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
- 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.