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Best homeowners insurance companies in Alaska for 2024

Mary Van Keuren has written for insurance domains such as Bankrate, Coverage.com, and The Simple Dollar for the past five years, specializing in home and auto insurance. She has also written extensively for consumer websites including Reviews.com and Slumber Yard. Prior to that, she worked as a writer in academia for several decades.

Lisa McArdle is an insurance editor who joined the Bankrate team in 2023. She has more than 15 years of experience writing, editing and managing content in a variety of industries, including insurance, auto news and pop culture.

Thomas is a well-rounded financial professional, with over 20 years of experience in investments, corporate finance, and accounting. His investment experience includes oversight of a $4 billion portfolio for an insurance group. Varied finance and accounting work includes the preparation of financial statements and budgets, the development of multiyear financial forecasts, credit analyses, and the evaluation of capital budgeting proposals.

In a consulting capacity, he has assisted individuals and businesses of all sizes with accounting, financial planning and investing matters; lent his financial expertise to a few well-known websites; and tutored students via a few virtual forums.

Lisa McArdle is an insurance editor who joined the Bankrate team in 2023. She has more than 15 years of experience writing, editing and managing content in a variety of industries, including insurance, auto news and pop culture.

Thomas is a well-rounded financial professional, with over 20 years of experience in investments, corporate finance, and accounting. His investment experience includes oversight of a $4 billion portfolio for an insurance group. Varied finance and accounting work includes the preparation of financial statements and budgets, the development of multiyear financial forecasts, credit analyses, and the evaluation of capital budgeting proposals.

In a consulting capacity, he has assisted individuals and businesses of all sizes with accounting, financial planning and investing matters; lent his financial expertise to a few well-known websites; and tutored students via a few virtual forums.

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Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.

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At Bankrate, we strive to help you make smarter financial decisions. To help readers understand how insurance affects their finances, we have licensed insurance professionals on staff who have spent a combined 47 years in the auto, home and life insurance industries. While we adhere to strict  editorial integrity, this post may contain references to products from our partners. Here’s an explanation of  how we make money. Our content is backed by Coverage.com  LLC, a licensed entity (NPN: 19966249). For more information, please see our  Insurance Disclosure.

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Bankrate's insurance editorial team, which includes licensed insurance agents, took a close look at what it takes to find the best homeowners insurance in Alaska. We looked for companies with low average rates, above-average customer satisfaction scores and excellent financial strength. We also evaluated each company's breadth of coverage options and discounts.

It can be challenging to find good Alaska home insurance, since not all U.S. property and casualty insurers cover the state, but we found several that stood out in our intensive review. Our guide gives you the information you need to be able to make the best choice for your own insurance needs. Our research revealed that:

Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.

This content is powered by HomeInsurance.com, a licensed insurance producer (NPN: 8781838) and a corporate affiliate of Bankrate.com. HomeInsurance.com LLC services are only available in states where it is licensed and insurance coverage through HomeInsurance.com may not be available in all states. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.

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Compare the best homeowners insurance companies in Alaska

Alaska residents pay an average annual cost of $1,189 for their homeowners insurance for $300,000 of dwelling coverage. That works out to $99 a month. This is 45 percent less the national average, which is $2,151 annually, or $179 a month. Your personal rates are likely to differ, as they are based on information specific to you and your property.

Based on data supplied by Quadrant Information Services, we determined the average premium charged by Alaska homeowners insurance companies. We also looked at each company's ranking in the J.D. Power U.S. Home Insurance Study, which measures customer satisfaction, and their AM Best rating for financial stability. Based on these and other factors, we determined that USAA, Allstate and State Farm are all solid choices for Alaska homeowners.

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Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.

Bankrate's trusted insurance industry expertise

The home insurance market can be complicated, but Bankrate's insurance editorial team used our unique perspective to bring readers information they need to make educated decisions when shopping for home insurance.

46

years of industry expertise

122

carriers reviewed

34.5K

ZIP codes examined

1.2M

quotes analyzed

The top 3 home insurance companies in Alaska

Best for military-focused coverage

4.7

4.7

Avg. premium for $300K dwelling

$83/mo

Avg. premium for $300K dwelling

$993/yr

Customer satisfaction

881/1,000

Why USAA made our list: USAA tends to show up near the top of any list focused on customer service. It only writes policies for military personnel, veterans and qualifying family members. It also has the highest possible rating with AM Best, indicating that it has historically had the financial resources to pay out even after an extensive disaster. Its rates are the lowest of our chosen companies and there is a good range of optional coverage, allowing you to personalize your policy. You need to purchase your policy either over the phone or via email. This is easy to do on the website, which also features a robust online community for military personnel.

Who USAA may be good for: USAA only sells policies to current and former military members and their immediate families. If you are stationed at Elmendorf or one of the eight other military bases in the state, it's worth getting a quote from the company for their military-focused policies.

CheckmarkPros

Close XCons

If you wish to customize your policy by adding endorsements, USAA offers a few options to allow you to build the coverage you wish, including the following:

Best for digital tools

4.2

4.2

Avg. premium for $300K dwelling

$128/mo

Avg. premium for $300K dwelling

$1,532/yr

Customer satisfaction

809/1,000

Why Allstate made our list:  Allstate has an excellent website, with extras such as a common and costly claims near you feature that lets you know what sort of claims are most likely to be filed from your ZIP code. Its coverage choices are solid at a reasonable rate for Alaska homeowners. There are a handful of discounts to help you save money, including a welcome discount, home buyer discount and a general discount of up to 25 percent if you bundle homeowners insurance with auto.

Who Allstate may be good for: Allstate’s online and mobile app presence make it simple for those who are comfortable with handling their insurance business digitally. You can pay your bill, file or track a claim and learn more about how home insurance works very simply using Allstate's digital tools. Still, the company has local agents in many of Alaska's cities, from Fairbanks to Wasilla, making it a good option for policyholders who prefer to handle their insurance in-person.

CheckmarkPros

Close XCons

Allstate offers only a few optional coverages for homeowners to allow for policy customization. You can choose from among the following:

Best for local agents

4.2

4.2

Avg. premium for $300K dwelling

$84/mo

Avg. premium for $300K dwelling

$1,008/yr

Customer satisfaction

829/1,000

Why State Farm made our list: State Farm is the largest writer of homeowner insurance policies in the U.S., according to the Insurance Information Institute, and the company has a solid presence in Alaska. There are multiple agencies in some of the state's larger cities, such as Anchorage, but even smaller urban areas like Sitka and North Pole have local State Farm agents available to help you find the best coverage for your needs. The company's average Alaska premium rate is slightly above the state average, but you get the following features: a state-of-the-art website with an informational blog and helpful digital tools, excellent financial stability and an above-average ranking with J.D. Power for customer satisfaction.

Who State Farm may be good for: If you like the experience of having a local agent available to answer your questions and guide you through the policy purchase or claims process, State Farm may be a good choice. Even with its large local presence, the company has good digital tools and it's easy to manage your policy online.

CheckmarkPros

Close XCons

State Farm is a large company with the capability of offering a few endorsements to policyholders. Here are a few that are available for Alaska homeowners:

Additional Alaska home insurance companies to consider

Umialik Insurance Company

Who this may be best for

Homeowners who wish to work with an understanding local company

Umialik Insurance Company is an Anchorage-based insurer that is part of the Western National Insurance group, which writes policies in 20 states. As it is a smaller company, it isn't rated for customer service by J.D. Power, but it does have an A+ (Superior) rating from AM Best, suggesting that it would not have any issues paying out on claims in the event of a disaster. It has been in business since 1981, writing commercial and personal policies that are specifically geared toward the needs of Alaskans.

How Bankrate chose the best home insurance companies in Alaska

Bankrate analyzed multiple factors, from average price to the availability of discounts, to determine the best Alaska homeowners insurance companies. Using data from Quadrant Information Services and our team’s own deep understanding of the insurance industry in Alaska, we then calculated a Bankrate Score for each insurer on a five-point scale. A higher score indicates a company that performed well across our multiple research areas at a reasonable rate for Alaska homeowners.

Cheapest home insurance companies in Alaska

Although the average rate for $300,000 in dwelling coverage is $1,189 in Alaska, your own rate is likely to differ from this, and may even be less. Your rate is based on a number of factors that are unique to you and your situation, such as your credit rating and age, as well as your home's age and location. Two of our three top picks for the best homeowners insurance in Alaska offer average rates that are below the state average. It could be worth your while to get quotes from all three, to see who offers you the best rate.

*based on $300K dwelling coverage

How to get cheap Alaska home insurance

Although home insurance, unlike car insurance, is not required by law in Alaska, it's still important to have a policy to protect your investment in your home. If you have a mortgage, your lender may require you to carry homeowners insurance, but having insurance can help protect you financially in the event of a catastrophe even if you own your home outright.

Of course, you don't want to pay more than is necessary for your coverage. Here are a few ways to save:

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Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.

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Best home insurance discounts in Alaska

Discounts can also help you save money on Alaska homeowners insurance, and most insurers offer at least a few. Here are some common discounts available from Alaska insurance carriers for which you may qualify:

How to save on home insurance policy renewals in Alaska

Once you have found the best Alaska homeowners insurance for your needs, you will want to keep that policy affordable when it's time to renew. Although the average home insurance cost in Alaska is on the low side, you don't want to pay any more than you absolutely have to. Here are a few strategies for keeping your rate down when you renew:

How much is home insurance in Alaska?

The average annual cost for $300,000 of dwelling coverage in Alaska is $1,189, well below the national average of $2,151 per year. The rate may be lower because the type of natural disasters that Alaska is prone to — largely earthquakes and flooding — are not covered by a basic HO-3 homeowner policy. Both of those perils would only be covered if you have an endorsement or supplemental policy covering you. On the other hand, Alaska faces severe winters, which may cause damage to homes and properties, so it’s worth considering what coverage types can help build a robust policy for Alaska homeowners.

Alaska homeowners insurance rates by city

*Rates are for $300,000 in dwelling coverage.

What does home insurance cover in Alaska?

Standard HO-3 homeowners insurance policies, the most common type of home insurance, cover you for a series of "perils," which are events that can damage your home. In Alaska, common perils include the following:

Additional home insurance coverage types in Alaska

Most insurers offer optional coverage types, called endorsements, that give extended financial protection to your policy. These add to the cost of your policy, but provide more robust coverage and are often worth considering.

Related content:

What is earthquake insurance? Previously Read

How to prepare your home for a natural disaster Previously Read

Does homeowners insurance cover snow damage? Previously Read

Common Alaska home insurance problems

Residents of Alaska have far different concerns, in many cases, than homeowners in other parts of the country. With distinctive weather patterns and isolated communities throughout the state that may have difficulties accessing building materials, Alaska residents need to be on top of their game when shopping for insurance. Here are a few of the challenges that they may face:

!

Climate risk impacts all areas of the U.S., but few regions have seen as much impact as Alaska. These impacts may cause an increase in homeowners insurance rates in the coming decades. An update from the Environmental Protection Agency of the U.S. government noted the following:

Frequently asked questions

What is the cheapest homeowners insurance company in Alaska?

This question can have more than one answer, depending on the homeowner and several other variables. Insurance rates are highly  personalized, so the cheapest company for one Alaskan may not be the most affordable for another. Instead, it's often recommended that people consider a range of carriers known for offering cheap homeowners' insurance — particularly ones that offer the coverage they need — and request free quotes from several. Afterward, these quotes can be compared to see which company will provide the best rates for the coverage needed.

This question can have more than one answer, depending on the homeowner and several other variables. Insurance rates are highly  personalized, so the cheapest company for one Alaskan may not be the most affordable for another. Instead, it's often recommended that people consider a range of carriers known for offering cheap homeowners' insurance — particularly ones that offer the coverage they need — and request free quotes from several. Afterward, these quotes can be compared to see which company will provide the best rates for the coverage needed.

Who has the best homeowners insurance for Alaska residents?

There are a handful of companies writing solid insurance policies for Alaskans, including USAA, Allstate and State Farm. One good way to find the best home insurance policy for your needs is to review the nation’s best homeowners insurance companies and select several to request quotes from. Keep in mind that not all insurers sell policies in Alaska, but you should be able to find several who offer competitive pricing and superior service.

There are a handful of companies writing solid insurance policies for Alaskans, including USAA, Allstate and State Farm. One good way to find the best home insurance policy for your needs is to review the nation’s best homeowners insurance companies and select several to request quotes from. Keep in mind that not all insurers sell policies in Alaska, but you should be able to find several who offer competitive pricing and superior service.

Is homeowners insurance required by law in Alaska?

Unlike car insurance, homeowners insurance is not mandated by law in Alaska. If you have a mortgage, you may be required by your lender to have a policy in place. Even if you do not have a mortgage, it is a good idea to purchase homeowners insurance. If your home were involved in a peril such as fire, flooding or damage from a winter storm, you could be faced with repairs costing many thousands of dollars. Without insurance, you would have to pay them out-of-pocket.

Unlike car insurance, homeowners insurance is not mandated by law in Alaska. If you have a mortgage, you may be required by your lender to have a policy in place. Even if you do not have a mortgage, it is a good idea to purchase homeowners insurance. If your home were involved in a peril such as fire, flooding or damage from a winter storm, you could be faced with repairs costing many thousands of dollars. Without insurance, you would have to pay them out-of-pocket.

Methodology

Bankrate utilizes Quadrant Information Services to analyze April 2024 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on married male and female homeowners with a clean claim history, good credit and the following coverage limits:

The homeowners also have a $1,000 deductible, a $500 hail deductible and a 2 percent hurricane deductible (or the next closest deductible amounts that are available) where separate deductibles apply. 

These are sample rates and should be used for comparative purposes only. Your quotes will differ.

Bankrate Scores

Mary Van Keuren has written for insurance domains such as Bankrate, Coverage.com, and The Simple Dollar for the past five years, specializing in home and auto insurance. She has also written extensively for consumer websites including Reviews.com and Slumber Yard. Prior to that, she worked as a writer in academia for several decades.

Lisa McArdle is an insurance editor who joined the Bankrate team in 2023. She has more than 15 years of experience writing, editing and managing content in a variety of industries, including insurance, auto news and pop culture.

Thomas is a well-rounded financial professional, with over 20 years of experience in investments, corporate finance, and accounting. His investment experience includes oversight of a $4 billion portfolio for an insurance group. Varied finance and accounting work includes the preparation of financial statements and budgets, the development of multiyear financial forecasts, credit analyses, and the evaluation of capital budgeting proposals.

In a consulting capacity, he has assisted individuals and businesses of all sizes with accounting, financial planning and investing matters; lent his financial expertise to a few well-known websites; and tutored students via a few virtual forums.

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