The Best Cheap Homeowners Insurance in Anchorage, Alaska for 2022: Quotes and Reviews
Anchorage, Alaska residents pay an average of $1,943 per year or $162 per month for homeowners insurance, but this varies by insurer. The most affordable and widely available policy is offered by Country Financial, costing an average of $1,879 per year, which is $641 less compared to the most expensive option in the city, Allstate, at $2,520. Residents who want a balance of both quality and cost can look at MoneyGeek’s analysis on the best homeowners insurance in Anchorage.
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The Cheapest and Best Homeowners Insurance in Anchorage
The Cheapest Home Insurance Companies in Anchorage
Cost is one of the most important factors to consider when looking for cheap homeowners insurance in Anchorage. This is because there are many policies that have the same core coverages at varying prices.
On average, the most affordable policies in Anchorage with the baseline dwelling coverage of $500,000 are offered by the following companies:
- USAA: $1,471 per year (only available for military families)
- Country Financial: $1,879 per year
Dwelling coverage limits can vary based on how much it will cost to rebuild your home. If you own a more expensive home that needs around $2 million in dwelling coverage, the following insurers offer the cheapest policies on average in Anchorage:
- USAA: $4,195 per year (only available for military families)
- State Farm: $7,523 per year
To find out how much your premiums can change based on your dwelling coverage limits, check out the table below.
The Cheapest Home Insurance in Anchorage, Ranked
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Rates for all policies mentioned have $100,000 in liability coverage. However, policies with the initial baseline dwelling coverage of $500,000 have $200,000 in personal property limits, while those with a dwelling coverage limit of $2 million have $100,000 in personal property coverage.
Homeowners who live in another city within the state can also check out MoneyGeek’s guide to homeowners insurance in Alaska.
The Average Cost of Homeowners Insurance in Anchorage for 2021
Home insurance premiums in Anchorage cost an average of $1,943 per year. This is $826 more than the state average of $1,117. However, it is $160 less than the national average. Overall, the average cost of home insurance can change based on your location, which is an important thing to keep in mind when purchasing a home.
Calculate the Cost of Home Insurance in Anchorage
Home insurance premiums in Anchorage can change based on a variety of factors, ranging from your precise location and coverage limits to your credit score and other factors. Compare quotes in your state and use MoneyGeek’s home insurance calculator to find the best options for you.
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These are annual estimates. Get a personalized quote to determine your costs.
The Best Home Insurance Companies in Anchorage
While it’s important to consider cost when choosing an insurer, customer satisfaction and financial stability should be kept in mind as well. This is because the best homeowners insurance companies shouldn’t just be affordable. They should also be reliable and efficient when you file for a claim since claims are filed under stressful situations.
MoneyGeek’s study found that the best homeowners insurance in Anchorage is offered by the following companies:
- Best Overall: USAA (only available for military families)
- Runner-up: Country Financial
MoneyGeek’s unique ranking system considered each company’s affordability, user satisfaction and financial stability.
USAA offers not just affordability and great customer service, but they also have a host of unique add-ons and coverages. For instance, landlords can take advantage of their home-sharing coverage to cover the costs that are associated with renting out a room or their home. Additionally, homeowners who have security or other safety systems in place can get discounts on their premiums.
Earning a place as MoneyGeek’s top pick is USAA, scoring well across categories and perfectly in user satisfaction. However, they are only available for current and former military members and their families.Read MoneyGeek's USAA home Insurance Review
Policies from Country Financial are affordable and extremely customizable. Policyholders can start with just the base coverage or choose from their three packages and then select from a range of their add-ons to suit their needs. They also offer discounts to those with a Country Trust bank account or those who don’t have a solid fuel-burning unit.
Country Financial is MoneyGeek’s runner-up, as they also scored well across categories with a high rank in affordability. They offer a host of insurance options and additional financial services.Read MoneyGeek's Country Financial home Insurance Review
Cheapest Home Insurance Companies in Anchorage for Newly Constructed Homes
Newly-constructed homes in Anchorage are cheaper to insure since they are built with modern materials that are less likely to incur damage. Additionally, even if they get damaged, they are easier to replace.
The average cost of insuring a newly-built home stands at $1,287 per year. This is $656 less than the average cost to insure a home built in 2000.
On average, MoneyGeek found that the insurers that offer the most affordable home insurance policies for those with newly-built homes are:
- USAA: $1,053 per year (only available for military families)
- Country Financial: $1,245 per year
The Cheapest Home Insurance in Anchorage for New Homes, Ranked
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Cheapest Home Insurance Companies in Anchorage if You Have a Lot of Personal Property
Your personal property coverage is determined by the value of your personal items. The higher the value of the items you want covered, the higher the premium.
The average cost of home insurance in Anchorage with a $250,000 personal property limit is $2,141, compared to $1,943 for those who want just $100,000 in coverage.
The most affordable home insurance policies in Anchorage for those who want $250,000 in personal property coverage are offered by:
- USAA: $1,495 per year (only available for military families)
- State Farm: $1,964 per year
Cheap Companies in Anchorage for Extra Personal Property Coverage
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Cheapest Home Insurance Companies in Anchorage for High Deductibles
A policy’s deductible can greatly affect the premium. This is the out-of-pocket expense that policyholders need to pay when making a claim. The lower the deductible, the higher the monthly rates and vice versa.
A home insurance policy in Anchorage with a $2,000 deductible costs an average of $1,720 per year, which is $223 less than the average cost of a policy with a $1,000 deductible.
In Anchorage, the cheapest home insurance policies on average with $2,000 deductibles are offered by:
- USAA: $1,279 per year (only available for military families)
- Country Financial: $1,664 per year
The Cheapest Companies in Anchorage for High Deductibles, Ranked
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Cheapest Home Insurance Companies in Anchorage if You Have Poor Credit
In the state of Alaska, insurers are allowed to take your credit score into consideration when determining your premiums. Those with poor credit often have higher premiums, with the average cost of home insurance in Anchorage standing at $2,916 per year for those whose credit is suffering. This means they pay an average of $973 higher than those who have a good credit score.
On average, the cheapest options for home insurance in Anchorage for those who have poor credit standings are the following:
- Country Financial: $1,879 per year
- USAA: $2,150 per year (only available for military families)
The Cheapest Companies in Anchorage for Poor Credit, Ranked
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Getting Online Homeowners Insurance Quotes in Anchorage
In order to get home insurance quotes online, Anchorage residents need to have a lot of information ready. This includes, but is not limited to, the following:
- The replacement cost of your home: This is how much it takes to rebuild your home, which will dictate the appropriate dwelling coverage your policy needs. If you don’t have an estimate, hire a building contractor or construction professional to help you.
- The value of your personal property: This is how much your personal property costs and should include any high-value items in your estimate. Your personal property coverage limits will be determined based on this evaluation.
- Personal information: Certain details about yourself, such as your address, birthdate and Social Security number, will be requested. Details on those that live in the house and your past insurance history may be requested as well.
- Information about your house: This includes technical details on your house, such as how big it is, when it was built and its current conditions and amenities.
Homeowners Insurance in Anchorage Analysis: Methodology
Home insurance premiums from four companies in Anchorage, Alaska, were analyzed by MoneyGeek in order to provide rough estimates for homeowners. A base profile for a homeowner living in Anchorage with a 2,500 square foot house built in 2000 was used to look for policies with a baseline dwelling coverage of $500,000, a personal property limit of $200,000, a liability limit of $100,000 and a $1,000 deductible.
MoneyGeek also collected quotes for Anchorage residents based on different situations or needs. Rates for those with poor credit or newly-built houses were gathered, along with those who desire higher dwelling or personal property limits and deductibles.
Data was also gathered in partnership with Quadrant, where quotes with different coverage levels were collected to calculate affordability scores. Additionally, user satisfaction ratings were collected from J.D. Power surveys.
About the Author
- COUNTRY Financial. "Discounts." Accessed July 1, 2021.