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Alaska Home Insurance

Living in beautiful Alaska comes with unique challenges, from harsh weather to wildlife encounters. The right insurance coverage helps ensure your home is protected against these risks, giving you peace of mind in “The Last Frontier” state.

Is home insurance required in Alaska?

Alaska law doesn’t require homeowners to have insurance on their property, but if you finance your home through a mortgage, your lender will likely require you to have homeowners insurance. Even if you own your home outright without a mortgage, it’s still highly advisable to be insured. Home insurance is not a one-size-fits-all product. It should be tailored to your specific situation and needs.

Typical Alaska homeowners insurance coverages

  • Coverage A – Dwelling:

    Coverage for your home and attached structures for damage caused by events such as fire, lightning, wind or hail.

  • Coverage B – Other structures:

    This covers damage to other structures on the property that are set apart from the dwelling, such as a fence, shed or detached garage.

  • Coverage C – Personal property:

    Coverage for your belongings, such as furniture, clothing and electronics, if they’re damaged by a peril listed in your policy.

  • Coverage D – Loss of use:

    This covers your temporary living expenses when a covered loss makes your home unfit to live in.

  • Coverage E – Personal liability:

    This covers damage or injury to another person or their property that you’re responsible for causing. It also covers legal assistance for claims made against you.

  • Coverage F – Medical payments to others:

    This coverage can pay for medical bills for people who are accidentally hurt on your property, not including members of your household.

Remember, each of these coverages is subject to a policy limit, deductible and exclusions, which are specified within your policy. 

Your homeowners insurance won’t cover flood damages, so it helps to ensure you’re properly covered if there’s a flood. Flood insurance policies are available and written through the federally backed National Flood Insurance Program. It’s common for mortgage companies to require flood insurance if your home is within or near a floodplain. Regardless, a flood can occur anywhere, and it’s a good idea to buy this additional coverage.

Additional coverages in Alaska

You may find that the general coverages afforded in a basic homeowners policy don’t cover certain losses or types of property. There are home insurance options in the form of policy endorsements that fill in some of those gaps in coverage. Adding endorsements to your Alaska homeowners policy can provide valuable additional coverage tailored to your specific needs. Here are a few endorsements you might consider.

  • Special computer coverage:

    Additional protection beyond what’s included in your policy for devices against direct physical loss, like accidental damage or theft. Devices covered under special computer coverage include:

    • Desktops
    • Laptops
    • Smartphones
    • Gaming devices
    • Smart TVs

  • Identity fraud expenses:

    Identity theft is a growing concern, and this endorsement can help cover expenses associated with restoring your identity, such as legal fees, lost wages and other related costs.

  • Water backup and sump overflow:

    Unexpected and accidental water damage, like from an appliance or burst pipe, is covered by most homeowners insurance policies. But, at the same time, they also exclude coverage for backed-up sewers and drains. This endorsement provides coverage for water that backs up through drains and sump pumps.

  • Scheduled personal property:

    If you have high-value items such as jewelry, fine art or collectibles, a basic homeowners policy may not provide sufficient coverage. With this endorsement, you can insure specific items to make sure they’re adequately covered against loss or damage.

  • Earthquakes:

    A standard Alaska policy excludes damage caused by earth movement, including earthquakes. This endorsement would extend coverage to damage caused by an earthquake.

Key factors impacting Alaska homeowners insurance rates

The location of your home is a significant factor that impacts your home insurance premiums. Different areas face different risks and exposures. The cost of home insurance in a city versus a small town will depend on proximity to emergency services, like a fire station, the age of your home and construction costs. 

Your Alaska homeowners insurance policy should be as unique as your residence, tailored to your specific needs and circumstances. That’s why we emphasize the importance of selecting the right coverage. By customizing your policy to suit your coverage needs, you not only ensure adequate protection for your home but also gain some control over your rates.

Facts and figures about Alaska

Common claims in Alaska:

Homeowners insurance typically provides coverage for many of Alaska’s weather-related risks, subject to policy limits. Here are some common weather-related claims homeowners in Alaska may face:

  • Ice dams: Ice dams occur when snow on the roof melts and refreezes at the edges, forming a barrier that prevents water from draining properly. This can lead to water seeping into the attic or walls, and can cause damage to ceilings, insulation and interior spaces. Homeowners insurance may cover repairs for damage caused by ice dams.
  • Frozen pipes: When temperatures drop below freezing, water pipes in homes can freeze and burst, causing water damage. As long as heat in the residence was maintained, homeowners insurance typically covers damage resulting from burst pipes, including water cleanup and repairs to the affected areas.
  • Roof damage: Wind from storms year-round can put stress on roofs, leading to damage. Homeowners insurance typically covers roof damage caused by wind or hail, although coverage may be subject to certain exclusions or limitations.

Fun facts about Alaska:

  • Alaska is the northernmost state in the U.S. Because Attu Island, the largest uninhabited island of the Aleutian Islands chain, spans into the Eastern hemisphere, Alaska is also the easternmost and westernmost state in the U.S.1
  • Alaska is the largest state in the U.S., larger than California, Montana and Texas combined. Despite its large size, Alaska has the third lowest population in the U.S., at just under 750,000 people.1
  • Utqiagvik sits at the northern tip of Alaska. Because it’s one of the northernmost towns in the U.S., the sun doesn’t rise for more than 60 days in the winter and there are about 80 days of non-stop sunlight in the summer.1

With the right home insurance coverage, you can rest easy knowing that your home is safeguarded against the unexpected, allowing you to focus on what matters most – enjoying life in beautiful Alaska.

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or call 833-513-3881

1 101 Fascinating Facts About Alaska
 

Your Policy, Policy Declarations or Amended Declarations in effect on the date of loss is the primary source of reference for your coverage, coverage limits and deductible amounts.

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