Updated: November 10, 2024
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The average cost of homeowners insurance in Alaska in 2024 is $1,522. This figure is notably less than the national average, which is $2,423 annually.
Aside from the amount of coverage you get, the provider has the largest impact on premiums, with the difference between the lowest and highest premium amounts averaging $1,732. If your rates have recently increased, we've also analyzed the cheapest home insurance in Alaska.
MoneyGeek’s home insurance calculator will give you a ballpark estimate of your cost — it’s free, no personal information required, no spam.
Rates updated:
Nov 21, 2024
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Table of Contents
To establish the average cost of homeowners insurance in Alaska, MoneyGeek used quotes from various providers for a profile that reflects the average homeowner.
These rates reflect the average cost of home insurance in Alaska as of 2024.
In Alaska, the average annual premium for homeowners insurance is $1,522. This premium includes $250K in dwelling coverage, $125K in personal property coverage and $200K liability coverage. This rate is less than the national average of $2,423.
Figuring out how much coverage you need is essential. You'll need sufficient insurance to rebuild your home and replace your belongings after a total loss, covering your personal property, additional structures on your property, liability coverage and living expenses if your home is uninhabitable.
The average premium adjusts with the level of coverage. For a policy providing $100K in dwelling coverage, the annual premium is $904. However, if your home is larger or a has higher value, and you opt for $500K in dwelling coverage, the annual premium increases to $2,616.
| $100K Dwelling / $50K Personal Property / $100K Liability | $904 |
| $250K Dwelling / $125K Personal Property / $200K Liability | $1,522 |
| $500K Dwelling / $250K Personal Property / $300K Liability | $2,616 |
| $750K Dwelling / $375K Personal Property / $500K Liability | $3,653 |
Homeowners in Alaska encounter a range of insurance premiums, with costs fluctuating based on the insurer. For example, Umialik Insurance offers an annual premium of $1,042, while a policy from USAA comes in at $2,270. These figures demonstrate the variability in pricing for comparable coverage across different providers.
For those shopping around, explore the best homeowners insurance in Alaska. Differences in underwriting can lead to substantial disparities in insurance costs, even for policies with similar terms.
| Umialik Insurance | $1,042 |
| COUNTRY Financial | $1,050 |
| Allstate | $1,558 |
| State Farm | $1,690 |
| USAA | $2,270 |
Homeowners in Alaska with poor credit pay an average annual premium of $2,261 for homeowners insurance, which is $739 more than the state average of $1,522. On the other hand, those with excellent credit pay $1,373, saving $149 compared to the average. This disparity highlights the impact credit scores can have on insurance rates.
Improving your credit score is a long-term strategy to reduce insurance costs. In the meantime, exploring options with different insurers can lead to substantial savings. Take a moment to compare the most affordable Alaska home insurers and potentially lower your rates in less than 15 minutes.
| Poor | $2,261 |
| Below Fair | $1,924 |
| Fair | $1,716 |
| Good | $1,522 |
| Excellent | $1,373 |
The type of roof on your Alaska home can influence your homeowners insurance premium, though it's not the most significant factor. Materials like tile, known for their durability, tend to lower premiums slightly.
Similarly, the construction materials used in your Alaskan home affect insurance costs. Superior construction materials, which are more resistant to certain perils like fire, may offer some savings on premiums compared to standard options.
Explore the table below to see how changing your home's materials could adjust your insurance premiums.
| $100K Dwelling / $50K Personal Property / $100K Liability | $904 |
| $250K Dwelling / $125K Personal Property / $200K Liability | $1,522 |
| $500K Dwelling / $250K Personal Property / $300K Liability | $2,616 |
| $750K Dwelling / $375K Personal Property / $500K Liability | $3,653 |
| $1M Dwelling / $500K Personal Property / $1M Liability | $4,721 |
Insuring a newly constructed home in Alaska costs an average of $756 per year, which is $766 less than the premium for existing homes. Newer homes benefit from modern construction techniques and adherence to current building codes, making them less expensive to insure. The table below shows how premiums compare for new versus existing homes across different coverage levels.
| Existing Construction (2000) | $1,522 |
| New Construction (2023) | $756 |
In Alaska, homeowners who have been claim-free for five or more years can expect an average annual premium of $1,522 for their insurance. However, if there has been a claim in the past five years, the average premium jumps to $2,006, which is a $484 increase. With two claims, it climbs further to $2,443, costing $921 more. These figures illustrate that a claims-free history can significantly affect your insurance costs, raising rates from the baseline average premium.
| Claim free for 5+ years | $1,522 |
| 1 claim in past 5 years | $2,006 |
| 2 claims in past 5 years | $2,443 |
In Alaska, floods, tsunamis, landslides, earthquakes and wildfires pose the greatest threats to properties. Typically, standard homeowners insurance does not cover flood damage. For protection against floods and earthquakes, Alaskans need to purchase separate insurance. Tsunamis, which are less common but can be devastating, are also not covered under most standard policies. It's worth looking into other insurance products for financial protection against other natural disasters.
Shopping for home insurance in Alaska can be a smooth process. With the right approach, you can find a policy that fits your needs without breaking the bank. Here's how to find the best deal for you.
Ask about bundles or other ways to save money.
Choose a company with good service and fair prices.
A higher deductible can mean a lower premium.
Buy the policy that fits your needs and budget.
In Alaska, homeowners can save on insurance costs by bundling their home and auto policies. The savings on the combined cost of auto and home insurance can range from $327 to $409, with savings of around 15%. Opting for a multi-policy bundle simplifies your insurance management and offers a financial perk. Explore the best Alaska home and auto bundles to help you make the most out of multipolicy discounts.
Alaska homeowners can lower their insurance costs with various discounts. Here are three common discounts available in Alaska:
To maximize savings, always inquire about discounts when obtaining a quote.
Umialik Insurance is the cheapest provider in Alaska, with an annual premium of around $1,042. For more inexpensive options, explore cheap national providers.
Homeowners insurance does not cover flooding. Consider flood insurance and other insurance products or endorsements for financial protection from flooding and other natural disasters. Flood insurance can be purchased through the National Flood Insurance Program or a private flood insurer, and some home insurers offer it as an endorsement.
The biggest factor affecting homeowners insurance prices in Alaska is the insurance provider, with premiums ranging from $1,042 to $2,270.
Bundling home and auto insurance in Alaska can save you an average of 16%.
When navigating the nuances of homeowners insurance in Alaska, having the right resources at your fingertips is invaluable. Whether you're a new homeowner seeking clarity on coverage options or a seasoned property owner looking to optimize your insurance strategy, these curated links provide a wealth of information tailored to Alaskans' specific needs.
About Mark Fitzpatrick
Mark Fitzpatrick is a Licensed Property and Casualty Insurance Producer and MoneyGeek's Head of Insurance. He has analyzed the insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. He has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.
Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.
