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Affordability
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User Satisfaction
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Financial Stability
Renters insurance is a wise investment, as it can protect your personal property from a wide variety of perils. MoneyGeek’s research shows the cheapest renters insurance policy in Alaska can save you more than $100 per year compared to the most expensive option in the state.
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.
Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.
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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:
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City | Cheapest Company | Average Annual Premium |
---|---|---|
Anchorage, AK | Allstate | $66 |
Anchorage, AK | State Farm | $115 |
Anchorage, AK | USAA | $177 |
Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.
Many customers value excellent customer service as much as affordable pricing. Renters insurance policyholders typically want their claims settled fairly and promptly.
To pick the best renters insurance firms in Alaska, MoneyGeek rated providers on three factors: financial stability ratings from AM Best, customer service scores from J.D. Power and unique affordability data. The research shows that Allstate is the best renters insurance carrier in Alaska, with a score of 95 out of 100, and State Farm is second, with a score of 85.
Besides standard renters insurance coverage, Allstate also offers guest medical, identity restoration and scheduled personal property coverages. This provider's rebates include their “55 and retired” discount, claim-free discounts, easy pay plan, multi-policy discount and safe home discount. Standout features of Allstate's coverage are its inclusion of water and sewer damage and the absence of overall restrictions on reimbursement amounts.
Apart from standard coverage, State Farm offers optional add-ons such as personal articles, pet medical insurance, additional liability coverage, identity restoration, earthquake damage, additional business property and incidental business liability. State Farm provides discounts for bundled policies and home alert protection devices. State Farm also makes it easy to initiate claims online or via its mobile app.
USAA's renters insurance coverage includes guest medical protection, personal property protection, reimbursed living expenses and renters liability coverage. You can add endorsements or riders to your policy, such as earthquake coverage, identity theft protection, sewage and drain backup and valuable items coverage. USAA offers property-specific discounts for smoke detectors, home monitoring systems, deadbolt locks on outside doors and alarm systems.
The five largest insurance providers in Alaska based on market share are State Farm (32.11%), Allstate (18.64%), USAA (17.62%), Liberty Mutual Group (10.25%) and Country Financial (8.60%). These five firms provide about 87% of renters insurance plans in Alaska. It’s advisable to select a large carrier as it is more likely to be financially stable and can settle your claim quickly.
renters insurance is equal to the average.
The average annual price of renters insurance in Alaska is $91, about $69 less than the national average. The typical Alaska renter pays about $8 per month, $5 less than the monthly national average. These costs are for plans with personal property coverage of $20,000, liability coverage of $100,000 and a deductible of $500.
By comparing renters insurance packages, you can save a significant amount of money on your policy. For instance, our sample renter in Alaska saved about $50 a year by opting for the most affordable carrier, Allstate, instead of going for the more expensive State Farm policy.
Many factors can affect your monthly renters insurance price in Alaska. The following factors are some of the most important in determining your rate.
Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.
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.
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.
The following issues are typically not covered by renters insurance in Alaska:
Ask your insurer for detailed information on what your renters insurance policy typically covers. Obtain clarifications from the insurance rep before buying a plan, so you know you’re buying the coverage you need.
Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.
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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