Finding the Best Renters Insurance in Alaska
If you’re renting in Alaska, you may be considering renters insurance. Many tenants in Alaska wonder if getting renters insurance is worth the price. Your landlord’s insurance probably covers the big stuff – like your home’s plumbing system, appliances, and physical structures. However, they won’t cover the things that are most important to you – your personal belongings. Without renters insurance, you may also be liable for damages to the building or for or someone else’s injuries in your home. If your home becomes uninhabitable due to a covered loss, renters insurance typically provides loss of use coverage. This compensates you for any additional living expenses that you might incur from living outside your home. Renters insurance is optional, but for many Alaskans, the sense of security is worth the investment. The biggest challenge is finding renters insurance that works for you and your budget. Prices can vary based on your coverage requirements, your location, and more. The best thing to do is compare prices from as many companies as possible. Are you looking for cheap renters insurance in Alaska, the best-rated insurance providers, or insurance with more coverage options? Either way, we’re here to help you find the best renters insurance in Alaska.
| Renters Insurance Costs in Alaska | Price |
|---|---|
| Avg. Price of Renters Insurance in Alaska Annually | $213.82 |
| Avg. Price of Renters Insurance in Alaska Per Month | $17.82 |
A Summary of Renters Insurance in Alaska
Alaska is ranked 33rd nationally for the most expensive state for renters insurance. While Alaskans are paying a little best less than the average American, renters insurance in Alaska is by no means cheap. 37% of Alaskan renters spend 30% or more of their income on rent and utilities. The average cost for renters insurance in Alaska is $X.XX per month or $X.XX per year. Fairbanks has the highest renters insurance rates at $X.XX per month or $X.XX per year, while Sitka is the cheapest city for renters insurance in Alaska, with $X.XX per month or $X.XX per year. Most cities in Alaska have comparable rates, but prices can vary considerably based on factors such as location, as well as between insurance providers. It’s important to look at different providers and what factors influence the pricing for renters insurance. That way, you can rest assured knowing you’ll get the best possible deal.
| City in Alaska | Costs Per Month for Renters Insurance | Average Costs Per Year for Renters Insurance |
|---|---|---|
| Anchorage, AK | $14.09 | $169.12 |
| Juneau, AK | $14.76 | $177.12 |
| Fairbanks, AK | $16.64 | $199.68 |
| Badger, AK | $16.16 | $193.92 |
| Knik-Fairview, AK | $14.61 | $175.36 |
| College, AK | $15.51 | $186.08 |
| Wasilla, AK | $16.49 | $197.92 |
| Tanaina, AK | $14.61 | $175.36 |
| Lakes, AK | $14.84 | $178.08 |
| Sitka, AK | $12.71 | $152.48 |
Is Renters Insurance Required in Alaska
As we previously mentioned, tenants in Alaska are not required by law to purchase renters insurance. Unlike auto insurance, buying renters insurance is optional and up to the discretion of the tenant. However, landlords may require tenants to have it as part of the lease agreement. This is fairly standard in lease agreements, as landlords want to be sure both they and the tenant are covered in the event of a loss or damages. If it is not in your rental contract, consider purchasing renters insurance anyway – the coverage it provides can be extremely beneficial. The landlord’s insurance will not protect your personal belongings or provide you with liability coverage. Alaska’s property crime rate is currently higher than the national average. Renters insurance covers your personal belongings in the event that they are stolen or damaged. Prepare yourself by doing an inventory of your valuables – the worth of your personal belongings will determine the cost of your coverage, and your provider will ask for an inventory report when you make a claim. For most Alaskans, a small monthly payment is preferable to be held financially responsible for damages, losses, or injuries.
How Much is Renters Insurance in Alaska
The chart below provides the average renter's insurance rates in cities across Alaska. However, the price will vary based on a number of factors, so your actual quote could be quite different. Location is one of the biggest considerations. Cities like Fairbanks and Wasilla tend to be on the more expensive side, while Sitka is one of the cheaper places to get renters insurance in Alaska. Finding low-cost renters insurance is easier in some areas than others, but some factors that affect renters insurance are decided by you, such as your desired coverage amount and deductible. Other factors have to do with your personal history, such as your credit rating and whether you've made claims before. Still, others have to do with your rented home or apartment and what's inside. These things can include the number of tenants, whether you own pets, the value of your belongings, and whether you have fire sprinklers installed. Have this information on hand to get the most accurate quote.
| Rate of Renters Insurance in Alaska by County | Costs Per Month | Costs Per Year |
|---|---|---|
| Fairbanks North Star Borough | $16.64 | $199.68 |
| Juneau City and Borough | $14.76 | $177.12 |
| Matanuska-Susitna Borough | $16.49 | $197.92 |
| Sitka City and Borough | $12.71 | $152.48 |
What Does Renters Insurance Cover in Alaska
At a minimum, renters insurance typically provides you with basic liability and covers your personal belongings and additional living expenses in the event of a covered loss. There are two main types of coverage when it comes to your belongings: actual cost value and replacement cost. Actual cost value repairs or replaces your items for their value minus depreciation. That means that if you paid $2000 for your computer 5 years ago, you wouldn’t get $2000 today – you’ll get the value of what your 5-year-old computer is worth now. On the other hand, replacement cost coverage will replace your lost or damaged items without factoring in depreciation. Personal liability coverage protects you when you’re found responsible for property damage or when a claim is brought against you for causing bodily harm. Additional living expenses are insured under loss of use coverage. If your home becomes uninhabitable due to a covered event, you’ll be covered for additional costs, like hotel bills or meals, that you incur from having to live outside your home. If you have high-value items that go beyond your policy’s limits, you can purchase additional insurance that will cover the full cost. Other add-ons might be worth the money – with Alaska’s high earthquakes occurrence, you might consider adding on earthquake insurance.
Best Renters Insurance Companies in Alaska Based on Consumer Ratings
Now you have a basic idea of why you should get renter's insurance, what it covers, and what it might cost – but what are the best renters insurance companies in Alaska? More than 37% of Alaskans rent instead of own their homes or apartment, so there are many renters insurance providers to choose from in Alaska. To find some of the best renters insurance companies, you can look at trusted rating systems like those from JD Power and NAIC. JD Power rated State Farm a 4 out of 5; State Farm is renowned for its customer service, comprehensive coverage options, and competitive pricing. State Farm also received an NAIC complaint ratio of only 0.2. USAA received the highest JD Power rating in the state with a 5, while Liberty Mutual earned the lowest score at 2. Liberty Mutual also earned one of the highest NAIC complaint ratios at 0.45. The renter's insurance provider with the lowest NAIC complaint ratio in Alaska is Farmers Insurance of Washington at 0.12. Decide what matters most to you in an insurance company and compare metrics like these. It's a good way to choose what company will be the best renters insurance provider for you.
| Renters Insurance Company In Alaska | JD Power Rating | NAIC Rating |
|---|---|---|
| Allstate Ratings for Renters Insurance in Alaska | 3/5 | 0.34 |
| Liberty Mutual Ratings for Renters Insurance in Alaska | 2/5 | 0.45 |
| State Farm Ratings for Renters Insurance in Alaska | 4/5 | 0.2 |
| USAA Ratings for Renters Insurance in Alaska | 5/5 | 0.15 |
| Farmers Insurance of Washington Ratings for Renters Insurance in Alaska | 3/5 | 0.12 |
| COUNTRY Ratings for Renters Insurance in Alaska | 3/5 | 0.13 |
| Horace Mann Ratings for Renters Insurance in Alaska | N/A | 0.28 |
| Umialik Ratings for Renters Insurance in Alaska | N/A | 0 |
Compare Renters Insurance in Alaska for the Best Rates
What's our advice for getting the best renters insurance in Alaska? Shop around and compare prices. Decide what's most important to you – do you care more about extended coverage options, the cheapest pricing, or something else? Different insurance providers specialize in different things. You can find affordable renters insurance almost anywhere in Alaska if you research some of the discounts that are available. Many companies offer multi-policy discounts for bundling your renter's insurance with your auto insurance. Loyalty discounts for long-term customers are also common, as are discounts for making your home more secure with the addition of burglar or fire alarms. Farmers is known for providing eco-friendly discounts for homes built using green materials. There are many more insurance premium discounts available; always ask an agent what discounts may apply to you when you're getting quotes for renters insurance. Another way to save is to increase your deductible. This will save you some money on your insurance plan each month but be careful; in the event of a loss, you are responsible for paying up to the cost of the deductible before your insurance activates. With these tips in mind, find the best renters insurance in Alaska for your needs.