Best and Cheapest Renters Insurance in Alaska (Sept 2024)

Allstate is the best and cheapest for $20K in personal property coverage, with an average annual premium of $60 and a MoneyGeek score of 83 out of 100.

Although Allstate has the highest MoneyGeek score, the best for you will depend on your needs. USAA is best for veterans, while State Farm is best for those who value service.

Allstate stands out as the best renters insurance provider in Alaska, with a MoneyGeek score of 83 out of 100 and an annual premium of $60 for $20K in personal property coverage. The top provider typically balances both cost and customer service. The following providers are the two best renters insurance providers in Alaska for the same policy.

• Allstate: MoneyGeek score of 83 out of 100 ($60 per year)
• COUNTRY Financial: MoneyGeek score of 76 out of 100 ($65 per year)

Allstate has perfectly balanced customer satisfaction and affordability. However, the best provider for you will still depend on your needs.

Allstate offers the cheapest renters insurance in Alaska, with an annual premium of $60 for $20K in personal property coverage with a $1,000 deductible. The top two cheapest providers in Alaska for this level of coverage are:

• Allstate: $60 per year
  
• COUNTRY Financial: $65 per year
  

Personal property coverage helps safeguard belongings like furniture, electronics and clothing against covered risks. Less expensive renters insurance plans often include lower limits on personal property coverage. While this can keep your monthly costs down, opting for higher coverage limits gives you more financial protection for your possessions.

For policies with $20,000 in personal property coverage and a $2,000 deductible, the top two cheapest providers in Alaska are:

• Allstate: $60 per year
• COUNTRY Financial: $61 per year

A deductible is the money you pay before your insurance company helps cover a claim. Choosing a higher deductible typically lowers your insurance premium because you're assuming more financial responsibility. Review the table below to see how changing your deductible can impact rates.

State Farm is the best renters insurance company for service quality in Alaska for $20K in personal property coverage, with an annual premium of $104. If you're seeking excellent customer service, the following providers are the top two best in Alaska:

• State Farm: MoneyGeek score of 80 out of 100 ($104 per year)
• Umialik Insurance: MoneyGeek score of 79 out of 100 ($83 per year)

Great customer service can make a substantial difference to renters, especially during stressful times like making a claim. For instance, if you suddenly experience property loss or damage, a swift and empathetic response from your insurer can provide much-needed peace of mind.

Allstate is the best insurance company for renters who need extra personal property coverage in Alaska, with an annual premium cost of $175. For $100K in personal property coverage, the following providers are the top two best providers in Alaska:

• Allstate: MoneyGeek score of 83 out of 100 ($175 per year)
• State Farm: MoneyGeek score of 81 out of 100 ($219 per year)

Renters with more personal belongings often require higher personal property coverage, which is designed to protect items like furniture, electronics and clothing from theft, damage or loss. Even if it costs more each month, it's important to get the coverage amount you need to protect your assets — this ensures that if an unfortunate event occurs, you'll have the necessary financial protection and support to recover your losses.

USAA is the premier renters insurance company for homeowners with military backgrounds. Allstate is the second-best company for veterans and military families.

• USAA: MoneyGeek score of 100 out of 100 ($240 per year)
• Allstate: MoneyGeek score of 83 out of 100 ($60 per year)

USAA provides various products specifically designed to meet the needs of military members, including discounts and coverages that align with the military lifestyle.

Allstate is the best renters insurance company for those with poor credit in Alaska, with an annual premium of $60. The following providers are the top two providers in Alaska:

• Allstate: MoneyGeek score of 83 out of 100 ($60 per year)
• Umialik Insurance: MoneyGeek score of 81 out of 100 ($83 per year)

Renters in Alaska with bad credit typically face higher insurance rates because they are perceived as a higher risk by insurance providers. This could be due to a history of late payments or defaults. Renters with poor credit can work towards lower premiums by focusing on improving their credit and searching for discounts.

The average cost of renters insurance in Alaska is $78 annually, which breaks down to $6 monthly. This is significantly lower than the average cost of renters insurance nationally, which is $146 annually ($12 monthly). Alaska's average is $68 cheaper per year compared to the national average. These rates are based on a renters insurance policy with $20K personal property limits, $100K liability limits, and a $1,000 deductible.

Be aware that the cost of renters insurance in Alaska can vary significantly based on the amount of personal property coverage you choose. Use the tool below to get an estimate tailored to your needs.

The average cost of renters insurance varies not only by state but also by city. For instance, the average cost of renters insurance in Anchorage is $84 per year, compared to the state average of $78 in Alaska.

These figures represent policies with $20K in personal property coverage, $100K in liability protection, and a $1,000 deductible. Review the average cost in your city using the table below.

Multiple factors impact the cost of renters insurance in Alaska, including location, coverage amount, and deductible. Understanding these factors is essential for making informed decisions and potentially lowering your premiums.

• Location: Areas with higher crime rates or natural disaster risks may have higher premiums.
• Coverage amount: Higher coverage limits generally lead to higher costs.
• Deductible: A higher deductible usually means a lower premium.
• Credit score: Better credit scores can result in lower premiums.
• Claims history: A history of claims can increase your insurance costs.

Determining your personal property coverage as a renter starts with a thorough personal inventory of your belongings, along with their estimated value and proof of ownership. Here's how to create one:

1. Start With Big-Ticket Items: List all high-value items first, such as electronics, jewelry and furniture, noting their make, model and serial numbers when available.
2. Document With Photos or Videos: Take clear photographs or video recordings of your belongings, capturing any identifying marks or conditions.
3. Include Receipts and Appraisals: Attach purchase receipts, warranty cards and appraisal documents for items of significant value.
4. Store Information Securely: Keep your inventory list and supporting documents in a safe, accessible location, such as a cloud storage service.
5. Update Regularly: Review and update your personal inventory annually or whenever you acquire or dispose of items.

Renters insurance primarily protects your personal belongings from damage, but it also extends to other areas such as liability and additional living expenses. Here's what a typical policy may cover:

• Personal Property Coverage: Safeguards your possessions against covered perils like theft to help you replace them.
• Personal Liability Coverage: Protects you from legal responsibility for injuries or damage to others, such as if a guest is injured in your rental unit.
• Loss of Use Coverage: For additional living expenses if your rental is uninhabitable due to a fire, for example, loss of use coverage can cover temporary housing costs.

Renters insurance typically applies to specific events, like theft, vandalism or specific natural disasters. Here's what most policies cover:

• Fire or lightning
• Windstorm or hail
• Explosions
• Riots
• Damage caused by aircraft
• Damage caused by vehicles
• Smoke damage
• Vandalism
• Theft
• Volcanic eruption
• Falling objects
• Weight of ice, snow or sleet
• Water-related damage from home utilities
• Electrical surge damage

Although renters insurance provides a safety net for your personal property and liability, it does not universally cover all losses. For instance, damage from floods or earthquakes typically falls outside standard policies. Here's what else is usually not included:

• Natural Disasters: Standard policies often exclude events like floods and earthquakes.
• High-Value Items: Expensive jewelry or electronics may exceed policy limits.
• Business Equipment: Items used for business purposes may require additional coverage.
• Roommate Property: Your policy does not cover your roommate's belongings.
• Pest Damage: Infestations and damage from pests are generally not covered.
• Car Theft: Personal vehicles are covered under auto insurance, not renters insurance.

Understanding these exclusions can help you seek additional coverage if necessary, ensuring you're protected against a wider range of potential risks.

Choosing the best renters insurance provider ultimately depends on your unique needs. To help you make an informed decision, we've answered some of the most frequently asked questions about renters insurance.