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What type of insurance do you need?
On average, American homeowners pay $1,211 a year for their home insurance coverage. However, in Alaska, the average annual premium is lower at just $959 a year. Shopping around for the best price has the potential to save you lots of money.
Even though the cost of home insurance may seem like a lot of money, having this coverage is important because hazards like severe weather, accidental fires, and property crimes can result in expensive losses for Alaska homeowners who are not insured.
Your home insurance policy is designed to cover against many of the hazards you are likely to face as a property owner in Alaska. Whether you have been impacted by a severe storm, a house fire, or a rash of burglaries, you can gain peace of mind from knowing that a suitable Alaska homeowners insurance policy can cover the associated costs.
Let’s look at some of the ways that your homeowners insurance policy can protect your finances:
We can’t be 100% certain, but last year, insurance companies paid out more than $64 million in home insurance claims in the state of Alaska alone.
That's a lot of unfortunate events happening in the Last Frontier.
Insurance companies calculate home insurance costs according to how valuable your property is and how likely it is that something bad will happen to it.
The higher the probability that a damaging event will affect your house or personal property, the more expensive your home insurance policy will be. These potential damaging events are called "risks” or “exposures.” Let’s take a look at how risky Alaska is compared to the rest of the US.
The bad news is that the overall burglary rate in Alaska is significantly higher than the national average. This can have a negative influence on your home insurance rates, particularly if your house is located in a high-crime ZIP code.
There are ways to keep your costs manageable. Many insurance companies offer policy discounts if you have a burglar alarm, deadbolt locks, or other security features installed in your home.
Severe weather events, like blizzards and windstorms, can wreak havoc on residential properties in this state. Be sure that your home insurance provides all the coverage you need before disaster strikes.
Keep in mind that while most disasters are covered by homeowners insurance, flood damage is not. A local independent agent can help you supplement your homeowners insurance coverage with an affordable flood insurance policy through the National Flood Insurance Program (NFIP).
The value of your home and property play a large role in the calculation of your rates. In Alaska, the average home value is higher than the national average.
The size of your home can affect your home insurance rates, since larger homes tend to have more personal property inside them. The estimated cost to rebuild your home will also play a large role in how much your home insurance costs.
There is no such thing as a homeowners insurance company that is “best” for everyone. The policy that offers the most value to you and your family is not necessarily the ideal choice for your next-door neighbor or your best friend.
That is why independent agents compare policies and rates from multiple companies. In doing so, they are able to find the coverage that is best able to meet your coverage needs and budget.
Yes! There are currently 33 independent insurance agents in Alaska who are ready to help.
Independent insurance agents aren’t tied to a single insurance provider. This means that they can work with several different insurance companies to find you the best rate for coverage. Working with these agents enables you to buy a policy that meets all your coverage needs at a highly competitive price.
National average burglary rate 4.69 per 1,000 homes
National average home value $188,900
National average home insurance cost $1,173 year
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