Alaska Home Insurance

Shelter on The Last Frontier is more crucial than anywhere else in the country, which explains why Alaska residents take homeowners insurance seriously. Going without it can mean facing financial hardship in case of damage to one’s home due to snow or ice. Whether you’re looking to get a new policy or are just eager to keep up on your current one, The Simple Dollar has compiled all the necessary resources for you and your fellow Alaskans to stay on top of your home insurance policy.

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Stats in Your State

Comparing home sales, premiums, and disaster statistics gives a clear picture of the market at large, as well as how your home stands within it. The graphs and charts below outline some basic facts so you can see how your home insurance compares with others in Alaska.

Homeowner Insurance Premiums

Owing to the harsh winters and high cost of materials and labor, Alaska home insurance costs have consistently been above the national average between 2000 and 2008.

Renter Insurance Premiums

While homeowners premiums have been higher than the national average, renters insurance premiums have been slightly lower than the U.S. average between 2000 and 2008.

Existing Home Sales

Alaska’s housing market was affected by the housing market crash just like the rest of the country, though the decline in the Alaska market was not as severe as in other parts of the U.S. Home sales across the decade peaked in 2006 at roughly 30,000 before declining to roughly 22,000 in 2010.

Flood Insurance in Region

Alaska’s mountainous terrain and wide expanses make it easy for home builders to choose good plots on which to build, and most residents avoid the threat of flooding. Only six flood claims were filed by Alaskan residents between October 2011 and September 2012, for roughly $127,000 in damages.

Homes Built

The vast majority of Alaska’s homes were built following 1960, with over three quarters having been built between 1970 and present. Considering Alaska only entered the Union in 1959, this lack of homes built prior to 1960 makes a lot of sense.

Rules in Your State

Understanding one’s rights as a homeowner is essential to getting the most out of your home insurance policy. While Alaska does not have a specific bill of rights for homeowners, their insurance regulations cover the necessary standards for insurers and how they must treat consumers when it comes to homeowners claims.

Unfair Claims Settlement Acts or Practices

Standards for Settlement of Home Insurance Claims The Alaska State Legislature outlines specific trade practices and standards for fair settlements of claims, along with prohibited practices that insurers may not use.

Representatives & Resources in Your State

Numerous public resources can be found through the following links to assist consumers with complaints and claims, disaster relief, contacts for local regulating bodies, and guides on how to choose and maintain a good home insurance policy.

Alaska Division of Insurance
9th Floor State Office Bldg.
333 Willoughby Avenue 99801
Juneau, Alaska 99811-0805
(907) 465-2515
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Consumer Complaint Resource
If you need to file a complaint against your insurer, the Division of Insurance can assist with consumer advocacy and checking up on your insurance company. If you’re unsure if your insurer has acted fairly, or if you feel like your rights have been compromised, click the above link to learn more.
Alaska Consumer Guide to Home insurance
The Division of Insurance has published an easy to use brochure on home insurance. Consumers will find a general overview of how the industry works and how they can make the most of their policy.
Alaska Home Insurance Premiums Comparison Guide
To compare your home insurance premiums with others across the state, and to get an idea of whether you’re paying too much for your homeowners policy, this guide by the Division of Insurance will help you get a handle on your expenses.
Consumer Guide to Choosing an Insurer
This general guide covers the basics of choosing an insurance company, with an overview of the industry. For more specific information on home insurance, read through the following links.
Types of Home Insurance in Alaska
This overview of basic types of home insurance in Alaska covers the general aspects all consumers should know when it comes to insuring their property.

National Association of Insurance Commissioners
The NAIC is a good resource to lookup insurance companies and find more information on the industry in general. While it’s a good general resource, specific information about insurance regulations can be found at the state level in the links in previous sections.

Disaster Relief and Claims
FEMA Region 10 Contact Information
Alaska’s harsh winters and storms make it a regular beneficiary of Federal Emergency Management Administration (FEMA). Whether it’s oil spill relief, storms, heavy snows or winter ice, or flooding, Alaska residents have a number of natural and manmade disasters threatening them every year. The above link provides contact information for the regional FEMA offices.