Finding the Best Homeowners Insurance in Alaska
Alaska boasts of an affordable homeowners insurance average rate in the US. You can easily get cheap homeowners insurance in Alaska. The Alaskan climate is freezing. People associate it with snowstorms and unfavourable weather conditions. You would naturally think the Last Frontier State homeowners insurance rate should be on the high side. In comparison to other states, Alaska homeowners insurance quotes are average at best. Of course, other factors play a part in determining the rates than just the location. These factors include the exact location of your home in Alaska and the probability of your home or area experiencing natural dangers. Homeowners Insurance providers factor this in all these to provide unique Alaska homeowners insurance quotes. Alaskans; home insurance rates are a bit below the US's national average because of the tranquil terrain, that is, the absence of natural distances and fewer burglary claims. The below average rate is the more reason why you should ensure your homes as an Alaskan. The average cost of homes in Alaska is $282,900, while the average cost of rent in Alaska is $1,600. Finding the best and cheapest homeowner insurance in Alaska is not as difficult as many make it to be.
| Alaska Homeowners Insurance Cost Broken Down | Rates |
|---|---|
| Yearly Cost of Homeowners Insurance in Alaska | $1,069.00 |
| Costs Per Month for Homeowners Insurance in Alaska | $89.08 |
How Much is Homeowners Insurance in Alaska
Homeowners insurance in Alaska is below the national average rate in the United States, making it more affordable than at least half of the states in the United States. Alaska is the 28th most expensive states in the United States for homeowners insurance. The average cost of homeowners insurance rates in the United States is $1,211. The average cost of homeowners insurance rates in Alaska is $1,002. This rate is not a fix, and it changes from location to location on the state. Several factors add to the relatively low rate of homeowners insurance in Alaska. The relatively low property crime is a substantial contributing factor. The burglary count in Alaska is 3,511 annually, and the theft count is 15,249 annually. The odds of being a victim of either burglary and theft is 1 in 35. The least expensive city for homeowners insurance in Alaska is Sitka, with an annual rate of $953. The costliest city for homeowners insurance in Alaska is Anchorage, with a yearly rate of $1,057. In the Last Frontier State, the average annual price of homeowners insurance is $1,002. The average monthly price of homeowners insurance in Alaska is $83.5. The percentage of homeowners occupied units spending 30% or more on rent and utilities in Alaska is 42.0%. Although this is lower than the recommended limit of 30 percent, Alaska still fares better than many US states. It is the 30th in American states' rank in terms of spending 30% or more on rent and utilities.
| City in Alaska | Monthly Costs | Yearly Costs |
|---|---|---|
| Anchorage, AK | $88.08 | $1,057.00 |
| Juneau, AK | $92.25 | $1,107.00 |
| Fairbanks, AK | $104.00 | $1,248.00 |
| Badger, AK | $101.00 | $1,212.00 |
| Knik-Fairview, AK | $91.33 | $1,096.00 |
| College, AK | $96.92 | $1,163.00 |
| Wasilla, AK | $103.08 | $1,237.00 |
| Tanaina, AK | $91.33 | $1,096.00 |
| Lakes, AK | $92.75 | $1,113.00 |
| Sitka, AK | $79.42 | $953.00 |
Alaska Homeowners Insurance Laws
Alaska homeowners insurance laws do not require homeowners to own a homeowners insurance policy. In other words, homeowners insurance are not compulsory. It can either be used or not used by homeowners. Note, there are insurance laws and guidelines that the law that guides the homeowners' insurance policy. What are Alaska homeowners insurance requirements? There are no requirements for homeowners insurance. Mortgage companies may not grant you loans until you get yourself or commit to getting homeowners insurance cover. Mortgage companies are protecting their properties from possible damages which you may not be able to pay for, hence the request. Not all mortgage companies insist on this, but most do. Homeowners Insurance is beneficial to homeowners. It covers damages to the home. Without the homeowners' insurance, you are responsible for your liability. For example, if there is an accident or damage to your home, without the homeowners' insurance cover, you will have to pay the bills from your pocket. If you subscribe to the homeowners' insurance cover, you can file your claims and get the insurance company to fix the problem as long as the damage is in your plan.
What Does Homeowners Insurance Cover in Alaska
A homeowners insurance policy protects your dwelling and property in the event of several calamities, such as fire, wind damage, vandalism, theft, and more. If you are looking for homeowners' insurance in Alaska, you want one that covers your homeowners' insurance needs. The bottom line of having homeowners insurance, also known as home insurance, is that you get compensated for loss to your home and its possession. Keeping a homeowners insurance policy also offers added protection to your most significant investment. If you are liable for another's an injury on your property, the insurance company will serve this plan. It also protects you from making huge financial losses. For example, if your properties get stolen by burglary and destroyed by natural disasters such as fire, storms and theft. Some basic homeowners insurance terms include dwelling, other structures on your property or contents, personal liability protection, loss of use and medical payments. The dwelling coverage protects the home structures from damage from a covered event. They include wind, hail, lightning or fire. If you want protection against earthquake, you have to request a separate plan.
| Costs of Home Insurance in Alaska by County | Monthly Average Costs | Yearly Average Costs |
|---|---|---|
| Fairbanks North Star Borough, AK | $104.00 | $1,248.00 |
| Juneau City and Borough, AK | $92.25 | $1,107.00 |
| Matanuska-Susitna Borough, AK | $103.08 | $1,237.00 |
| Sitka City and Borough, AK | $79.42 | $953.00 |
Top Rated Homeowners Insurance Companies in Alaska Based on Ratings
The best homeowners insurance companies in Alaska are Allstate, Umialik Insurance Co., COUNTRY Financial and USAA. These four companies offering homeowners insurance in Alaska are the best of the lots for various reasons. Allstate is the best homeowners insurance provider for most people. Umialik Insurance Co is the most affordable of the four. COUNTRY Financial is the best for complete coverage. USAA is the best for military families. COUNTRY Financial homeowners insurance in Alaska boost the complete coverage. It has the best homeowner insurance coverage against the harsh weather. Alaska homeowners insurance companies list include State Farm. USAA, Allstate, Liberty Mutual, COUNTRY Financial, Umialik, Horace Mann and Farmers Insurance of Washington. USAA has the following ratings: NAIC Value – 0.15, JD Power- 5 out of 5 and AM Best – A++. The Allstate has the following grades: NAIC Value – 0.34, JD Power – 3 out of 5 and AM Best ++. COUNTRY Financial has the following ratings: NAIC Value – 0.13. JD Power 3 out of .5 and AM Best A++. The homeowners' insurance companies with impressive reviewed customer service in Alaska are Farmers Insurance Company of Washington, COUNTRY Financial and USAA.
| Alaska Home Insurance Company | JD Power Rating | NAIC Rating |
|---|---|---|
| State Farm Ratings for Homeowners Insurance in Alaska | 4/5 | 0.2 |
| USAA Ratings for Homeowners Insurance in Alaska | 5/5 | 0.15 |
| Allstate Ratings for Homeowners Insurance in Alaska | 3/5 | 0.34 |
| Liberty Mutual Ratings for Homeowners Insurance in Alaska | 2/5 | 0.45 |
| COUNTRY Ratings for Homeowners Insurance in Alaska | 3/5 | 0.13 |
| Umialik Ratings for Homeowners Insurance in Alaska | N/A | 0 |
| Horace Mann Ratings for Homeowners Insurance in Alaska | N/A | 0.28 |
| Farmers Insurance of Washington Ratings for Homeowners Insurance in Alaska | 3/5 | 0.12 |
How to Lower Homeowners Insurance in Alaska
You can get Alaska homeowners insurance discounts from different homeowners insurance providers. Discounts are incentives that these companies use to attract buyers to purchase their products. The average cost of homeowners insurance in Alaska is $1,002, $209 less than the national average. The cheapest homeowners insurance for most Alaskans is Umialik Insurance Company. It sells its coverage close to the $1,000 mark. State Farm is the most expensive homeowners insurance company for Alaskans, with a premium of $1,600 annually. Alaska homeowners averaged insurance rates in 2020 is around the $1,200 mark. The insurance figure is likely to increase in 2021. There are several ways to get discounts for your homeowners' insurance in Alaska. The first step is to shop around. Go out yourself and manually ask each top company if they have a discount offer. Another way is to raise your deductibles. Deductibles are the sum you pay towards a loss before the insurance company processes a claim. The higher your deductibles, the more money you save. Also, homeowners insurance companies will offer you a discount if you are using more than one of its insurance products.
Compare Homeowners Insurance in Alaska Before Buying
You compare homeowners insurance to find affordable homeowner insurance in Alaska. Shopping for homeowners insurance in Alaska is easy. All you want to do is to get quotes and what the homeowners' insurance covers and do not cover for each of the homeowners' insurance companies in Alaska. Once you do that, compare the prices and offerings and pick the one that is best for you. The main reason why you need to compare homeowners insurance in Alaska before purchasing is to pick the best value for money. Your budget is a proper consideration but does not limit it to that. Look for homeowners insurance companies that offer you the best protection. Also, consider both consumer ratings from authority sources such as JD Power, AM Best and NAIC Value.