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Alaska homeowners insurance: what you need to know

Alaskans pay an average of $1,103 for home insurance or $92 per month. This is significantly less than the national average. The best way to find cheap home insurance in Alaska is to shop around and compare rates from as many companies as possible.

Unlike car insurance, homeowners insurance isn't controlled by state legislation. Even so, major gaps exist in home insurance rates on a state-by-state basis. Policy prices in states including Alaska may vary based on the total number and value of homeowners claims filed in that particular state, and depend on the value of the belongings and structures covered by the policy.

To get an idea of average home insurance rates in Alaska, check out the below breakdown.

 

Table of contents:
  1. Rates by company
  2. Rates by coverage amount
  3. Rates by deductible amount
  4. Rates by city
  5. Bundling savings
  6. Frequently asked questions
  7. Natural disaster coverage

 

The cheapest home insurance companies in Alaska

Prices for home insurance in Alaska can vary based on the insurer you select. Safeco offers the best deal on homeowners insurance in Alaska at $727 annually. This compares favorably to Alaska's average cost of $1,103, offering a $376 price break on average statewide homeowners insurance costs.

Start shopping for affordable homeowners coverage by checking out the cheapest Alaska companies, listed below.

 

AFFORDABLE HOME INSURERS IN ALASKA
Insurance CompanyAverage Yearly Rate in Alaska
Safeco$727
Country$801
Umialik$1,038
State Farm$1,280
Allstate$1,349

 

Alaska home insurance prices by coverage levels

The level of homeowners coverage determines the insurance premiums you pay. In Alaska, maintaining $100K dwelling coverage costs an average of $569 per year, while carrying dwelling coverage up to $400K costs $1,446/year.

 

POPULAR COVERAGE LIMITS IN ALASKA
Coverage LevelAverage Annual Cost
$100,000 Dwelling$569
$200,000 Dwelling$828
$250,000 Dwelling$989
$400,000 Dwelling$1,446

 

Homeowners insurance deductibles in Alaska

Alaska homeowners have a lot of decisions to make when shopping for a home insurance policy, including how much their deductible should be. The deductible is the total amount that the insured contributes toward a covered loss. Where you choose to set your homeowners deductible is directly related to the overall cost of your coverage.

A good rule of thumb is: the lower your deductible, the higher your premium will be. Therefore, consider a higher deductible if you aim to pay lower insurance rates. Remember that your homeowners deductible should not be so high that you would struggle to pay it in the event of a loss.

Below you'll find some commonplace deductible options offered on most home policies as well as with corresponding average insurance rates.

 

HOME INSURANCE PREMIUMS BY DEDUCTIBLE IN ALASKA
Deductible TierAverage Annual Homeowners Insurance Rate
$500$1,085
$1,000$989
$1,500$945
$2,000$903
$5,000$819

 

Alaska homeowners insurance costs by city

Homeowners insurance rates in Alaska differ by city. Home insurance prices can vary based on city-specific variables like the number of claims filed nearby, meaning your specific ZIP code impact how much you pay.

The best home insurance rates in Alaska are in Sitka. An average home insurance policy in Sitka costs just $885 every 12 months — $218 less than the average homeowners policy in other Alaska cities. Reference the below table to see the cheapest cities in Alaska for home insurance.

 

CHEAPEST CITIES FOR HOMEOWNERS INSURANCE IN ALASKA
CityAverage 12-Month Home Insurance Rate
Sitka$885
Anchorage$954
Juneau$955
Ketchikan$957
Kodiak$1,010

 

Seeking info on home insurance in a bigger city? Check out our data-driven analyses of:

 

Home and auto insurance bundling in Alaska

If you're looking for savings, consider carrying your home and auto policies with the same insurance company. A home and auto insurance combo can generate substantial savings on auto insurance: $94 per year, on average, for residents of The Last Frontier.

 

HOME AND AUTO BUNDLING DISCOUNTS IN ALASKA
Avg. Annual Rate (No Bundle)

Avg. Annual Rate (w/ Bundle)

Annual Savings ($)

Annual Savings (%)

$1,151$1,057$949%

 


 

Alaska homeowners insurance FAQs

 

Does GEICO offer homeowners insurance in Alaska?

GEICO currently sells homeowners insurance policies in Alaska.

Is homeowners insurance required in Alaska?

Although not required by state law, mortgage lenders may require you to carry home insurance.

 


 

Natural disaster coverage in Alaska

 

Does homeowners insurance cover earthquakes in Alaska?

Alaska faces an average of 1,503 earthquakes each year. Residents should look into obtaining an earthquake insurance policy.* Earthquake coverage is obtained as a scheduled endorsement to your current policy, covering damages that result from earthquakes.

In addition to the initial earthquake, aftershocks are another serious concern. Aftershocks can be very dangerous and can continue causing damage long after the initial event. Luckily, having this coverage means you pay just one deductible for damage from the initial earthquake in addition to any aftershocks within a period of 72 hours.

Those living in earthquake zones can expect their homeowners insurance rates to be more expensive. This is especially true in areas at the highest risk of seismic activity. While most standard insurance carriers don’t offer earthquake insurance, options exist in states in which seismic activity is a threat. Companies in Alaska may offer endorsements covering earthquake damage. Keep in mind earthquake deductibles are usually higher than deductibles for most standard perils. In Alaska, expect to pay an additional $116 per year for an earthquake insurance endorsement.

Have a look at the best options for earthquake coverage in Alaska listed below. These figures should be treated as estimates — consult one of the companies for rates specific to your property.

*Source: United States Geological Survey

 

EARTHQUAKE DEDUCTIBLE RATES IN ALASKA
CompanyAverage Annual Rate w/ Earthquake Endorsement
Liberty Mutual$598
Country$848
Allstate$947
USAA$1,011
Western National Mutual$1,106

 

Does homeowners insurance cover flooding in Alaska?

Flood damage is not covered by homeowners insurance policies in Alaska. To insure your home against flood damage, acquire insurance through FEMA's National Flood Insurance Program (NFIP) or via a private insurer. 

Flood insurance coverage from private companies may vary, but NFIP flood insurance covers:

  • $250,000 for your home’s structure
  • $100,000 for your personal property

If the value of your personal property and home exceeds these limits, consider purchasing a flood insurance policy from our partners at Neptune for additional protection.

Find an affordable homeowners policy in Alaska today!

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Kristine Lee
Kristine LeeManager, Content and Data

Kristine is a licensed insurance agent who joined The Zebra in 2019 as an in-house content researcher and writer.

She is an authority on all things insurance and covers the ins and outs of auto, home, life and renters insurance. Her specialty is in providing data-backed insights and information to help insurance shoppers make informed decisions.

Kristine's insurance expertise and research have been cited by publications such as CNBC, Car and Driver, Business Insider, Yahoo!, The Balance, Nationwide and Elephant.

About The Zebra

The Zebra is not an insurance company. We publish data-backed, expert-reviewed resources to help consumers make more informed insurance decisions.

  • The Zebra’s insurance content is written and reviewed for accuracy by licensed insurance agents.

  • The Zebra’s insurance content is not subject to review or alteration by insurance companies or partners.

  • The Zebra’s editorial team operates independently of the company’s partnerships and commercialization interests, publishing unbiased information for consumer benefit.

  • The auto insurance rates published on The Zebra’s pages are based on a comprehensive analysis of car insurance pricing data, evaluating more than 83 million insurance rates from across the United States.