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CheapRenters InsuranceAlaskaThe Best and Cheapest Renters Insurance Companies in Alaska for 2023: Rankings, Reviews and Rates
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MoneyGeek ranked the top renters insurance carriers across Alaska to help you find the best coverage at the lowest price. This scoring system assesses the customer service, affordability and financial strength of providers across Alaska so you can find the right company for your requirements.
CheapRenters InsuranceAlaskaThe Cheapest Renters Insurance in Alaska
Cheap Renters Insurance Companies in Alaska
Cost is a crucial factor while selecting a renters insurance plan. In Alaska, the two most affordable companies are Allstate and State Farm. Allstate’s average annual rate is $66, while State Farm’s typical yearly premium in this state is around $115.
Each renters insurance carrier’s average annual and monthly costs are based on quotes in diverse ZIP codes across Alaska. The prices are for a plan with personal property coverage of $20,000, liability coverage of $100,000 and a deductible of $500.
Personal Property Coverage:
$20,000
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Best Renters Insurance Companies in Alaska
MoneyGeek analyzed the top insurance providers and found that the best renters insurance company in Alaska is Allstate with a total MoneyGeek score of 97 out of 100. It is followed by State Farm, which has a score of 89 out of 100.
Each company was rated based on a unique scoring system that evaluates affordability, AM Best financial stability ratings and J.D. Power customer service scores.
These companies have the best balance of service quality and cost. It is important to choose a company that offers policies at a fair price and can support you with efficient service in times of need.
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Allstate
Score:97
Allstate is the best renters insurance company in Alaska, with a MoneyGeek score of 97 out of 100. It has high ratings across all categories, including a perfect score in affordability. The company also offers additional coverage, such as flood insurance.
More About Allstate
Allstate renters insurance policies are available in all states, including the District of Columbia. It offers four additional coverage options, three less than the industry average. The endorsements offered are fairly common amongst other providers.
Allstate offers five discount opportunities. This is the same number of discounts as the national average. All of the offered discounts are fairly common, except for their retiree discount offered, which other lenders rarely offer.
Managing insurance accounts, setting up payment plans and filing claims can be done online or through Allstate’s mobile app. Allstate also has an online quotation tool that can be accessed anytime.
Read MoneyGeek's Allstate renters Insurance Review2
State Farm
Score:89
State Farm is in second place, with a MoneyGeek score of 89 out of 100. It has high customer service and affordability ratings. The company also has a perfect financial stability score. Policyholders can get additional coverage, such as additional business property insurance.
More About State Farm
Renters in all states, including the District of Columbia, can purchase a State Farm renters insurance policy. Policyholders can choose from the five additional coverage options that State Farm offers for further protection, fewer than the national industry average of seven. There are also only two discount opportunities for State Farm policyholders, which is less than the average of five discounts in the industry.
To make the user experience better, interested individuals can get a quote online and policyholders can manage their payments and file claims online. The company’s mobile app makes it easier to manage insurance accounts as well.
Read MoneyGeek's State Farm renters Insurance Review3
USAA
Score:76
With a MoneyGeek score of 76 out of 100, USAA ranks as the third-best renters insurance provider in Alaska. USAA obtained perfect ratings in customer service and financial stability but got a lower overall score due to a low affordability rating. USAA policies are only available to military members and eligible family members.
More About USAA
USAA renters insurance is available in all states and the District of Columbia. A standard renters insurance policy from USAA includes flood coverage. USAA offers seven different additional endorsements for further protection like replacement costs, earthquakes, electronics and overseas insurance.
Qualified policyholders can save money with the help of the company’s four different discount offers. These include bundling, claims-free and home security monitoring discounts.
USAA has an online quote tool to help interested individuals get an estimate. However, an online account is necessary. The company has a robust mobile app, allowing policyholders to manage their insurance, banking and investment accounts.
Read MoneyGeek's USAA renters Insurance ReviewMONEYGEEK EXPERT TIP
Paying a bit more to get the best renters insurance can ensure efficient service in a time of need and may even help you save money in the long run.
Largest Renters Insurance Companies in Alaska
For some renters, buying renters insurance from a company with a large market share can be beneficial. Larger companies tend to be more financially stable, which is necessary to ensure that eligible claims will be addressed. These companies also tend to have more money to invest in better customer service.
Company | Market Share | |
|---|---|---|
1. | State Farm | 32.1% |
2. | Allstate | 18.6% |
3. | USAA | 17.6% |
4. | Liberty Mutual | 10.3% |
5. | Country Financial | 8.6% |
Average Cost of Renters Insurance in Alaska
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renters insurance is equal to the average.
In Alaska, the average cost of renters insurance is $91 per year. This is $69 cheaper than the national annual average of $159.
On average, Alaska renter's insurance costs around $8 per month. That is $6 cheaper than the national average. For this analysis, MoneyGeek used rates for policies with $20,000 personal property limits, $100,000 liability limits and a $500 deductible.
The value of your personal property will determine how much insurance you will need and your insurance cost. The calculator below can help estimate the right insurance coverage for you.
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Comparing renters insurance quotes can help you save a significant amount of money. For instance, our sample renter in Alaska can save $50 by choosing the most affordable carrier, Allstate, over State Farm.
What Factors Impact Renters Insurance Cost in Alaska
Many factors can affect your monthly renter's insurance price in Alaska. The following factors are some of the most important in determining your rate.
Coverage Amount
Your premium will increase if you opt for more renters insurance coverage. A home inventory can help you find out the cost of replacing your property if there is damage due to an accident.
Location
Homes in neighborhoods with a higher risk of severe weather or crime will have higher renters insurance rates.
Actual Cash Value (ACV) vs. Replacement Cost Value (RCV)
You can opt for either ACV or RCV coverage. ACV policies consider that your property loses value over time, so they’ll pay you less to replace your damaged or lost goods. RCV policies cover the cost of a new item of similar quality and type. With an ACV plan, you can save premium costs, but you’ll get less reimbursement if you make a claim. RCV packages are costlier than ACV, but they provide enough money to replace your property.
Deductible
You need to pay a deductible to the insurer when they accept your claim. Higher deductibles will reduce your monthly premium, as you need to pay more out of pocket. Lower deductibles mean higher premiums, as the insurance carrier needs to pay more to replace your property.
Credit Score
In Alaska, providers consider your credit score to determine your probability of making a claim. According to carrier calculations, those with bad credit scores are more likely to file claims. Therefore, they are charged more for renters insurance. Conversely, if your credit score is excellent, you can even get a discount on your premium.
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Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.
Renters Insurance in Alaska: What You Need to Know
Renters insurance is a relatively cheap method to protect your property from unforeseen disasters like bad weather conditions, fire, theft and more.
In Alaska, renters make up about 33% of the population, and the average monthly rent price is $1,201. For a standard renters insurance package with $20,000 in personal property coverage, $100,000 in liability coverage and a $500 deductible, the average monthly premium is $8, or less than 1% of the monthly price of rent.
What Renters Insurance Typically Covers in Alaska
It’s smart to understand what is covered and not covered by a renters insurance policy in Alaska before you purchase one. Most packages offer the four basic coverages of personal property, liability insurance, additional living expenses and medical payments. You can also opt for additional features like identity theft insurance and earthquake coverage.
In Alaska, personal property insurance will cover damages due to natural disasters, such as wildfires.
What Renters Insurance Typically Does Not Cover in Alaska
The following issues are typically not covered by renters insurance in Alaska:
- EventDescription
Earthquake Damage
If you want coverage for earthquake damage, you’ll need to purchase additional insurance.
Flooding
Typically, renters insurance plans exclude flooding due to natural disasters. If you want flood protection, you should get flood insurance via the National Flood Insurance Program (NFIP).
Roommate’s Property
Renters insurance typically does not cover a roommate’s property, and they need to buy their own policy.
Structural Damage
Renters insurance does not cover damage to the home’s frame and structure, which are the landlord’s responsibility.
Expensive Items
Renters insurance does not cover costly items like gaming computers and jewelry, and you need to purchase add-on coverage to safeguard your valuables.
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Understanding renters insurance can be challenging. You can get help from the Alaska Division of Insurance for further and more comprehensive information. The regulatory agency works for the protection of consumers. Alaska renters can find information about renters insurance, coverage options, home inventories, and claims filings.
You can connect with the Alaska Division of Insurance through the following channels:
- Anchorage Office Address: Division of Insurance, Robert B. Atwood Building, 550 W. Seventh Ave., Suite 1560, Anchorage, AK 99501-3567
- Juneau Mailing Address: Division of Insurance, P.O. Box 110805, Juneau, AK 99811-0805
- Juneau Street Address: Division of Insurance, 333 Willoughby Ave., 9th Floor, Juneau, AK 99801-1770
- Fax Numbers: Anchorage – (907) 269-7910; Juneau – (907) 465-3422
- Anchorage Office Consumer Services Contact Number: (907) 269-7900
- Juneau Office Contact Number: (907) 465-2515
- Contact Number (in-state, outside Anchorage): 1-800-INSURAK
- Email Address: insurance@alaska.gov
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FAQs About Renters Insurance in Alaska
MoneyGeek answers some frequently asked questions to help you better understand renters insurance in Alaska.
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Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.
Renters Insurance in Alaska Analysis: Methodology
MoneyGeek analyzed renters insurance premiums from three of the top insurance companies in Alaska that were provided in partnership with Quadrant. Our analysis includes quotes from ZIP codes across Alaska. Quotes were gathered for policies with personal property coverage of $20,000, $50,000 and $100,000, liability coverage of $100,000 and a deductible of $500.
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sources
- Department of Commerce, Community, and Economic Development. "Division of Insurance." Accessed March 30, 2022.
- USAA. "Renters Insurance." Accessed May 3, 2022.