Insurance
While we can all agree that going cheap on something like homeowners insurance is a big risk, there are so many ways in which you can actually save a lot of money on your insurance without having to compromise on the quality of the service. The first and the foremost thing you need to remember is that you should not confuse the amount that you paid for your house when taking into consideration the rebuilding costs. When you include this value, you will end up paying a higher premium than necessary.
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