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Alaska Home Insurance

Living in Alaska means special requirements for home insurance because of the unique challenges of the land and weather. Still, you don’t have to pay a fortunate for Alaska Home Insurance – you just need to do a little homework in advance. That’s where we come in – we’ll Shop For Alaska Homeowners Insuranceteach you the things you need to know, then once you’ve entered your zip code in the box below, we’ll match you with the best companies offering home insurance coverage in your area. So spend a few moments reading more, and soon you can relax, knowing you’re covered with the right Alaska home insurance policy.

Alaska Home Insurance Basics

Home insurance in Alaska consists of a package of different types of coverage including:

  • Dwelling Coverage – to repair or replace damage to your home.
  • Other Structures Coverage – covers other permanent buildings on your property, such as detached garages, workshops, provided they are not used for business or occupied.
  • Personal Property Coverage – protecting furnishings and personal effects, usually only from named perils. Boats and kayaks may be covered within certain guidelines.
  • Additional Living Expenses – if you are unable to live at home because of damage, this provides a fixed amount to cover at least a portion of your living expenses.
  • Medical Payments – pays medical expenses for others injured on your property.
  • Personal Liability – covers the cost of property damaged by you or your family members.

Earthquake and Flood Coverage

Normally earthquakes and floods are not covered under standard Alaska home insurance policies, but protection from those situations is still available.

Earthquake or earth movement coverage is frequently available as an addition to your original home insurance policy. The insurance company may place specific requirements, such as a secured hot water heater, before issuing the coverage. Usually there’s a separate, higher deductible for this coverage as well. Check the policy before you buy to ensure it also covers aftershocks.

Flood insurance is available through the National Flood Insurance Program. For more information, visit Floodsmart.gov.

Deciding How Much Alaska Home Insurance to Buy

Most insurance companies have formulas to determine a recommended amount of dwelling coverage. It is based on the current cost to rebuild your home in the event of destruction. The cost will not be the same as an appraised value, however, because it does not include the cost of the land.

Normally homeowners buy enough coverage at least at 80% of the home’s value. If there’s a mortgage on the property, the lender usually requires a policy which covers the outstanding balance.

To determine whether the recommended coverage level is enough, consider the following three points:

  1. What is the purchase price for comparable homes in your neighborhood (less the land value)?
  2. Have building codes changed, requiring more expensive replacement coverage?
  3. Does your home have any extra features (expensive kitchen cabinets, custom wood floors, etc). that add to the value and would cost more to than usual to replace?

Personal Property Coverage

Usually insurance companies allow 50% of the dwelling coverage limit for personal property coverage. This normally covers replacing things like furniture, clothing, large and small appliances, and the myriad of other items you own. Items like computers, cameras, and musical instruments may have value limits, so if you have expensive personal effects, make sure that the policy coverage limits are sufficient to replace them; if not, consider purchasing a extra coverage, known as a personal property rider.

Factors Affecting Alaska Home Insurance

Insurance companies use a variety of factors to determine home owner insurance rates in Alaska. While some factors are beyond your control, there are other things you can do to lower the premiums:

  • Construction type – frame houses have higher rates than brick because they are more likely to suffer damage during fires.
  • Age of Home – New construction will have lower rates than older homes, because fewer things are likely to break since everything in brand new.
  • Fire Protection – Each fire department actually has a quality rating, and the higher the rating of your local department, the lower your rates. Also, there’s nothing better than having a fire hydrant in your front yard.
  • Safety Discounts – Installing smoke detectors, dead bolt locks, and fire extinguishers will lower your rates.
  • Fire resistant materials – If your home was built with fire resistant materials or you’ve remodeled and added fire resistant materials to your home, make sure to tell your insurance company so they’ll reflect it in lower rates.
  • Non-smoker Discount – Statistically non-smokers have fewer claims than smokers (especially fires), so let them know if you don’t smoke.
  • Maintain Good Credit – The state of Alaska permits insurance companies to use credit information as a factor in determining rates, so good credit means lower premiums.

More ideas on how to lower the cost of home insurance are available at Home Insurance Shopping Tips.

More Information on Alaska Home Insurance

For more information contact the Alaska Division of Insurance, 9th Floor State Office Building, 333 Willoughby Avenue, PO Box 110805, Juneau, AK 99811-0805, or call 907-465-2515.

Time to Shop for Alaska Home Insurance

Now that you know the types of insurance available and how rates are determined, it is time to begin comparison shopping home insurance rates. Fortunately it’s easy to get free quotes – just enter your zip code in the box below and you’ll instantly be matched with the top insurance companies offering coverage in your area. Click on the three or four which sound best, request a free quote, and compare the results. Before you know it, you’ll have the coverage you want at a price that makes you happy. Don’t wait another second – enter your zip code now.

 

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