Getting a Condo Insurance Quote in Alaska
Many Alaskans appreciate the hassle-free qualities of condo life. Deciding on the right condo insurance in Alaska can be confusing, so we're here to help. By introducing a few key factors for you to keep in mind while negotiating the final price of your condo insurance, we'll help you obtain the ideal policy for your needs at the ideal price. These factors will influence how expensive or inexpensive the cost of your annual Alaska condo insurance will be; our goal is to help make the purchasing process a breeze.
Alaska Condo Insurance Statistics at a Glance
Home values are on the rise, and given the numerous other factors that affect condo insurance prices, Alaska condo insurance policies may be on the expensive side. Alaska is ranked the 29th most expensive state in the country for condo insurance. Alaskans pay an average of $89.00 a month or $1,069.00 per year in condo insurance premiums. Even though Alaskans are currently paying more for condo insurance, trends show that prices are getting more affordable. Most cities in Alaska have comparable average monthly prices, but Sitka was found to be the cheapest city at $476.50 per year or $39.71 per month. Meanwhile, Fairbanks has the highest condo insurance rates in the state at $624.00 per year or $52.00 per month. Insurance companies have significant differences in rates so it's necessary to shop around if you're looking for condo insurance in Alaska.
$439
Average Annual Cost of Condo Insurance in Alaska
The average cost of condo insurance in Alaska on an annual basis is $439.
$37
Average Monthly Cost of Condo Insurance in Alaska
The cost of condo insurance in Alaska is roughly $37 per month.
21%
Percentage of Income on Ownership for Condos in Alaska
Residents of Alaska spend an average of 21% of their income on condo ownership.
24 years
Median Age of a Property Which Requires Alaska Condo Insurance
The average age of a property requiring condo insurance in Alaska is roughly 24 years.
What Affects the Costs of Your Condo Insurance in Alaska
Quite a few variables cause condo insurance policies in Alaska to differ in price. Insurance companies use many variables to calculate your personal risk and policy needs, and to get you an accurate quote on your condo insurance coverage. However, many of the factors that influence the price of your condo insurance in Alaska are out of your control, such as the location of the condo, the age of the condo, and the building quality of the condo. These factors could also make you eligible for discounts. Some factors in your control may also help or harm the final pricing of your Alaska condo insurance prices. Variables include your credit history, your claims history with other condo insurance providers, your driving record, the value of the personal belongings in your condo, the people that reside in your condo, and whether you own or rent the condo. To get the best possible quote, we strongly advise that you have this information ready prior to meeting with insurance providers about the property.
Average Cost of Condo Insurance in Alaska by City
The most typical condo insurance in Alaska is an HO6 insurance policy. Whether you're living in a large city like Juneau or Fairbanks, or you own a condo in a smaller city like Wasilla, you'll likely need H06 insurance for your condo. To give you an idea of just how much condo coverage will cost, we've provided a full collection of projected condo insurance quotes for your city or town in Alaska. The following numbers are based on the average of all of insurance costs for your city or town; therefore, depending on your condo's specific location, your final cost could differ significantly from the quote below.
| City in Alaska | Average Monthly Costs for Condo Insurance | Average Annual Costs for Condo Insurance |
|---|---|---|
| Anchorage, AK | $44 | $529 |
| Juneau, AK | $46 | $554 |
| Fairbanks, AK | $52 | $624 |
| Badger, AK | $51 | $606 |
| Knik-Fairview, AK | $46 | $548 |
| College, AK | $48 | $582 |
| Wasilla, AK | $52 | $619 |
| Tanaina, AK | $46 | $548 |
| Lakes, AK | $46 | $557 |
| Sitka, AK | $40 | $477 |
Choosing the Best Condo Insurance Company in Alaska for Your Needs
Putting in the time and effort to pick the ideal condo insurance company in Alaska for your needs will give you peace of mind in the long term. You are insuring yourself, your home, and your possessions, so spend that extra bit of time to hunt down the best deals. Don't short risk your condo and the possessions inside by settling for the cheapest policy on the market. The best thing to do is to compare several businesses prior to making your final choice, so you can get the best condo insurance company in Alaska to meet your specific needs. Keep in mind that a reputable company will not force you in to making a decision or paying for something that you don't need. Look for condo insurance businesses which provide benefits to their long-term customers with discounts, loyalty rewards, and reduced pricing for bundled insurance. Finally, make sure that your provider is accredited. Visit the Alaska Department of Insurance website to learn the licensing status, fiscal stability, and complaint history of your chosen insurer.
The Top Rated Condo Insurance Companies in Alaska Based off Consumer Ratings
State Farm has been the top condo insurance provider in the United States for more than 50 years. In Alaska, a study done by JD Power showed that State Farm scored a 4 out of 5 (higher than average) in coverage offerings, charging and payment, customer service, and claims. In Alaska, State Farm also received an NAIC complaint ratio of only 0.2. Like most condo insurance companies in Alaska, they provide premium discounts on condos which have been renovated or built to withstand any natural disasters that might happen in The Great Frontier. When considering only the metrics of condo insurance firms in Alaska, USAA gets the highest JD Power rating in the state at 5, while Liberty Mutual gets the lowest at 2. The condo insurance provider in Alaska with the lowest NAIC complaint ratio is Farmers Insurance of Washington at 0.12 while Liberty Mutual gets the highest NAIC complaint ratio at 0.45.
| Alaska Condo Insurer | JD Power Rating | NAIC Rating |
|---|---|---|
| State Farm Ratings for Condo Insurance in Alaska | 4/5 | 0.2 |
| USAA Ratings for Condo Insurance in Alaska | 5/5 | 0.15 |
| Allstate Ratings for Condo Insurance in Alaska | 3/5 | 0.34 |
| Liberty Mutual Ratings for Condo Insurance in Alaska | 2/5 | 0.45 |
| COUNTRY Ratings for Condo Insurance in Alaska | 3/5 | 0.13 |
| Umialik Ratings for Condo Insurance in Alaska | N/A | 0 |
| Horace Mann Ratings for Condo Insurance in Alaska | N/A | 0.28 |
| Farmers Insurance of Washington Ratings for Condo Insurance in Alaska | 3/5 | 0.12 |
Alaska Condo Insurance Requirements
Under the Horizontal Property Regimes Act, a condo unit owner in Alaska is allowed to purchase insurance for their own benefit but is not required to do so. The Act states that if at the time of a claim the condo owner has an insurance plan with the same coverage as their condo association's coverage, then the association's policy will act as the primary insurance policy. Alaska law demands condo associations acquire insurance for the condo building as a whole. However, condo unit owners may wish to consider buying insurance policies to protect from liability and cover their possessions, additions to the condo, or any loss or event not insured by the association's coverage.
What's Covered with Your Condo Insurance in Alaska
While searching for a condo insurance policy, you'll notice that the majority of condo insurance companies in Alaska will provide standard coverage, which may include loss of use coverage and policies for building properties, private properties, and liability. Building property coverage protects you financially from damage to the interior of your condo (floors, walls, tiles) and the loss of permanent fixtures caused by a covered event, such as a fire. Personal property coverage protects your personal belongings, such as clothing, furniture, and electronics, which are lost due to a covered event. With liability insurance, if you are held legally responsible for property damage, this type of policy will offer you personal protection. Usually a condo insurance plan in Alaska insures up to $100,000 in liability damages. A loss of use policy covers you in the event that your condo in becomes uninhabitable. If you need to live outside your condo because of a covered event and are paying more than you would for your condo, this policy will cover you for the difference in living expenses.
| Average Costs of Condo Insurance in Alaska by County | Average monthly condo insurance cost | Average annual homeowners insurance cost |
|---|---|---|
| 0 County, AK | $- | $- |
How to Get Alaska Condo Insurance Discounts
Insurance companies in Alaska have their own versions of discount or loyalty programs. While you're comparison shopping for condo insurance quotes, make sure to ask about any discounts that may be available to you or your family. You'll often find a good number of discounts offered for Alaska condo insurance policies. Some discounts you can ask for are new customer discounts, multi-policy and bundled discounts, loyalty discounts, and paid-in full discounts.
| Condo Insurance Deductible | Average Alaska Condo Insurance Costs Based off Deductible |
|---|---|
| $500 | $90 |
| $1,000 | $82 |
| $1,500 | $79 |
| $2,000 | $75 |
| $5,000 | $68 |
Getting the Best Alaska Condo Insurance Rates
Comparison shopping is critical to finding what savings are available for your Alaska condo insurance plan. Call us to find out which insurers can offer you lower rates than what you are currently paying. You might be surprised at what's available. You might also ask a friend to consult with their condo insurance provider for a potential referral discount. You can increase your deductible to save a couple of dollars each month; the higher the deductible, the lower the cost of your insurance plan. Be careful -- make sure your deductible is not too high, because in the event of a loss you are responsible for paying any amount up to the deductible. See if you're able to package multiple types of insurance policies, as insurance providers often offer discounts for clients looking to bundle policies. Try checking with the provider of your car insurance; they might decrease your premium if you also get your condo insurance through them. Longevity discounts are sometimes offered if you have been with the same insurer for decades. Some of these discounts can save you up to 10% on your premiums. One final tip -- a high credit score will result in lower insurance premiums from providers, so do your best to increase or maintain your high credit score. Don't be afraid to ask your provider about discounts; you may meet requirements you weren't aware of.