Owning a home in Alaska comes with its challenges due to the nature of land and weather. But it does not mean that you need to shell out a fortune for your home insurance. You only need to do some homework in advance. This is where we step in. We help you with our valuable advice on how to get the best and cheap home insurance in Alaska. Here’s more on how you could save on your home insurance policy.
Basics of Home Insurance in Alaska
A typical home insurance policy in Alaska covers the following benefits :
- Dwelling cover - To replace or repair any damage to the home.
- Personal property cover - extends cover for furniture and furnishings and also your boats and kayaks.
- Other structures cover – extends cover to any other immovable buildings on your property.
- Additional living expenses – If due to the damage to your property, you are required to relocate, then the policy covers all or some part of your living expenses.
- Personal liability – Offers protection against any damage occurring due to your or any of your family member’s manhandling of property.
- Medical payments – It also covers any medical expenses due to injuries caused to an outsider, in your property.
Factors That Affect The Price of Home Insurance in Alaska
Insurance agents use a number of factors to determine the premium on your home insurance. Some of the most important ones are listed below:
- Type of construction
- How old the house is
- Fire protection and other safety systems
- Non-smoker discount
- Good credit rating discount
How Much of Cheap Home Insurance in Alaska Should You Buy
Here are a few suggestions that will help you decide just how much insurance cover is ideal for you.
- Most insurance companies determine the ideal premium based on certain formulas. These formulae estimate the current cost of rebuilding your house in the event of destruction. This excludes the cost of the land. Hence it is suggested that you opt for buying an insurance that covers at least 80% of your home’s value
- For this, you need to determine the current value of homes in your neighborhood.
- You also need to be aware of building code changes, which might mean more expensive replacements and hence you might need more coverage.
- While estimating the cost of your house, factor-in the expensive and immovable fittings and fixtures that it may have. These would be more expensive to replace.