Alaska Homeowners Insurance Calculator: Free Cost Estimator (2023)
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Home Insurance Calculator
These are annual estimates. Get a personalized quote to determine your costs.
MoneyGeek researched the cheapest homeowners insurance companies in Alaska for those looking to save money on homeowners insurance. We found Country Financial to be the most affordable option.
We also analyzed the best homeowners insurance companies in Alaska to help you find the insurer offering a balance between affordability and cost.
TABLE OF CONTENTS
How to Estimate the Cost of Your Homeowners Insurance Policy in Alaska
Where you live in Alaska significantly impacts the cost of your homeowners insurance policy. Homeowners close to areas prone to natural disasters like tornadoes or hurricanes pay a higher rate for a policy because insurers consider these properties as risky to insure. Insurance providers also charge higher rates for providing a policy in areas with a high rate of theft or risk of fires.
Your policy's dwelling coverage limit reflects the cost of rebuilding your home. It covers your home's physical structure and pays for repairs or replacement in case of damage due to a covered peril. You must know how much it would cost to rebuild your home if you want to choose a policy with sufficient dwelling coverage. MoneyGeek found that the average dwelling coverage limit in Alaska is $250,000.
Your policy deductible reflects how much you would have to pay out of pocket when filing a claim. The insurance company will cover the rest of the claim amount. Opting for a policy with a higher deductible will enable you to lower your monthly premiums. However, doing so will increase your out-of-pocket costs if you file a claim.
If someone gets injured on your property and files a claim, liability insurance will protect you against the associated costs. It pays for medical bills, legal expenses, death benefits and more. You won't have to pay more than a few dollars monthly to buy liability insurance worth hundreds of thousands of dollars. MoneyGeek recommends purchasing enough liability coverage to protect your assets.
Buying sufficient personal property coverage is essential if you want to protect yourself in case of theft or damage to your personal belongings. It covers various personal items, including clothing, jewelry, furniture and more. Use MoneyGeek’s personal property calculator if you want an estimate of the value of your personal items. Understanding the value of your items can help you choose the appropriate coverage amount.
Since homeowners with a bad credit history are more likely to file a claim or miss a monthly payment, insurance companies consider it risky to insure such homeowners and charge higher rates based on your credit score. Making an effort to improve your credit score can help you get a better rate on your homeowners insurance.
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Average Cost of Home Insurance in Alaska
MoneyGeek’s research shows Alaska is the 12th-cheapest state for a $250K policy compared with other U.S. states. The average cost of homeowners insurance in Alaska for a $250K policy is $1,279 per year, which is approximately 47% less than the national average of $2,417.
You can refer to the table below if you want more or less dwelling coverage. It lists the average cost per coverage level in the state.
Average Annual Premium in Alaska for Homeowners Insurance
If you want to buy sufficient dwelling coverage, you need to know how much it would cost to rebuild your home. In general, you want to ensure you purchase enough dwelling coverage to cover the cost of rebuilding your home.
Many factors affect your home’s rebuilding cost, including its age, structure, design, the material used and more.
You can estimate your home’s rebuilding cost through an insurance company or do it independently by hiring a professional home appraiser. Additionally, you might want to consider extended replacement coverage and inflation guard coverage to ensure you are adequately protected.
Frequently Asked Questions About Home Insurance in Alaska
The following frequently asked questions about homeowners insurance policies in Alaska will give you a clear idea of coverage options, cost and other essential details.
To determine the average cost of homeowners insurance in Alaska, MoneyGeek sourced pricing data from Quadrant Information Services.
MoneyGeek chose a standard home profile to provide the most reliable and relevant data for developing a thorough analysis of homeowners insurance. This standard home profile consists of the following attributes:
- Construction year: 2000
- Construction type: Frame
- Composition roof
- Three-mile radius from the fire department
- Assumed value of other structures on the property: 10% of the dwelling coverage
- Personal property coverage: 40% of the dwelling coverage
- Liability limit: $100,000
- Deductible: $1,000
About Mark Fitzpatrick
- Insurance Information Institute. "What is Covered by Standard Homeowners Insurance?." Accessed August 26, 2022.