Alaska Home Insurance

If you own a home in Alaska, you may want to consider getting a homeowners insurance policy to protect your property and belongings from unexpected events. Here are some details of Alaska home insurance requirements, laws, policies as well as average costs and best companies.

**Requirements**: Alaska does not require homeowners insurance by law, but if you have a mortgage on your home, your lender may require you to have a policy as a condition of your loan. Even if you own your home outright, homeowners insurance can help you cover the costs of repairing or replacing your home and its contents in case of fire, theft, vandalism, or other perils.

**Laws**: Homeowners insurance in Alaska is regulated by the **Alaska Division of Insurance**, which oversees the licensing and compliance of insurance companies and agents operating in the state. The division also provides consumer services, such as answering questions, handling complaints, and investigating fraud. If you have any issues or concerns with your homeowners insurance policy or claim, you can contact the division for assistance.

**Policies**: A typical homeowners insurance policy in Alaska consists of several types of coverages, such as:

- **Dwelling coverage**, which pays for the repair or rebuilding of your home if it is damaged by a covered peril, such as fire, windstorm, or hail.

- **Other structures coverage**, which pays for the repair or replacement of structures on your property that are not attached to your home, such as fences, sheds, or detached garages.

- **Personal property coverage**, which pays for the repair or replacement of your personal belongings, such as furniture, clothing, or electronics, if they are damaged or stolen by a covered peril.

- **Loss of use coverage**, which pays for your additional living expenses, such as hotel bills or restaurant meals, if you have to temporarily move out of your home while it is being repaired or rebuilt due to a covered loss.

- **Liability coverage**, which pays for your legal expenses and damages if you are sued for causing bodily injury or property damage to someone else.

- **Medical payments coverage**, which pays for the medical bills of someone who is injured on your property or by your pet, regardless of who is at fault.

Depending on your needs and preferences, you may also want to add optional coverages to your policy, such as:

- **Earthquake coverage**, which pays for the damage to your home and personal property caused by an earthquake. This coverage is not included in standard homeowners policies and must be purchased separately.

- **Flood coverage**, which pays for the damage to your home and personal property caused by flooding. This coverage is also not included in standard homeowners policies and must be purchased through the National Flood Insurance Program (NFIP) or a private insurer.

- **Replacement cost coverage**, which pays for the full cost of repairing or replacing your home and personal property without deducting for depreciation. This coverage may cost more than actual cash value coverage, which only pays for the current market value of your home and personal property.

**Average costs**: The average annual premium for homeowners insurance in Alaska was $984 in 2018, according to the Insurance Information Institute. This was lower than the national average of $1,249 and ranked Alaska as the 15th cheapest state for homeowners insurance. However, your actual premium may vary depending on factors such as your location, home value, deductible amount, coverage limits, and claim history.

**Best companies**: There are many homeowners insurance companies that offer policies in Alaska, but some may have better ratings and reviews than others. You can compare different companies based on their financial strength, customer service, claims satisfaction, and policy features. Some of the best-rated homeowners insurance companies in Alaska according to J.D. Power are USAA (which only serves military members and their families), State Farm, Allstate, Farmers, and Progressive.