Best Homeowners Insurance Agencies in Anchorage

Frequently Asked Questions

• Introduction

  Homeowners' insurance is a type of property insurance used by private property owners to protect their home and property from a range of risks and liabilities. It is also called home insurance.
  

  
  

  All homeowners' insurance policies cover the primary home on a property, meaning that most damage from weather, accidents, vandalism, and other events will be at least partially paid for by the insurance company. Many policies also include coverage for other structures, personal property, and some premises liability.

  
  

  It is not required by law that a homeowner purchases insurance for their property. However, if you have a mortgage, the lender will usually make purchasing a homeowners' policy a mandatory part of the loan process. Since the mortgage lender is essentially selling you the home, they require you to protect the investment.
  

• What types of homeowners insurance coverages can be obtained in Anchorage?

  Homeowners insurance coverages that may be obtained in Anchorage include:

  • Dwelling coverage to protect the house’s structure
  • Coverage to protect structures within the property aside from the home
  • Personal property coverage to protect the home’s contents
  • Liability coverage to protect against premises liability lawsuits
  • Guest medical coverage for medical costs for premises liability victims
  • Additional living expenses for increased costs if the home becomes uninhabitable after a loss that is covered

• What is the cost of homeowners insurance in Anchorage?

  The cost of an Anchorage home insurance policy depends on the specific options that the policyholder chooses, which are individually priced. Higher deductibles often lower the premium’s price by shifting a portion of the payment for loss to the policyholder. If, for example, there is a $500 deductible, the policyholder pays for the first 500 dollars of a covered loss. There is an option to set a higher limit than what is recommended depending on individual needs and situations.

• How can an Anchorage homeowner insurance policy owner expedite claim resolution after a disaster?

  An Anchorage homeowner insurance policy owner can expedite claim resolution if they create an inventory of their personal belongings and home prior to any disaster. This could comprise a list coupled with photos and/or videos which should not be kept in the home. The policy owner should remember that their policy does not cover damages due to deferred or poor maintenance.

• What is actual cash value or ACV and how does it affect Anchorage homeowners insurance valuation?

  Actual cash value or ACV is the cost for replacing a damaged item minus its depreciation cost. It affects Anchorage homeowners insurance valuation by factoring in an item’s current worth during the time it was damaged. For example, an insurer will only pay the dollar amount for a damaged 10-year-old roof in accordance with the value that roofs of that age have.

• How much does an Anchorage homeowners insurance cost on average per year?

  An Anchorage homeowners insurance costs 1,325 dollars on average per year, which is approximately 110 dollars per month. It is 27% lower compared to the average national cost of 1,820 dollars. The rate could be lower or higher depending on the home’s age and value, the customer’s claims history, the selected scope of coverage, and various other factors.

• What determines the price of homeowners insurance premium?

  The premium, or monthly cost, of your homeowners' insurance policy depends on several factors, including the value of your home and amount of coverage you choose. Your credit history and whether the property is in a higher risk area also play a role.