Explore Alaska Homeowners Insurance State Guides, Laws and Regulations before You Buy Insurance
Affectionately called The Last Frontier, Alaska is absolutely massive. Tucked in the northwest corner of the United States, The Last Frontier has unmatched natural beauty and cultural ties that only Alaskans and visitors can truly revere. Home to North America’s highest mountain, the Denali National Park, continually places people in a state of awe. Riddled with several rivers and glacier-tipped mountains, the park has picturesque scenery, as well as wildlife. Another popular way visitors and Alaskans enjoy the wonders of the state is through cruising. The Inside Passage allows you to weave through the fjords witnessing glaciers, ice fields, waterfalls, and a host of other unique things that are unique to Alaska. In addition to these natural wonders the state is a cultural oasis. Native Alaskan heritage is highlighted in places such as the Totem Bight State Historic Park or the Alaska Native Heritage Center. Both provide visitors and Alaskans alike, the opportunity to immerse themselves into the roots of Alaska.
Given Alaska’s geographic location, the state isn’t subject to the normal natural disasters of other states, such as flooding or hurricanes. Instead, Alaskans often prepare for earthquakes, volcanoes and forest fires.
Average Homeowners and Renters Insurance Premium
Alaskans pay relatively low rates for homeowners and renters insurance. In fact, The Last Frontier has the fifteenth lowest homeowner insurance premium in the country. So, although the state suffers from periodic natural disasters, they generally do not result in catastrophic loss. This lack of property risk results in generally modest property insurance rates.
Source: Insurance Information Institute (2018)
Typical homeowners insurance policies provide coverage for fire, theft, liability, and a host of other normal perils. However, they explicitly exclude loss due to earthquakes, or any type of earth movement. Thus, property owners in areas subject to earthquakes, should look to augment their property insurance with a separate earthquake one as well.
Which Property Insurance Carrier Should I Choose?
The homeowners insurance market in Alaska is highly concentrated. The top insurance carrier in the region controls over 32% of the market, while the top five control over 87%. There is also very little representation from regional carriers in the market. This lack of competition makes it increasingly important to compare carriers and their respective packages when searching for the right property insurance partner. When considering packages, make sure to consider each carrier’s reputation as it relates to claims handling. Also, include a few regional carriers in the process, as they typically are better able to mold a policy to a customer’s specific risks.
Top 5 Home Insurance Carriers in Alaska
USAA Insurance Group
Source: Insurance Information Institute (2019)
Alaska is bold in size and natural beauty. Brimming with mountains, rivers and cultural roots, it provides peaceful reprieve for visitors and those that call it home. Although its geographic position makes it susceptible to natural disasters, they tend to not result in catastrophic lost. As a result, Alaskans also get to enjoy great homeowners and renters insurance rates.