Are You One Of The Many Alaska Residents Who Rent?
From Juneau to Fairbanks, Alaska renters insurance from Effective Coverage keeps you safe at a minimal cost. It’s all backed by the security of highly rated underwriters who will be there to offer the promised coverage when you need it most. If you already know you need renters insurance, just click above and you can get a quote in sixty seconds. If you’d like to find out more about renters insurance in Alaska, you’ve come to the right place.
If you’ve lived in the same apartment for some time, you may be in for a surprise if you’re looking to move. According to the Alaska Rental Costs and Vacancy Statistics the vacancy rate has gotten as low as 1.4% in Juneau. Though it’s now in the three percent range, that’s still very much a “landlord’s market”. A low vacancy rate can make for higher rents and difficulty finding suitable housing, especially with the influx of seasonal workers in many parts of the state.
Alaska Renters Insurance Made Easy
- Why Do I Need Alaska Renters Insurance?
- Why Do People Buy Renters Insurance In Alaska?
- Does My Policy Protect Me From Subrogation?
- Alaska Renters Insurance Fast Facts
- What Does My Policy Cover?
- Am I Covered Away From Home?
- What About Additional Living Expenses?
- With Practically Zero Crime, Do I Need Renters Insurance In Alaska?
- What Does All Of This Cost?
- How Can I Get Fast And Easy Alaska Renters Insurance?
- Are There Discounts??
- What About The Cost Of Living In Alaska?
- Are Tenants Protected In Alaska?
Why Do I Need Alaska Renters Insurance?
Alaska renters insurance might seem like a waste of money in light of the low crime rate, and little to no chance of disastrous weather events like hurricanes and tornadoes. The truth is that there are many reasons to have Alaska renters insurance.
Renters insurance in Alaska protects you from a wide variety of risks. Not only will your renters insurance pay you cash for any damaged possessions, but your financial future is protected as well. This is important because a judgement from a lawsuit could follow you for many years to come, and even drain your retirement savings. Since just about everything in this beautiful state is more expensive than on the mainland, protecting your income from such suits is crucial.
The good news is that renters insurance is just as affordable in Alaska as it is on the mainland. Replacement cost coverage, as mentioned above, means that after a loss you’ll get the money you need to buy new property at its full retail price. That holds true even when you live in Alaska where prices of goods are higher due to import laws. The replacement cost valuation is adjusted accordingly for your geographic area, so its important to buy Alaska renters insurance and not just a generic policy.
What Is The Number One Reason People Buy Renters Insurance In Alaska?
Most people tend to purchase Alaska renters insurance only because their landlord requires the coverage. In fact this requirement is standard in most lease agreements. A fire or other loss caused by a resident would impact the entire building or community, as well as the property manager and owner. The landlord requires renters insurance because they want to be certain that negligent residents who cause such a loss are able to meet their obligation to pay for the damages.
If a negligent resident causes a fire, the building owner will first file a claim through their own insurance policy to cover the damages. Afterwards, the owner’s insurance company will sue the resident who caused the fire, in order to obtain reimbursement for the cost of repairing the building. If this resident has Alaska renters insurance, their policy will cover the cost of their legal fees when they are sued. Since defense coverage against that claim is part of your policy, it can save you tens of thousands of dollars in legal fees.
The resident responsible for a fire should be the one reimbursing everyone affected for their loss, and liability coverage on renters insurance is the most efficient way to do this. Most renters don’t have hundreds of thousands of dollars sitting around to pay those claims. Alaska renters insurance protects you so that this situation does not become financially crippling.Back To Top
How Does Alaska Renters Insurance Protect Me From Subrogation?
When the building owner’s insurance company sues you because your negligence led to a loss, this process is known as ‘subrogation’. When the building owner accepts the payment from their insurance company, they do so with the understanding that they are transferring their right to proceed against you. That means the insurance company now has the right to sue you to recover the money they paid, rather than the building owner suing you.
As we saw above, Alaska renters insurance liability coverage exists for just this sort of situation. If the claim would be paid by the policy once proven, the policy pays for your defense against the claim. The lawyer is your lawyer, and has an ethical duty to you. That lawyer’s bills, however, are paid by the insurance company. That’s called the duty to defend.
Think for a moment about what would happen if your landlord’s insurance company sued you to recover money paid because of your small kitchen fire. Paying that debt before they sue you is hardly one of the legitimate reasons to withdraw from a 401(k), of course. If they sue you for $30,000, they’ll add in fees and costs when they win. In addition, you could spend $30,000 of your own money defending yourself against that suit.
In total, that $30,000 kitchen fire claim could result in you owing nearly six figures to the insurance company. But when you have Alaska renters insurance, you simply advise your insurance company of the claim and cooperate with their investigation. Defense costs and the costs of the claim are paid by your renters insurance until the policy limits have been exhausted. Most policies are even written so that those defense costs don’t count against your policy limits, leaving the full limit available to pay or settle the claim.
Even if Alaska renters insurance isn’t mandated by your landlord or management company, it’s still an excellent idea. For a few dollars a month, you can be protected against the very real risk that someone will sue you over perceived or actual bodily injury or property damage. Even if the suit is frivolous, defense coverage is still available from your policy.Back To Top
Alaska Renters Insurance 2016 Fast Facts
- While the owner generally insures the building, this provides no protection for the things you own and have in the apartment.
- Since the owner isn’t responsible for your property, any theft, fire, or other loss to your personal property would be your personal responsibility. Alaska renters insurance mitigates this significant risk.
- If you accidentally cause damage to the building, your landlord can terminate your tenancy if you’re not able to pay for repairs immediately! Your policy prevents this by helping you make good on the damages quickly.
- Fifteen property thefts are committed every single minute in the United States. It will happen to you, sooner or later. It’s not a good feeling when you have to purchase something for which you’ve already paid, and your policy can help prevent this.
What Does Alaska Renters Insurance Cover?
Alaska renters insurance covers you if something you own is stolen, damaged, or burned, up to the limit shown on your declarations page. The better news is that it generally covers that property at replacement cost. Whether you’re a college student or an adult who is downsizing from a home you’ve owned for years, it’s taken you a lifetime to get all the things you have and organize your life the way you want it.
Trying to rebuild your life out of nothing with just the cash in your pocket is challenging at best and impossible at worst. The only sure way to not have to purchase everything you own again out-of-pocket is to have Alaska renters insurance that protects you against those losses. You’ve worked too hard for what you have to allow it all to be at risk!Back To Top
Does Renters Insurance Cover Me Away From Home Or Out Of State?
If you travel – and Alaskans do tend to travel quite a bit – your personal property is protected anywhere in the world that you take it. Whether you’re going to Ketchikan or Krakow, your Alaska renters insurance travels with you.
It’s not just the personal property coverage that travels with you. Liability coverage also travels with you. Whether you’re in Scottsboro or Stockholm, if you negligently cause bodily injury or property damage, your liability protection can respond for both defense and the damages. This can take a significant burden off you and allow you to solve the problem quickly and at no out of pocket expense to you. It’s the difference between normalcy and bankruptcy for many people.Back To Top
Does Renters Insurance Help Me If I Can't Use My Apartment?
If you have a claim that makes your rental home or apartment unusable for a period of time, you’ll be grateful to have the loss of use coverage that comes with your Alaska renters insurance. This coverage pays for the additional living expenses resulting from a covered claim.
It takes days or weeks to clean smoke out of an apartment. Where would you go during that time? Can you afford a night in a hotel, much less a few weeks? Will there be an available room? That’s a serious concern during many parts of the year. If it’s tourist cruise season, you might not like the answer.
Often, you’ll find that your Alaska renters insurance policy has agreements with hotel chains that have unlisted availability based on those agreements. Not only is the cost covered, but you can get a room that might not otherwise be available.
In addition to liability coverage, personal property coverage, and loss of use… Your Alaska renters insurance policy also provides medical payments to others. This small coverage makes a payment with no admission of fault to a guest who suffers a minor injury. If you have a houseguest for dinner and he cuts himself, medical payments to others could respond to resolve the matter without even raising the complex question of liability.Back To Top
Is There Really Enough Crime In Alaska To Justify Renters Insurance?
In 2012, there were 2,950 reported burglaries and 15,565 reported thefts in the Land of the Midnight Sun. The recovery percentage for stolen property is positively dismal, just like most places in the U.S. Even more unfortuante, if your property is stolen there is almost zero chance of you recovering it. Vigilantism is discouraged in modern society, and by the time the thief is caught your property has probably been sold already and the cash spent.Back To Top
Alaska Renters Insurance Has Broad Coverage, But What Does It Cost?
Alaska renters insurance is very affordable. It tends to fall near the national average, about ten or fifteen dollars a month. Do you know what fifteen bucks buys you in Kotzebue, AK? Half a watermelon (They go for $29) – or a month of Alaska renters insurance. While there’s a great deal of value in renters insurance, we’re not certain the same value would be there for half of a watermelon.
The national average price of renters insurance is just $187.00, according to the III. That works out to as little as fifteen dollars per month. The vast majority of families can budget renters insurance easily at those prices.
Additionally, it's important to note that renters are at a significantly higher risk of experiencing loss than homeowners. Renters occupy roughly one third of total housing stock in the country, and yet they are fully fifty percent more likely to experience theft than homeowners, according to the Bureau of Justice Statistics.
It only costs a few dollars a month to protect your family, and this cheap renters insurance is a great way to mitigate the additional risks that come with being a renter.Back To Top
How Can I Get Alaska Renters Insurance Started?
That’s the best part about working with Effective Coverage to obtain your Alaska renters insurance! You can just call (800)892-4308 or click to get covered - whether you need Alaska renters insurance quotes online or coverage anywhere else!
Effective Coverage offers the nation's only completely mobile platform to quote and purchase renters insurance right from your phone or tablet in just one minute. Get an online renters insurance quote today and protect your family.. Either way, the process takes about five minutes, and we promise you’ll speak with a real person. We’ll even send proof of your Alaska renters insurance directly to your property management or landlord!
Convenient payment plans are available as well. Call or click today. You can’t afford to be without Alaska renters insurance! Effective Coverage are the national renters insurance experts, and we focus on making the whole process of quoting Alaska renters insurance as quick and painless as possible.Back To Top
How Can I Get Discounts On My Alaska Renters Insurance?
The best way to get discounts on your Alaska renters insurance is to work with the experts at Effective Coverage. Because value is a part of every policy, we work hard to make sure you’re well covered at the right price. Effective Coverage was founded on the premise that everyone should have Alaska renters insurance, and that everyone should be able to afford it.
As part of that promise, we’ve found the least expensive ways to get people covered as quickly as possible. Quoting your car insurance with Effective Coverage can give you big savings on both that and your Alaska renters insurance policy too.
Discounts on Alaska renters insurance need to be considered against value as well. You could elect for a $1,000 deductible as opposed to a $500 deductible on the personal property coverage and save $20 a year. But that’s another $500 more out of pocket in the event of a loss, and if the loss is particularly devastating, it could be the worst time to have to spend that money out of pocket. On an Alaska renters insurance policy, our experts recommend keeping your deductible as low as possible, since the savings on a monthly basis don’t justify the additional risk you retain with the higher deductible.
Effective Coverage is happy to give you every available discount on your Alaska renters insurance, but because you’re working with renters insurance experts, you can also be assured that the discounts we offer are worthwhile and not superfluous. Effective Coverage insurance experts work to get you covered and keep you covered at the best possible price for the coverage that best fits your lifestyle.
What's Your Insurance Language?
- Do You Need Renters Insurance ASAP? Check out the fastest way to buy renters insurance online and get covered in just 60 seconds!
- Do You Feel Like Talking About It? Just call Effective Coverage and a renters insurance expert can help you get great coverage in minutes.
- Do You Need Some Time Alone With Your Thoughts? We understand, which is why we created the Alaska Guide To Renters Insurance.
- Just Want To Watch A Movie Together? See our Video Alaska Renters Insurance Guide!
Renting In Alaska
Finding good housing can be difficult in Alaska. Once you’ve found the perfect apartment, you’ll want to be sure that it’s protected. If something were to happen that would render your apartment unsuitable to live in, your policy includes loss of use coverage that pays for your short-term hotel stay.Back To Top
What Is The Cost Of Renting In Alaska?
The median rent in Alaska doesn’t accurately capture the average since there are such wide differences between areas. In Juneau, it’s $950 a month for a 1 bedroom. In Ketchikan, the same apartment goes for only $737 monthly. In Wrangell Borough, you’ll get away for only $629 a month. That, of course, doesn’t account for the additional cost of living incurred by being on a peninsula in the middle of a National Forest, just a few miles from British Columbia. Renting in Alaska definitely requires careful attention to your budget, and part of that budget should be Alaska renters insurance.Back To Top
What Protections Does Alaska Offer To Renters?
Alaska has strong landlord-tenant laws to protect you as a renter. Notwithstanding that, however, you can still be held responsible for damage you cause to the property. Alaska renters insurance from Effective Coverage helps to indemnify you against that very real risk. For example, any rentals in Alaska are heated by a wood-burning stove. As quaint and comfortable as that may be, it also poses the risk of fire. If the woodstove gets out of control and burns the building down, your policy will help with the expenses of others who also lost their home, for which you are then responsible.
In Alaska, the landlord is legally required to keep the premises in habitable condition and generally good repair. However, if repairs are required due to the actions of a tenant, the tenant may be held responsible in court for the cost of those repairs, lost rents, and other costs. This can easily run into the tens of thousands or more. Alaska renters insurance provides coverage for damages to the property of other through the negligent act of a tenant, so it’s a good idea to have.
If you need Alaska renters insurance for your new apartment, you’re in something of a difficult market. There are not many companies writing new business for property in Alaska. Most of this has to do with the risk brought on by the weather and other factors, rather than the regulatory environment. It’s the polar opposite of some other states which have managed to drive most of the companies out of the state with over-regulation. Knowing the reason doesn’t necessarily make it any easier to deal with, of course.
As the nation’s premier provider of renters insurance, Effective Coverage works to bring you more value and drive costs down. Because renters insurance is our focus, we’re able to provide policies with broad coverage and at a reasonable cost of around $15 – $20 per month. Effective Coverage has taken the time to understand the needs of people living in Alaska apartments and rental homes and to build those needs into policies that meet them.
Effective Coverage offers the nation's only completely mobile platform to quote and purchase renters insurance right from your phone or tablet in just one minute. Get an online renters insurance quote today and protect your family.Back To Top