Alaska Renters Insurance
Renters insurance is an inexpensive way to protect your possessions if you’re renting a home or apartment in Alaska. Here’s what a policy usually includes.
Written by Nick Kunze
Reviewed by Melanie Reiff
The average cost of renters insurance in
Alaska
is just $91 a year. For that low price, you’ll be covered for your personal property, loss of use, and certain liability payments if someone is injured in your rental space. Once you’ve signed the lease on a new apartment, it’s time to think about how to protect what’s in it! Renters insurance is inexpensive, easy to purchase, and offers a wide range of coverage to keep you secure in the space you’re renting.
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What is renters insurance?
Renters insurance is an insurance policy that offers financial protections for your property while you’re living in an apartment or rental home. It also provides personal liability coverage to help you pay for any legal fees you may face.
A renters insurance policy typically includes the following coverages:
- Property coverage (Coverage C): This covers your belongings if they’re damaged, lost, or destroyed by a covered peril.
- Loss of use coverage (Coverage D): This covers your living expenses—like paying for a hotel—if you are displaced due to damage to your rental. This is also known as additional living expenses (ALE) coverage.
- Personal liability (Coverage E): If someone is injured or their property is damaged in your rental, you’ll get coverage for court fees, attorney fees, and any required payouts.
- Medical payments (Coverage F): This covers medical expenses if someone is injured on your property.
Key Takeaway: Renters insurance covers more than just your possessions—it also keeps you safe from legal fees if an accident happens in your apartment or house.
What does renters insurance cover?
Rental insurance covers whatever perils are named on the policy. Perils are usually something that can happen suddenly or unexpectedly. Damage to your items from wear and tear or negligence on your part will never be covered by renters insurance.
While the specifics vary from policy to policy, here are some typical named perils for renters insurance:
- Fire
- Theft
- Frozen plumbing
- Windstorm
- Vandalism
- Hail
- Lightning
- Impact by a vehicle
- Falling objects
- Explosion
Check your policy or reach out to your insurer to find out exactly what perils you’re covered for.
What does renters insurance not cover?
Renters insurance offers an impressive span of coverage to keep your possessions and guests protected. However, it does not cover everything.
Here are a few uncovered items you should know about:
- Work-related items: Do you work from home or run a business out of your rental? Any possession that is associated with your work—like a work laptop or your business’ inventory—will not be covered.
- Valuable: Your most prized possessions may not be covered by renters insurance. Collectibles, antiques, or very valuable items may need additional specialty coverage.
- Your car: Even if your car is parked on-property, it will never be covered by renters insurance. To protect your car while parked, you’ll need acar insurancepolicy that includes comprehensive insurance.
Is renters insurance required in Alaska?
Renters insurance is not required in Alaska. However, some landlords may require it before you can sign a lease.
Even if it is not required, investing in renters insurance is a smart decision. It is extremely affordable and offers a wide range of protections. Even a basic renters insurance policy can save you thousands of dollars after an accident—not a bad deal for less than $100 a year!
How to build an Alaska renters insurance policy
Starting your renters insurance policy is easy. First, you need to inventory your personal assets. Go room-to-room in your rental and make a list of all furniture, electronics, art, and appliances, including:
- Quantity
- Purchase date
- Purchase price
- Brand number
- Serial number (if available)
- Value (if possible)
Be sure to take pictures of everything your policy would cover. These photos will be helpful if anything is damaged and you need to make a claim.
Then you’ll need to choose your personal liability limit. Some landlords require a specific amount of liability insurance for their tenants—usually $300,000 or $500,000. If there is no limit mandated by your landlord, feel free to choose a lower limit, like $100,000.
Always check your policy to make sure you’re covered for every peril you’re concerned about. For Alaska residents, make sure wind damage and snowstorm damage are covered—these are some of the most common causes of insurance claims.
Actual cash value vs. replacement cost
When starting your policy, you’ll need to choose between two different policy types—you can be covered for your property’s actual cash value (ACV) or its replacement cost.
Actual cash value will reimburse you for the item’s current value. If the precious couch bought for $2,000 ten years ago is damaged due to a named peril, you may only get you $1,000 reimbursed due to deprecation.
Replacement cost will give you the amount it costs to fully replace the item. For the above couch, you’d get a full $2,000 to buy a new one.
The trade-off is that replacement cost coverage is more expensive. The choice is yours: better coverage or a lower bill.
How to find cheap renters and car insurance
Renters insurance is a very inexpensive type of insurance. That doesn’t mean you shouldn’t still shop around for the best deals!
If you’re trying to reduce the price of your
renters insurance
, consider bundling your renters policy with auto insurance. Bundling will save you anywhere from 5% to 25% on your total bill. With the low cost of renters insurance, a bundling discount could cover the entirety of your rental insurance bill!
To find the best deals on bundling, you’ve got to download the
Jerry
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Is renters insurance worth it?
Renters insurance is 100% worth it. Renters insurance is an inexpensive type of insurance that can save you thousands of dollars.
You don’t want to wait, either—you will regret not taking out a policy beforehand if your items are damaged from a sudden storm or burst pipe two weeks after move-in.
What is the average cost of renters insurance in Alaska?
In Alaska, renters insurance costs an average of $91 a year. The U.S. average is $159, meaning the cost in Alaska is $69 less than the national average!
You could save 15% or more on renters insurance by bundling
Bundle your renters and auto insurance with Jerry and save!
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