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Best homeowners insurance in Alaska for 2024

USAA, Allstate and State Farm are writing some of the best homeowners insurance policies in the Last Frontier.

Updated Feb 06, 2024
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Compare the best homeowners insurance companies in Alaska

Alaska residents pay an average annual cost of $1,019 for their homeowners insurance for $250,000 of dwelling coverage. That works out to $85 a month. This is 42 percent less the national average, which is $1,759 annually, or $147 a month. Your personal rates are likely to differ, as they are based on information specific to you and your property.

Based on data supplied by Quadrant Information Services, we determined the average premium charged by Alaska homeowners insurance companies. We also looked at each company's ranking in the J.D. Power U.S. Home Insurance Study, which measures customer satisfaction, and their AM Best rating for financial stability. Based on these and other factors, we determined that USAA, Allstate and State Farm are all solid choices for Alaska homeowners.

Insurance company J.D. Power Average monthly premium Average annual premium
881
/1,000
N/A
N/A
Get a quote
809
/1,000
$106
$1,270
Get a quote
829
/1,000
$75
$901
Read review
*Premiums are for $250K in dwelling coverage **USAA not officially ranked by J.D. Power due to eligibility restrictions
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The home insurance market can be complicated, but Bankrate's insurance editorial team used our unique perspective to bring readers information they need to make educated decisions when shopping for home insurance.

46

years of industry expertise

122

carriers reviewed

20.7K

ZIP codes examined

1.2M

quotes analyzed

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Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.

Quick Facts
Moneybag
$382/year
average savings through Bankrate
Two Thirds
2 out of 3 homes
are underinsured
Insurance Home
1 out of every 20
insured homes makes a claim each year
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100% of homes
need insurance before getting a mortgage
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The top 3 home insurance companies in Alaska

Best for military-focused coverage

4.7

Rating: 4.7 stars out of 5

Avg. premium for $250K dwelling

Not available

Avg. premium for $250K dwelling

Not available

Customer satisfaction

881/1,000

Best for digital tools

4.2

Rating: 4.2 stars out of 5

Avg. premium for $250K dwelling

$106/mo

Avg. premium for $250K dwelling

$1,270/yr

Customer satisfaction

809/1,000

Best for local agents

4.2

Rating: 4.2 stars out of 5

Avg. premium for $250K dwelling

$75/mo

Avg. premium for $250K dwelling

$901/yr

Customer satisfaction

829/1,000

Additional Alaska home insurance companies to consider

Umialik Insurance Company

Umialik Insurance Company

Who this may be best for

Homeowners who wish to work with an understanding local company

Umialik Insurance Company is an Anchorage-based insurer that is part of the Western National Insurance group, which writes policies in 20 states. As it is a smaller company, it isn't rated for customer service by J.D. Power, but it does have an A+ (Superior) rating from AM Best, suggesting that it would not have any issues paying out on claims in the event of a disaster. It has been in business since 1981, writing commercial and personal policies that are specifically geared toward the needs of Alaskans.

How Bankrate chose the best home insurance companies in Alaska

Bankrate analyzed multiple factors, from average price to the availability of discounts, to determine the best Alaska homeowners insurance companies. Using data from Quadrant Information Services and our team’s own deep understanding of the insurance industry in Alaska, we then calculated a Bankrate Score for each insurer on a five-point scale. A higher score indicates a company that performed well across our multiple research areas at a reasonable rate for Alaska homeowners.

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Finding cheap home insurance in Alaska

Not all insurers write policies in the Last Frontier, but enough of them do to provide Alaska homeowners with a choice when they are looking for coverage. Alaska is a large state, with a long coastline and the potential for violent weather patterns inland. All this makes it more important for Alaska home insurance to be robust and comprehensive so you are covered no matter what happens to your home. To find the best cheap home insurance companies in Alaska for your needs, it can pay to ask for quotes from several companies to see which one offers you the lowest rate. Back to top Caret Up

Cheapest home insurance companies in Alaska

Although the average rate for $250K in dwelling coverage is $1,019 in Alaska, your own rate is likely to differ from this, and may even be less. Your rate is based on a number of factors that are unique to you and your situation, such as your credit rating and age, as well as your home's age and location. Two of our three top picks for the best homeowners insurance in Alaska offer average rates that are below the state average. It could be worth your while to get quotes from all three, to see who offers you the best rate.

Carrier Monthly premium for $250k coverage Annual premium for $250k coverage Savings vs state avg. for $250k coverage
Umialik
$65
$778
- $241
$75
$901
- $118
$106
$1,270
+ $251
*based on $250K dwelling coverage

*based on $250K dwelling coverage

How to get cheap Alaska home insurance

Although home insurance, unlike car insurance, is not required by law in Alaska, it's still important to have a policy to protect your investment in your home. If you have a mortgage, your lender may require you to carry homeowners insurance, but having insurance can help protect you financially in the event of a catastrophe even if you own your home outright.

Of course, you don't want to pay more than is necessary for your coverage. Here are a few ways to save:

  1. Shop around and compare rates: It’s recommended to obtain quotes from multiple insurance companies when looking for a new policy. Most companies offer online quotes, making it easy for prospective customers to see which carrier will offer them the best rates for the coverage they need. When requesting quotes, make sure to specify the same coverage types and limits on each estimate to ensure accurate comparisons.
  2. Improve your credit: One of the factors insurers consider when setting prices is your credit history. Actuarial data from the Insurance Information Institute indicates consumers with poorer credit histories have a higher frequency of filing home insurance claims. Having a better credit record often leads to better rates.
  3. Maintain your roof: An old or damaged roof could be the cause of a claim against your policy and may even disqualify you for coverage. Your insurance company is likely to ask you how old your roof is when you request a quote. A newer roof may net you a lower premium rate.

Best home insurance discounts in Alaska

Discounts can also help you save money on Alaska homeowners insurance, and most insurers offer at least a few. Here are some common discounts available from Alaska insurance carriers for which you may qualify:

Bundling is one of the most common and most impactful discounts. It allows customers to save on premiums for both their home and auto policies by buying them through the same insurance company.
Some insurers offer a discount if you stay with the company for a certain number of years. Some may even offer a discount just for switching to the company.
If you set up EFT payments that automatically deduct your monthly premium payment from your bank account, you could earn savings.
If you go a period of time without filing a claim, you may earn a discount. This could be three to five years, depending on the insurer.
If you install smoke alarms, a sprinkler system or burglar alarm in your home, your insurer may reward you with a reduced premium.

How to save on home insurance policy renewals in Alaska

Once you have found the best Alaska homeowners insurance for your needs, you will want to keep that policy affordable when it's time to renew. Although the average home insurance cost in Alaska is on the low side, you don't want to pay any more than you absolutely have to. Here are a few strategies for keeping your rate down when you renew:

  • Bundle home with auto: If you're happy with your homeowners coverage, consider purchasing your car insurance from the same company, which may make you eligible for a bundling discount. 
  • Raise your deductible: If you can afford it, increasing your deductible is likely to reduce your premium rate. However, be careful you don't increase it more than you could comfortably pay in the event of a claim.
  • Do a policy audit: Either on your own or with your agent, go over your policy each year to ensure that the coverage you initially purchased still makes sense. Perhaps the company has new discounts or other options that you might take advantage of.
  • Improve your credit score: If you can bump up your credit score, you may see some savings in your premium rate, as a strong credit history often leads to discounted rates.
  • Repair your roof: An old or damaged roof is likely to cost you more in premium payments, since insurers will assume you are more likely to file a claim on damage. Putting on a new roof may lower your rate.
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Understanding home insurance costs in Alaska

Alaska's harsh winter weather is responsible for many of the claims made against home insurance policies. Water damage is also a common culprit, as cold weather can lead to frozen pipes, ice dams and snow damage on roofs that causes leaks. Considering the size of the state, however, the hazards that threaten a homeowner in coastal Kodiak, for example, might be very different from the sort of damage that a homeowner in Wainwright, on the north coast, might see. Working with a knowledgeable agent can help you to understand what your policy needs to provide adequate protection for your region. Back to top Caret Up

How much is home insurance in Alaska?

The average annual cost for $250,000 of dwelling coverage in Alaska is $1,019, well below the national average of $1,759 per year. The rate may be lower because the type of natural disasters that Alaska is prone to — largely earthquakes and flooding — are not covered by a basic HO-3 homeowner policy. Both of those perils would only be covered if you have an endorsement or supplemental policy covering you. On the other hand, Alaska faces severe winters, which may cause damage to homes and properties, so it’s worth considering what coverage types can help build a robust policy for Alaska homeowners.

Alaska homeowners insurance rates by city

  • Angoon: $850 per year — 17 percent below state average
  • Gustavus: $867 per year — 15 percent below state average
  • Tenakee Springs: $892 per year — 12 percent below state average
  • Elfin Cove: $934 per year — 8 percent below state average
  • Jber: $935 per year — 8 percent below state average
  • Nenana: $1,168 per year — 15 percent above state average
  • Tanacross: $1,140 per year — 12 percent above state average
  • Levelock: $1,140 per year — 12 percent above state average
  • Clam Gulch: $1,118 per year — 10 percent above state average
  • Bethel: $1,115 per year — 9 percent above state average

*Rates are for $250,000 in dwelling coverage.

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Insuring your Alaska home

Alaska homeowners insurance companies are well-versed in handling the kind of disasters that are common in our most northern state. Working with a knowledgeable agent can help you determine what options you should be taking advantage of to ensure you're adequately covered. In addition to understanding the weather patterns that may lead to a claim, it can be important to understand what challenges you may have in accessing materials for rebuilding, as well as any ordinance and law issues you may face when it is time to repair or rebuild your home. Back to top Caret Up

What does home insurance cover in Alaska?

Standard HO-3 homeowners insurance policies, the most common type of home insurance, cover you for a series of "perils," which are events that can damage your home. In Alaska, common perils include the following:

  • Fire or lightning: Your policy protects you from housefires, wildfires, fires caused by lightning and smoke damage.
  • Windstorm and hail damage: Hail storms or violent wind storms are generally covered by your policy.
  • Water damage: Some types of water damage are covered, but flooding is not covered in HO-3 policies; you will need additional flood insurance to be protected in that event.
  • Sump pump or drain backup: This type of water damage will generally be covered if you have optional sump pump coverage on your policy.
  • Weight of snow, ice or sleet: Severe winter storms can cause damage to your roof or to your home's structural elements, which are generally covered.
  • Theft and vandalism: Damage to your home and property or theft of your belongings is covered by standard home insurance.
  • Freezing of a heating, plumbing, fire sprinkler or air conditioning system or household appliance: This may be the result of a winter storm or cold freeze.

Additional home insurance coverage types in Alaska

Most insurers offer optional coverage types, called endorsements, that give extended financial protection to your policy. These add to the cost of your policy, but provide more robust coverage and are often worth considering.

  • Flood insurance: Alaska is known for frequent flooding, especially areas along the coast. This flooding may cause extensive damage to homes and property. Standard HO-3 home insurance policies do not include flood coverage. Your insurer may be able to add supplemental flood insurance to your policy, either from a private insurer or the National Flood Insurance Program, managed by FEMA.
  • Water backup: Damage caused by your drain or sump pump breaking or overflowing is not covered by basic insurance. Most insurers offer an endorsement that will cover this damage that Alaska homeowners may want to consider. This is essential coverage if you have a basement.
  • Scheduled personal property: Your basic policy covers your belongings up to a certain limit. If you have items with a high value, such as jewelry, artwork or electronics, you may need additional coverage to be sure you're fully protected against their loss. Ask your agent if this type of coverage would be right for you.

Related content:

Common Alaska home insurance problems

Residents of Alaska have far different concerns, in many cases, than homeowners in other parts of the country. With distinctive weather patterns and isolated communities throughout the state that may have difficulties accessing building materials, Alaska residents need to be on top of their game when shopping for insurance. Here are a few of the challenges that they may face:

  • Limited insurer availability: Not all major insurers write policies in the Last Frontier. Others may balk at writing policies in regions that see more than the average number of claims, such as vulnerable coastal regions. This may make it harder for homeowners to find robust coverage.
  • Supply chain issues: Isolated as it is from the continental U.S., Alaska homeowners may pay a premium to have lumber and building supplies shipped to them if needed for a rebuild. Insurers may compensate for increased shipping costs by raising premium rates.
  • Renewal refusals: Even homeowners who have solid coverage may find their carrier increasingly skittish about renewing their policy if they live in an area that has a relatively high rate of claims.
  • Increasing rates: The rapid increase of insurance costs is a national problem, brought about by causes that include climate change and increased claims. Insurers limit their vulnerability by raising rates to compensate for this.

!

How climate change is impacting Alaska homeowners

Climate risk impacts all areas of the U.S., but few regions have seen as much impact as Alaska. These impacts may cause an increase in homeowners insurance rates in the coming decades. An update from the Environmental Protection Agency of the U.S. government noted the following:

  • Over the past 60 years, Alaska's average temperature has increased by three degrees Fahrenheit. This is twice as much as the increase compared to the rest of the U.S.
  • Winter temperatures have increased at twice that rate, an average of six degrees Fahrenheit.
  • These increases have a great impact on the state and its residents. This includes an earlier breakup of ice on Alaskan bodies of water, which can cause flooding in nearby communities.
  • It is projected that there will be an additional increase of two to four degrees by the middle of this century.
  • It is also projected that rainfall will increase, but at the same time, the state will become drier due to greater evaporation. This, plus the higher temperatures, may lead to an increase in wildfires.
  • Erosion of existing coastal areas will increase as permafrost thaws, leading to disasters for those living in seaside communities.

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Written by
Mary Van Keuren
Contributor, Insurance

Mary Van Keuren has written for insurance domains such as Bankrate, Coverage.com, and The Simple Dollar for the past five years, specializing in home and auto insurance. She has also written extensively for consumer websites including Reviews.com and Slumber Yard. Prior to that, she worked as a writer in academia for several decades.

Edited by Editor, Insurance
Reviewed by Expert Reviewer, CFA, CPA