Best and Cheapest Renters Insurance in Anchorage, AK (2024)

The best and cheapest renters insurance company in Anchorage, Alaska is Allstate, with a MoneyGeek score of 83 and an annual premium of $62 for $20,000 in personal property coverage. Depending on your needs, other providers may be best; for example, State Farm excels in service quality with an annual premium of $100. MoneyGeek also looked into the best and cheapest renters insurance in Alaska for those who live elsewhere in the state.

The best renters insurance in Anchorage, Alaska is Allstate with a MoneyGeek score of 83 out of 100 and an annual premium of $62. The two best renters insurance providers in Anchorage for a policy with $20,000 in personal property coverage, $100,000 in personal liability, and a $1,000 deductible are:

• Allstate: MoneyGeek score of 83 out of 100 ($62 per year)
• COUNTRY Financial: MoneyGeek score of 75 out of 100 ($67 per year)

The best provider in the state balances both cost and affordability. Allstate has perfectly balanced customer satisfaction and affordability with an affordability score of 55 out of 55.

In Anchorage, Alaska, Allstate offers the cheapest renters insurance with an annual premium of $62 for $20,000 in personal property coverage. Personal property coverage helps protect your belongings, such as furniture, electronics and clothing, against risks like theft or damage. The two cheapest providers are:

• Allstate: $62 per year
• COUNTRY Financial: $67 per year
  

MoneyGeek rated the cheapest renters insurance in Anchorage with minimal consideration for customer service. Cheap renters insurance policies often have low personal property coverage limits, which may not be enough if you have many belongings. Higher coverage limits can increase monthly costs but offer better protection for your items.

In Anchorage, Alaska, Allstate offers the cheapest renters insurance for a policy with $20,000 in personal property coverage and a $2,000 deductible, with an annual premium of $62. The two cheapest providers are:

• Allstate: $62 per year
• COUNTRY Financial: $64 per year

A deductible is the amount you pay out-of-pocket before your insurance kicks in, and it can affect your rates. A higher deductible often leads to cheaper premiums, while a lower deductible means higher premiums. Balancing both is important because a higher deductible can save you money on premiums but may cost you more out-of-pocket if you need to file a claim.

In Anchorage, Alaska, the best renters insurance company for service quality is State Farm with an annual premium of $100. The two best providers in Anchorage, Alaska, for a policy with $20,000 in personal property coverage — for those who value great customer service without considering affordability — are:

• State Farm: MoneyGeek score of 80 out of 100 ($100 per year)
• Umialik Insurance: MoneyGeek score of 79 out of 100 ($107 per year)

We scored renters insurance providers and their customer satisfaction based on J.D. Power surveys, which assess customer experiences and satisfaction levels in the context of renters insurance. Great customer service is important for renters looking for insurance because it ensures a smoother experience during claims. For example, when you make a claim, a company with excellent customer service will guide you through the process efficiently and empathetically.

State Farm is the best renters insurance company for those who need high personal property coverage in Anchorage, Alaska, with an annual premium of $225 for a policy with $100,000 in personal property coverage. The two best providers are:

• State Farm: MoneyGeek score of 86 out of 100 ($225 per year)
• Allstate: MoneyGeek score of 83 out of 100 ($182 per year)

High personal property coverage means more financial protection for your belongings in your rental unit. Renters with a significant number of belongings often require higher personal property coverage. This coverage reimburses you for the loss of items like furniture, electronics, and clothes in events like theft or fire.

However, higher coverage levels typically come with higher premiums. It's important to find a provider that offers a good balance of cost and service, especially when you have many items to protect. High-value items such as jewelry or art may not be covered under standard policies and might necessitate additional coverage.

USAA ranks first in Anchorage with the highest MoneyGeek score, offering exclusive services for those with military backgrounds. The two best providers in Anchorage for veterans for a policy with $20,000 in personal property coverage:

• USAA: MoneyGeek score of 100 out of 100 ($263 per year)
• Allstate: MoneyGeek score of 83 out of 100 ($62 per year)

USAA offers a range of products tailored for those with a military background, providing discounts and coverages that suit the military lifestyle.

Allstate is the top renters insurance provider for people with poor credit in Anchorage, offering an annual premium of $62 for a policy with $20,000 in personal property coverage. The following providers are the best for the same type of policy:

• Allstate: MoneyGeek score of 83 out of 100 ($62 per year)
• COUNTRY Financial: MoneyGeek score of 78 out of 100 ($67 per year)

In Anchorage, renters with poor credit often face higher rates because they are viewed as higher-risk to providers. This risk perception is due to a history of credit challenges that may indicate a greater likelihood of filing claims. To secure lower rates, improving your credit score is a practical step. Additionally, you can look for discounts that may apply to your situation.

The average cost of renters insurance in Anchorage, Alaska, is $84 annually or $7 monthly. This is $6 more than the state average of $78 and significantly less than the national average of $145. These rates are based on a renters insurance policy with $20,000 personal property limits, $100,000 liability limits, and a $1,000 deductible.

The average cost of renters insurance in Anchorage may vary greatly depending on the amount of personal property coverage you purchase. Personal property coverage protects your belongings in case of theft, fire, or other covered events. Use the calculator below to see how prices change based on the value of your personal property.

Various elements can influence renters insurance costs in Anchorage, Alaska. For instance, the crime rate in your neighborhood and the age and condition of the building you live in can significantly affect your premiums. Understanding these factors is important when searching for your own policy because it helps you budget effectively and choose the right coverage:

• Location: The crime rate and risk of natural disasters in your area can increase costs. Higher-risk areas typically have higher premiums.
• Building's Age and Condition: Older buildings or those in poor condition may cost more to insure. They are seen as higher risk for damage and claims.
• Coverage Amount: The more coverage you need, the more you'll pay. Higher coverage limits mean higher premiums.
• Credit Score: Insurers often use credit scores to determine premiums. Lower scores can lead to higher costs.
• Claims History: A history of frequent claims can increase your premiums. Insurers view you as a higher risk if you've filed multiple claims.

Renters insurance primarily provides coverage for your personal belongings, but it also covers additional areas such as liability and living expenses if your rental is rendered uninhabitable. Here’s what a typical policy includes:

• Personal Property Coverage: This covers the cost to repair or replace your belongings if they're damaged or stolen. For instance, a renter in Texas may receive compensation for a stolen laptop.
• Personal Liability Coverage: This protects you financially if a guest is injured in your rental or you cause property damage. A Texas renter could use this coverage if a guest slips and falls in their apartment.
• Loss of Use Coverage: This helps with additional living expenses if your rental is unlivable due to a covered peril. A renter might rely on loss of use coverage to pay for a hotel stay after a fire.

Although renters insurance provides a financial safety net, it doesn't shield against every mishap. For instance, it typically excludes flood damage and your roommate's possessions.

• Natural Disasters: Standard renters insurance often does not cover damage from earthquakes or floods.
• Roommate's Belongings: Personal property coverage does not extend to items owned by a roommate unless they are listed on the policy.
• High-Value Items: Expensive jewelry or electronics may exceed the policy's limit and require additional coverage.
• Business Equipment: Property used for business purposes might not be covered under a standard renters insurance policy.
• Pest Damage: Infestations and damage from pests like bed bugs or rodents are usually not covered.
• Car Theft: Although personal property stolen from your car may be covered, the theft of the car itself is not.

The best renters insurance provider for you in Anchorage ultimately depends on your needs. Below, we address some FAQs to help you make an informed decision.