Alaska Condo Insurance
Get a full analysis of Alaska condo insurance costs, coverage, and companies.
Written by
Ann Herro has been writing about insurance and employee benefits for over 15 years. She has covered topics as easy as insuring a car, and as difficult as transparency in healthcare costs.
Find the Best Condo Insurance Options in Alaska
Condominium living is a wonderful option for many of Alaska's residents. If you own a condo in Alaska, you'll likely benefit from hassle-free maintenance and shared amenities such as swimming pools and fitness centers.
When planning your move to the perfect condo, don’t forget to protect your belongings with condo insurance.
An independent insurance agent in Alaska can help you understand condo insurance and find you the best coverage for your needs. A local agent can help you get quotes from multiple insurance companies so that you can make the best choice.
Best Condo Insurance Companies in Alaska
Several insurance companies offer highly rated Alaska condo insurance. The following are some of the best condo insurance companies in Alaska. These companies provide a mix of valuable coverage offerings and competitive pricing.
- Safeco: Safeco has been protecting individuals and families since 1923. The company offers condo insurance in Alaska, as well as a comprehensive range of other personal insurance policies. Working through independent agents, Safeco makes it easy to get the best mix of coverage and pricing.
- REInsurePro: This carrier offers condo insurance as well as several important forms of property insurance, including coverage for single- and multi-family homes, vacation rentals, renovations in progress, vacant land, and more.
An independent insurance agent in your area can help you learn more about these and other condo insurance companies in Alaska. A local agent can help you get competitive quotes for the coverage that fits your needs.
What Is Condo Insurance?
Condo insurance, also known as an HO-6 policy, is similar to renters insurance and regular homeowners insurance. If you own a condo, your condo owners association will have an association master policy, which covers the building(s) and the common elements of your condo complex. You only need to insure the portion of the building where you live (the dwelling) and your personal property.
Before you purchase condo insurance, take some time to become familiar with the type of coverage your association master policy provides so you can buy the right coverage for your unit. Association master policy coverage typically falls into one of the three following categories.
- Bare walls coverage covers the basic elements of a building's structure (walls, roof, floors, elevators, etc.). It requires the unit owners to obtain coverage for interior features like countertops, bathroom and kitchen fixtures, flooring, appliances, carpets, cabinets, wall coverings, and other items within individual units. Owners might also need to purchase coverage for the interior walls of their units.
- Single entity coverage insures the basic structure and specific items within individual units other than the owners' personal property. Improvements made at an owner's expense and builder-installed items like countertops, fixtures, carpeting, and so on are not covered.
- Modified single entity/all-in coverage protects fixtures, installations, or additions/improvements within the interior surfaces of individual units' perimeter walls, floors, and ceilings. Under these types of association master policies, unit owners have a more limited need for coverage.
It’s important to understand what your condo's association master policy does and does not cover before buying condo insurance in Alaska. An independent insurance agent can help you determine how much coverage you need for your personal property and any structural elements you are responsible for insuring.
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What Does Condo Insurance Cover in Alaska?
Alaska condo insurance typically offers the following types of coverage:
- Dwelling coverage: Covers damage to any parts of the unit itself (walls, fixtures, etc.) that the unit owner must cover according to the association master policy.
- Personal property coverage: Covers damage to the condo owner’s personal property, including furniture, clothing, artwork, electronics, and more.
- Loss of use coverage: Provides certain temporary living expenses (e.g., lodging, meals) if your unit is uninhabitable after a covered loss (e.g., after a fire).
- Liability coverage: Covers medical expenses, repairs, and legal fees if someone is injured in your unit or if you damage someone else's property.
The property coverage in a condo insurance policy covers your property when it is lost, damaged, or destroyed by certain covered perils. Condo insurance typically covers damage caused by:
- Fire and smoke
- Wind and hail
- Theft
- Explosions
- Vandalism
- Lightning
- Burst pipe
An independent insurance agent in your area can help you understand your Alaska condo insurance policy.
What's Not Covered by Condo Insurance in Alaska?
Condo insurance in Alaska excludes certain types of losses. For example, your condo insurance may help cover water damage caused by burst pipes, rain, and ice dams, but it may not cover sewer or drain backups. And it will not cover flood damage under any circumstances.
If you need sewer backup coverage, ask your agent about purchasing a sewer backup endorsement for your condo insurance policy. You can also buy flood insurance from the National Flood Insurance Program (NFIP), administered by the federal government.
It is important to be aware of what your policy does and does not cover so that you do not face any unfortunate surprises later. When you work with an independent insurance agent in your area, your agent can help you review your policy and understand when your coverage doesn’t apply.
How Much Does Condo Insurance Cost in Alaska?
Insurance companies evaluate certain risk factors unique to your condo to decide what to charge you for condo coverage. These factors include:
- The construction materials used in your condo
- The value of your condo
- The crime and weather risks in your zip code
- What the association master policy covers and how much coverage you need to fill the gaps
- The coverage options, coverage limits, and deductibles that you choose
A local independent insurance agent can help you understand your condo insurance quotes and find the best condo insurance in Alaska.
Save on Condo Insurance
Our independent agents shop around to find you the best coverage.
Alaska Condo Insurance FAQs
Condo insurance in Alaska provides several different types of coverage:
- Dwelling coverage: Covers damage to any parts of the unit itself (walls, fixtures, etc.) that the unit owner must cover according to the association master policy.
- Personal property coverage: Covers damage to the condo owner’s personal property, including furniture, clothing, artwork, electronics, and more.
- Loss of use coverage: Provides certain temporary living expenses (e.g., lodging, meals) if your unit is uninhabitable after a covered loss (e.g., after a fire).
- Liability coverage: Covers medical expenses, repairs, and legal fees if someone is injured in your unit or if you damage someone else's property.
Condo insurance is not required by law in Alaska, but if you have a mortgage, your lender will require you to have this important coverage.
What's more, condo insurance is the best way to protect your investment in your condominium. While the condo association covers certain common elements of the complex with an association master policy, you'll need to fill in the gaps of your dwelling, personal property, and liability coverage with an individual condo insurance policy.
The cost of your condo insurance policy in Alaska depends on several factors, like the type of construction materials used in your condo, the value of your unit, the crime and weather risks in your area, and the amount of coverage you need.
Because everyone has different needs and levels of risk, the cost of your condo insurance policy may not be the same as your neighbor's.
We recommend several top condo insurance companies in Alaska, including Safeco and REInsurePro.
If you own a condo, your condo owners association will have an association master policy, which covers the building(s) and the common elements of your condo complex. Association master policies typically fall into one of the three following categories:
- Bare walls coverage covers the basic elements of a building's structure (walls, roof, floors, elevators, etc.).
- Single entity coverage insures the basic structure and specific items within individual units other than the owners' personal property.
- Modified single entity/all-in coverage protects fixtures, installations, or additions/improvements within the interior surfaces of individual units' perimeter walls, floors, and ceilings.
No, condo insurance in Alaska does not cover floods. You can purchase flood insurance designed for condo owners from the National Flood Insurance Program and some private carriers.
Instead of getting an online quote for Alaska condo insurance, find an independent insurance agent now, and get one-on-one consultation and affordable options for the best coverage for your unique needs. Your agent will work with you free of charge, offering you a variety of options so you can make the best choice.
What’s more, your agent will be there for you when claim time comes. They know the ins and outs of the process and will make sure your claim is handled appropriately.
Contact an agent today for a free, no-obligation consultation.