Find the Best Homeowners Insurance Rates and Companies in Alaska
The median home value in Alaska is $324,000. If you own a home in Alaska, chances are your home is your most important asset. You’ll want to protect it from threats like fire, theft, vandalism, and severe weather. What’s more, you’ll want to protect your assets from the costs of lawsuits if you are sued for something that happens on your property. You can do this with homeowners insurance in Alaska.
An independent insurance agent can help you find the best home insurance in Alaska. Independent agents can help you get quotes from multiple insurance companies so that you can make the best choice for your needs and budget.
Best Homeowners Insurance Company in Alaska
There are several insurance companies in Alaska that offer highly rated homeowners insurance. One of the best homeowners insurance companies in Alaska is Safeco. The company provides a mix of valuable coverage and competitive pricing.
- Safeco: Safeco has been protecting individuals and families since 1923. The company offers homeowners insurance in Alaska, as well as a comprehensive range of other personal insurance policies. Working through independent agents, Safeco makes it easy to get the best mix of coverage and pricing.
An independent insurance agent in your area can help you learn more about these and other homeowners insurance companies in Alaska. A local agent can help you get competitive quotes for the coverage that fits your insurance needs.
What Homeowners Insurance in Alaska Can Cover
Having homeowners insurance in Alaska protects you from the worst things that can happen to your home.
In Alaska you face potential threats to your property all the time. Here are the top five property risks for homeowners in Alaska:
- Severe storms and lightning
- Wildfires and residential fires
- Flooding and water damage
- Burglary and other property crimes
- Ice storms and freezing
These and many other day-to-day events can damage your home or personal property. What’s more, if you own a dog or have any other attractive nuisance on your property, you face an increased risk of lawsuits. But with homeowners insurance in Alaska you’ll be prepared to tackle a lawsuit without losing everything.
Homeowners insurance in Alaska covers a wide range of perils that could potentially damage your home, your belongings, or certain other structures on your property. Technically, if you don’t have a mortgage, you can go without homeowners insurance in Alaska. But that is not a great idea. If something happens to your home, like a fire, a tornado, a burst pipe, or a burglary, you’d have to pay for repairs and for replacing lost or damaged belongings on your own.
A homeowners insurance policy typically categorizes coverage and coverage limits as follows. If you don’t have homeowners insurance, you put all of this at risk:
- Dwelling coverage: Covers your house and attached structures. It also covers items like plumbing, heating, and permanently installed air-conditioning systems, and electrical wiring.
- Other structures coverage: Protects other structures on the property such as detached garages, tool sheds, retaining walls, and so on.
- Personal property coverage: Protects the contents of your home and other personal belongings owned by you or family members who live with you.
- Loss of use coverage: Helps you with additional living expenses if your home is damaged by a covered peril (e.g., a fire) and you cannot live in your home while repairs are being made. It typically covers expenses like housing, meals, storage, and more, as long as they are in line with your usual living expenses.
- Personal liability coverage: Provides coverage if you or a resident of your household is responsible for causing property damage or an injury to someone else.
You can also customize your policy to cover other risks. A local independent insurance agent can help you find the best home insurance in Alaska for your needs.
What Homeowners Insurance in Alaska Will Not Cover
Homeowners insurance in Alaska excludes coverage for certain losses. It does not cover everything that can go wrong with your home or on your property.
First, the liability coverage in your homeowners insurance policy has certain limitations. If you hurt someone because of an intentional act, your liability coverage will not cover you. You can find all the exclusions to your liability coverage in your policy documents.
Moreover, your property coverage will not cover every type of property damage you might encounter. Almost all homeowners insurance policies in AK exclude coverage for property damage caused by the following:
- Ordinance or law (e.g., demolition or construction required to bring your house up to code)
- Earth movement (e.g., earthquakes, sinkholes, landslides)
- Water damage due to floods, sewer back-ups, and water that seeps through the foundation
- Power failure
- Neglect
- War
- Nuclear hazard
- Intentional acts
- Governmental action (e.g., destruction, confiscation, or seizure of covered property by any governmental or public authority)
- Loss to property resulting from faulty zoning, bad repair or workmanship, faulty construction materials, and defective maintenance
To avoid any surprises down the road, be sure to understand what your home insurance in AK does and does not cover when you decide to purchase a policy.
Flood Damage in Alaska
Flooding can be a significant concern for many homeowners, but Alaska homeowners insurance does not cover flood damage.
Flooding can be a problem in some areas of Alaska. In fact, it is one of the top five risks for homeowners in the state. Some areas of the state will have a higher likelihood of flooding than others.
It’s important to discuss your need for supplemental flood insurance with your independent insurance agent.
If necessary, your agent can help you purchase flood insurance from the National Flood Insurance Program (NFIP), a program established by the federal government to help homeowners recover after a flood event.
Average Cost of Homeowners Insurance in Alaska
Alaska is the 37th most expensive state for home insurance. The average cost of homeowners insurance in Alaska is lower than the national average.
- National average yearly premium: $1,211
- Alaska average yearly premium: $959
Of course, your home insurance cost will be more or less than the average for homeowners in Alaska. And you can still shop around for the best local rates.
It’s important to know that your insurance premiums are calculated according to your exact coverage needs and your home's unique characteristics and risk factors. The age, size, value, and materials used to build your home help insurance companies determine how much it would cost to replace it if it were severely damaged or destroyed.
Insurance companies also evaluate your city's crime rate and weather risks, history of natural disasters, and your prior claims history to determine your home insurance premium.
A local independent insurance agent can help you get home insurance quotes in Alaska.
Average Alaska Home Insurance Costs by City
National average burglary rate 3.76 per 1,000 people
National average home value $269,000
National average home insurance cost $1,428 year
Popular Questions about Home Insurance in Alaska
Homeowners insurance in Alaska costs $80 per month, on average. Of course, the cost of your home insurance may be higher or lower than average, depending on your unique home and risk factors.
The amount of homeowners insurance you'll need to protect your home, family, and liability risk is unique to your individual home and living situation. That's why each homeowners insurance policy in Alaska can be customized to your needs, and your coverage limits are set based on your individual risk factors.
With Alaska having over $64 million in home insurance claims paid in one year alone, the right protection is necessary to avoid a serious financial loss involving your home.
The main purpose of homeowners insurance is to cover property damage. Home insurance policies in Alaska will include dwelling coverage, other structures coverage, personal property coverage, and loss of use/additional living expenses coverage.
Homeowners insurance in Arizona also includes homeowners liability coverage. It protects you when someone claims you have caused an injury or property damage. It covers the injured party's expenses (e.g., medical bills, property repairs) and your legal fees if you're sued. After a lawsuit, it can even cover financial settlements or court-ordered judgments.
Insurance companies calculate home insurance rates in Alaska by looking at your home, the risk factors for your neighborhood, and your specific coverage needs.
If you live in a ZIP Code with a high crime rate or that is highly susceptible to natural disasters, you can expect to pay more than someone living in a safer area. If, for example, your home or neighborhood has a prior history of fires (there are around 24 per year in Alaska, on average), you’d likely pay more than someone who lives in an area where these events happen less frequently or not at all.
The state of Alaska does not require you to purchase homeowners insurance. But your mortgage lender will require you to have homeowners insurance and will require proof that you have it.
Yes. Alaska currently has 33 independent insurance agencies who can help you find appropriate home insurance coverage. They can offer quotes from multiple insurance companies, free of charge.
At $959 per year, or $80 per month, Alaska has the 37th most expensive average home insurance cost in the nation. Home insurance costs in Alaska are lower than the national average, making it more affordable than it is in many other states.
Searching for the best and most affordable homeowners insurance in Alaska can be frustrating and confusing. That’s why it pays to have an experienced insurance professional in your corner.
Instead of getting an online quote, find an independent insurance agent in Alaska now, and get one-on-one consultation and affordable options for the best coverage for your unique needs. Your agent will work with you free of charge, offering you a variety of options, so you can make the best choice.
Contact an agent today for a free, no-obligation consultation.
Do you know what your home insurance covers in Alaska?
Average Cost of Home Insurance Near You
The average monthly cost of homeowners insurance in Anchorage, AK is $83.
Your price for homeowners insurance is likely to be different from your neighbor’s because rates are based on several factors such as the size and value of your house, the age of your roof, your claims history, and the amount of your deductible. Your quoted rate for home insurance may therefore be higher or lower than the city’s average.
One of the most devastating events a homeowner can deal with is a residential fire. In addition to damaging the structure of your house, a fire can lead to the total loss of your personal belongings, including furniture, clothing, electronics, and precious family heirlooms. While homeowners insurance cannot bring back your irreplaceable keepsakes, it can give you peace of mind by knowing that the disaster will not cause you a large financial loss. Because fire is so destructive, it is important that you ensure that your dwelling coverage is sufficient to enable you to rebuild your home and that your contents coverage is high enough to cover the cost of replacing all of your lost or damaged property.
The average monthly cost of home insurance in Badger, AK is $70.
Because your homeowners insurance is completely customized to specific details about you and your home, your monthly premium may be higher or lower than this city’s average. Insurance companies consider your home’s size, value, location, and other factors when they calculate your monthly rate.
Residents of Badger are most at risk for damage caused by winter storms, floods, and wildfires. In 2013, the Stuart Creek Fire burned more than 87,000 acres and caused more than $21 million in damage. This put residents of Badger at risk of losing their homes to the out-of-control blaze. While wildfires can be particularly destructive, it may bring you some comfort to know that your homeowners insurance can cover your losses if a fire tears through your neighborhood.
The average monthly cost of home insurance in Fairbanks, AK is $74.
Keep in mind, however, that homeowners insurance rates in can vary from one property owner to the next. Your actual rate will be based on factors like the size, value, and location of your home, the materials used in your house’s construction, the crime rate in your ZIP Code, the size of your deductible, and, in some cases, even your credit score.
Residents in the Fairbanks area are familiar with the devastating effects a flood can have on a property. While nothing has compared to the Great Flood of 1967 in recent years, property owners near the Tanana and Chena rivers are a risk when water levels rise. According to FEMA, as little as one inch of rainwater in your home can lead to $25,000 in property damage, but homeowners insurance specifically excludes flood damage from its coverage.
The average monthly cost of home insurance in Juneau, AK is $85.
Of course, the price you may be quoted for coverage may differ from this amount depending on a number of factors. Your actual rate will be calculated according to considerations like the age, size and value of your house, the crime rate and weather risks in your ZIP Code, your claims history, and sometimes even your credit score.
One of the most common hazards faced by homeowners in Juneau is property crime. In this small city, residents report around 200 burglaries in a typical year. Fortunately, your home insurance covers property loss and damage to your house if you are the victim of a property crime like burglary or vandalism.
The average monthly cost of homeowners insurance in Knik-Fairview, AK is $78.
Of course, some homes cost more to insure than others so rates are determined on a case-by-case basis. This average rate, therefore, can only give you a general idea of what you might be expected to pay. Your costs will be influenced by the size and value of your house, your claims history, your deductible amount, and other factors.
The historical earthquake activity in Knik-Fairview is a whopping 8,361% greater than the national average. While quakes do not happen frequently, when they do, they have the potential to damage the structure of your home as well as your personal property. One of the worst was a 9.2 magnitude quake that occurred just 74 miles from Knik-Fairview in 1964. This quake caused more than $1 billion in damage. However, earthquakes are not covered by home insurance. For that, you will need an earthquake insurance policy.