Alaska Homeowners Insurance Guide

If you are a homeowner in Alaska, or are considering becoming one, you will want to pay serious consideration to your homeowners insurance policy. Homeowners insurance is a package of several types of insurance that protect your dwelling, physical property (the land and trees), liability protection, your personal belongings, and damage from earthquakes, or floods. Depending on where in Alaska you live, not all insurance types may be available, or some may be significantly more expensive based on the risk level present.

Dwelling Coverage

Dwelling coverage provides money to help repair or replace your home if it is damaged or destroyed by any peril except the common exclusions of floods, earthquakes or maintenance-related causes (like your home just falling apart from disuse over time). This type of insurance coverage will usually be mandated by your mortgage lender if you have not fully paid for the home yet. It can be offered with standard replacement, extended replacement or at guaranteed replacement cost levels.

Coverage for Other Structures

Other structures protection is usually provided for detached garages or other permanent structures that exist on your property. This type of coverage will not include second homes or other structures where people live, however, those require the same type of dwelling coverage as mentioned above.

Loss of Use/Additional Living Expenses

This type of insurance coverage provides for your living expenses if you are forced out of your home while it is being repaired from covered damages. For example, if you suffer a house fire and the smoke damage is significant enough that you must move while the home is cleaned and repaired, this insurance will pay for reasonable expenses such as your hotel room, rent at another location, and food. The amount you will receive for any one incident if this insurance type is invoked is clearly spelled out in your policy.

Medical Payments

This insurance provides for the medical expenses of contractors or other individuals if they are injured while on your property. Particularly useful if you have, regular weekly visitors such as from a landscaping or cleaning service or if you are having work done on your home by contractors.

Personal Liability

Designed to go hand in hand with Medical Payments coverage, this coverage protects you from liability if you are sued for damages that occur on your property. This property may also protect you in certain circumstances beyond the boundaries of your home, such as if your child damages a neighbor’s property.

Optional Coverages to Consider

Flood insurance is not part of a standard homeowners insurance policy. If you live in an area that may be subject to Alaska’s regular runoffs you might want to seriously consider investing in this type of policy in order to protect yourself.

Another significant optional coverage is for earthquake or land movement. Of course Alaska is a part of the notorious Ring of Fire and earthquakes happen in the state on a daily basis to some degree or other. This type of insurance will protect you from bearing the burden of replacing or repairing parts of your home that may be damaged by an earthquake.