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The 3 Best Homeowners Insurance Companies in Alaska
Alaska’s unique geographic location makes the state particularly susceptible to natural disasters and hazards like flooding, earthquakes, wildfires and landslides — not to mention extreme winters and heavy snow. That being said, homeowners insurance rates in Alaska remain relatively low.
The state’s average annual premium costs $974, according to the Insurance Information Institute, which is $218 less than the national average of $1,192. Homeowners in Alaska can protect their most valuable assets by selecting an insurance policy that is comprehensive and safeguards against the potential perils associated with living in the Last Frontier.
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Our Top Picks for Best Homeowners Insurance in Alaska
After researching various Alaska homeowners insurance policies, we’ve come up with our picks for top providers in the state.
- State Farm
- Allstate
- Country Financial
State Farm
State Farm owns the largest share of the Alaska homeowners insurance market and has one of the most extensive claims networks in the world, so you can be confident in the quality of service you’ll receive.
The standard policy from State Farm covers damage to your dwelling caused by fire, lightning, windstorms, frozen pipes or theft. State Farm offers this coverage for nearly every type of common dwelling, including condominiums, manufactured homes, single-family homes and farm/ranches.
Add-on policy options, like flood insurance, home business insurance and identity restoration coverage, can be purchased from State Farm to increase protection following a loss. Discounts are available for bundling these policies or having your car covered by State Farm as well.
Alaska homeowners can take advantage of State Farm’s online resource center and Pocket Agent mobile app, which offer high-quality policy management and claim-reporting tools. The HomeIndex tool helps you to take an inventory of your home so that you keep track of your possessions and can file an accurate claim in the event of a disaster.
Allstate
Allstate is a great choice for homeowners insurance in Alaska because the company offers competitive rates and discounts as well as some of the best educational tools and resources in the market.
With Allstate, you can build a customizable policy to include the extra protection you need for your specific living situation. Optional coverages are available for business properties, sports equipment, musical instruments, yards/gardens and electronic data recovery so that you can protect what matters most without paying for what doesn’t.
Specialty features such as Allstate’s Claim RateGuard, which ensures that your premium won’t go up just because you file a claim, can also provide extra benefit to your policy and save you money in the long run.
Where Allstate really excels, however, is in its customer-focused policy management tools. The Allstate resource center features videos, articles and interactive calculators and checklists to help you stay educated on keeping your home safe. Allstate’s Premium Gauge allows you to directly view the impact that different variables, such as installing a burglar alarm or renovating your home, have on your annual premium rate.
Allstate offers a 10 percent discount for new customers who have switched insurance companies.
Country Financial
Country Financial holds an A+ (superior) rating from A.M. Best and is a popular choice for affordable homeowners insurance in Alaska. The company offers three tiers of coverage:
- Basic, which includes protection from property damage caused by fire or lightning, vandalism or theft, and frozen pipes.
- Premier, which includes all elements of basic coverage along with increased accident protection for things like paint spills, countertop burns and power surge damage to appliances.
- Combination coverage, which provides basic coverage for your belongings and premier coverage for your home.
Each Country Financial policy includes liability coverage to protect you from being held responsible if someone is hurt on your property. The company offers add-on coverage options for valuables, earthquake damage, and flood protection through the National Flood Insurance Program. Country Financial also allows you to opt for extended and additional replacement cost coverage options, so you can have peace of mind knowing your home can be rebuilt and restored after a loss regardless of your policy limits or current construction costs.
Discounts are available for upgraded wiring, alarm systems, homes without solid fuel-burning heat sources (fireplaces or wood-burning stoves), newer homes and multiple policies.
How much is homeowners insurance in Alaska?
The average cost of homeowners insurance is $974, which is 26 percent lower than the national average. The cost is affected by where you live, the cost of living in your area and the risk of catastrophic events, discussed below. The remoteness of your Alaska home can increase your cost as well, as it can be more expensive to bring materials in to rebuild.
Alaska Rate Factors
Alaska is at risk of several of the catastrophic events known to increase insurance rates, including volcanoes, wildfires, earthquakes, winter storms and flooding. However, the state is sparsely populated enough that there is a lot of room to make smart building choices.
For more information on all things homeowners insurance, visit our Complete Guide to Home Insurance where you can learn how to shop for a policy, when to make policy changes, and how to save money insuring your home.
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Methodology
The SimpleScore is a proprietary scoring metric we use to objectively compare products and services at The Simple Dollar.
For every review, our editorial team:
- Identifies five measurable aspects to compare across each brand
- Determines the rating criteria for each aspect score
- Averages the five aspect scores to produce a single SimpleScore
Here’s a breakdown of the five aspect scores and their rating criteria for our reviews on home insurance.
Why do some brands have different SimpleScores on different pages?
To ensure the SimpleScore is as helpful and accurate as possible, we developed unique criteria for every category we compare at The Simple Dollar. Since most brands offer a variety of financial solutions, their products and services will score differently depending on what we’re scoring on a given page.
However, it’s also possible for the same product from the same brand to have multiple SimpleScores. For instance, if we compare State Farm’s home insurance according to our criteria for the best home insurance, it scores a 3.8 out of 5. But when we compare State Farm according to the criteria for the best auto insurance, it scores higher, since the features the company offers can vary by the type of insurance.
Discounts
We looked at the number of discounts each company offers – more discounts mean a higher score.
Coverage Options
We awarded higher scores to the companies that offer more coverage options.
Support
We awarded higher scores to companies with the most channels for customer support.
Customer Satisfaction
We leveraged the J.D. Power 2019 Home Insurance Satisfaction Study℠ to see how customers rated their experience with each company. (If a company wasn’t included in J.D. Power’s study, we skipped this aspect and averaged the four remaining aspect scores.)
Accessibility
We looked at the level of accessibility of each company – the more resources they have the higher their score
