Best cheap homeowners insurance in Anchorage

Anchorage, Alaska is home to more than 61% Anchorage residents. According to Bankrate’s 2021 study on annual premiums, the average home-insurance rate in Anchorage was $833 annually for $250,000 coverage.

Anchorage and the surrounding area of Alaska are subject to earthquakes, volcanoes and tsunamis as well as wildfires and other natural catastrophes. You can keep your home safe by having enough homeowners insurance to cover any possible claims. Bankrate’s editorial team compared Anchorage’s top home insurance companies based on their market share. This was done by comparing their premiums, coverage, discount offerings, and third-party rankings.

Anchorage’s best home insurance company

We compared the costs of coverage and 2020 J.D. to find Anchorage’s best affordable homeowners insurance. Scores from the Power Home Insurance Study on customer satisfaction. Below are the top three Anchorage home insurers. They offer competitive pricing based on $250K of dwelling coverage.

USAA

USAA provides auto, home and life insurance to military personnel, veterans, and their families. USAA offers optional endorsements that homeowners can add to their protection, including home sharing, identity theft, or earthquake coverage. USAA doesn’t offer as many discounts as other companies, but it offers the lowest average rates of all the Anchorage home insurance companies.

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USAA is the top-ranked company in the J.D. The J.D. Power U.S. Home Insurance Study ranks USAA as the highest, but it is not eligible to be first because it limits membership to military families. USAA is the third largest home insurance statewide, with two military bases in Anchorage and nine in Alaska .

State Farm

State Farm is the largest home insurance company in Alaska, with 32.1% market share. State Farm, which has been in operation since 1922, offers auto, home, and other insurance products.

Homeowners pay for insurance to protect their financial security in the event of a loss. Financial strength is a company’s ability to pay claims. State Farm’s highest rating is A++ (Superior), which means that homes insure with the company will likely have their claims paid promptly and in full, even in the event of a natural catastrophe.

Allstate

Allstate is almost as old as State Farm, and offers many of the same insurance options including homeowners. With 18.6% market share, Allstate is Alaska’s second largest home insurance company. For customer satisfaction, Allstate is tied with State Farm at sixth on the Home Insurance Study.

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Anchorage residents can customize their Allstate home insurance policy with additional coverage for identity theft, business property, and high-value items such as jewelry and musical instruments. Allstate offers low home rates by offering discounts on automatic payments, no claims, protection devices such as a fire alarm or burglar alarm, and loyalty discounts for long-term policyholders.

Anchorage home insurance

Anchorage residents need to be aware of the potential damage that earthquakes could cause. It is important to determine what types of damage can be covered before you settle on an insurance company.

Anchorage home insurance options

The most costly purchase most people make is buying a house. You can protect your investment by purchasing home insurance. The insurance company will pay some of the costs of any covered claims. These coverages can be very beneficial for Anchorage homeowners.

  • Water backup: This optional coverage can be added to a homeowner’s policy to cover your home and personal property in the event of a sump pump, drain, or sewer line backup. This coverage is also known as sewer backup, sump pump backup, or backup of sewers and drains coverage.
  • Flood insurance: Standard policies do not cover flooding. Anchorage homeowners can purchase flood insurance either through an agent or directly through the National Flood Insurance Program.
  • Earthquake coverage: Anchorage homeowners insurance companies offer additional coverage for earthquakes. This may be worth considering due to the increased risk in the region.
  • Landslide coverage is available for natural disasters like earthquakes, volcanoes, wildfires that can cause landslides around Anchorage. Although landslide coverage is not usually covered by a homeowners policy, many policies offer an endorsement that covers it.
  • Volcanic eruption coverage: Many homeowners insurance companies provide coverage for volcano eruptions which cause property damage due to ash, dust or lava flow. You may have limitations on coverage so make sure you check with your agent.
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Anchorage home insurance discount

You can save premiums by including discounts in your homeowners policy. Insurance companies often allow you to combine discounts. This allows Anchorage homeowners to get affordable home insurance by taking advantage of all of the discounts that they are eligible for. These are some Anchorage discounts you should consider:

  • Multi-policy: The home and auto bundle is one of the most significant discounts for homeowners. It helps policyholders who have both policies with the same company to save money on their premium.
  • Protective devices: A burglar alarm or fire alarm system can protect your home even when you’re not there. It could also save you money on your home insurance.
  • A good payment record: A home insurance company will reward you for paying on time and in full. This can reduce the amount of homeowners insurance that you have to pay.
  • Claim-free: The more time you wait to file a claim on your homeowner’s insurance policy, the greater your savings.

The discounts offered by your home insurance company will vary, as does the amount you can save. Anchorage, Alaska offers other discount options, such as loyalty, buying a home, updating your home systems, and signing up for a policy before the existing one expires.

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Questions frequently asked

Which is the best company for home insurance?

Anchorage residents have the best choice of home insurance companies . They offer the right coverage options to protect your investment and property. To find the right homeowners insurance company, consider coverages, discounts and endorsements.

What is the cost of Anchorage home insurance?

Anchorage residents pay an average of $833 annually for $250,000 of dwelling coverage. These rates are lower than the average annual premium for the same coverage, which is $1,312. Home insurance costs will vary depending on the amount of coverage you need, your claim history, and the age and condition of the house and appliances.

Anchorage: How much do I need to insure my home?

The cost of repairing your home in the event of a total loss is what insurance companies use to determine the amount you need for dwelling insurance. A licensed agent can help you determine the best way to assess your home’s insurance needs.