Alaska Landlord Insurance

Find the Best Landlord Insurance Rates & Companies in Alaska 

From Anchorage to Juneau, Alaska has many rental properties throughout the state. Whether you rent out your rural single-family home to supplement your income stream or you own dozens of urban apartment complexes, the value of obtaining a comprehensive landlord insurance policy cannot be overstated. Without this coverage, you could end up having to pay out of your own pocket for lawsuits, tenant damage to your property, and other disasters.

An independent insurance agent in Alaska can help you find the right landlord insurance for the job. They'll ensure you get matched to the ideal policy for your business or situation. But first, here's a closer look at Alaska landlord insurance requirements and more.

Best Landlord Insurance Companies in Alaska

A few different carriers in Alaska sell landlord insurance. If you're looking for the best coverage around, you've come to the right place. Here are our top recommendations for the best landlord insurance companies in Alaska to get you started.

1. Foremost: This insurance company sells landlord insurance and many other forms of personal insurance. Foremost has excellent AM Best and Better Business Bureau (BBB) ratings and offers 24/7 claims reporting.
2. Safeco Insurance: This insurance company sells landlord insurance and many other forms of personal insurance. Safeco is highly rated by AM Best and the BBB and offers 24/7 claims reporting.
3. REinsure Pro: This insurance company sells landlord insurance and many other forms of property insurance. REInsure Pro is highly rated by the BBB and offers a fast claims response time.

An Alaska independent insurance agent can help you compare landlord insurance quotes from each of these carriers and others that offer coverage in your city.

What Is Landlord Insurance?

Landlord insurance operates much like homeowners insurance or property insurance in that you pay a monthly premium. Should you need to file a landlord insurance claim for a covered event such as a fire, break-in, or tenant damage, your insurance company can reimburse you for repairs or replacements of your property if the claim is approved.

How Is Landlord Insurance Different from Home Insurance?

Landlord insurance is different from a traditional home insurance policy because renters tend to cause more damage to a property than owners. Landlords also face a different set of risks than owners, so they need an insurance policy that accommodates this. 

Since many landlords are operating a business, their coverage must also include aspects of business insurance protections that aren't provided by homeowners insurance.

Is Landlord Insurance Required in Alaska?

Although not required by Alaska state law, landlord insurance is strongly recommended for any investment property owner who plans on leasing their home, condo, or apartment. 

The vast majority of traditional property insurance policies won't cover any damage caused by tenants if the home or unit is being rented out, which creates the need for supplemental insurance. If you rely on the income from your rental properties, finding a landlord insurance policy to cover potential losses is critical.

What Landlord Insurance In Alaska Can Cover

In Alaska, you can customize your landlord insurance policy to meet your needs. Most insurance companies offer a variety of coverage options to choose from as you build your policy, including:

• Dwelling coverage: This can help pay for repairs to your rental property's dwelling if it gets damaged by fire, smoke, windstorms, hail, falling objects, or your tenants. Coverage typically extends to attached structures as well, such as garages, decks, and porches. 
• Other structures coverage: This can cover detached structures against the same perils as dwelling coverage. However, it applies to sheds, fences, and other structures that aren't attached to the main rental property building.
• Liability insurance: This coverage protects you, the landlord, from lawsuit costs by paying your legal expenses and court costs if a tenant or guest sues you for damages or injuries. Covered claims include third-party accounts of bodily injury or personal property damage caused by you or your rental property.
• Loss of income coverage: This optional coverage can help compensate you for lost income in the event a rental property becomes uninhabitable due to a covered loss, such as a storm or apartment fire. Your loss of income coverage, or rental reimbursement, can prevent you from losing the income you would have earned if you collected rent during that time.
• Premises medical protection coverage: This can pay for medical treatment costs if one of your guests gets injured in a covered event while staying at your rental property. Accidents and other incidents are covered.
• Optional coverage: As a landlord, you can buy additional coverage, such as rent guarantee insurance, natural disaster insurance, vandalism coverage, burglary coverage, rental property under construction coverage, building code coverage, employer liability insurance, and landlord contents insurance, which covers your personal property like furnishings or carpet in the rental property against tenant damage, theft, and more.

Your Alaska independent insurance agent can help you build a landlord insurance policy that includes each type of protection you need most.

What Landlord Insurance in Alaska Will Not Cover

There are various landlord insurance coverage exclusions you should also be aware of. In Alaska, landlord insurance typically doesn't cover any of the following:

• Flood damage
• Earthquake damage
• Water or sewer backups
• Rental property wear and tear
• Routine maintenance costs
• Your personal property kept at the premises

In many cases, you can add endorsements to your landlord insurance to cover many or all of these incidents. Just be aware that many landlord insurance policies aren't designed to include this coverage by default. Be sure to review your policy's specific list of exclusions to determine if more coverage is necessary.

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Average Cost of Landlord Insurance in Alaska

The average cost of landlord insurance in Alaska is $1,230 per year. However, the cost of your policy may vary considerably. Most insurance companies take several factors into consideration when calculating your landlord insurance quote, including:

• Your location: Rental properties in high-crime areas often experience higher coverage rates than neighborhoods that experience few property crimes.
• The size and value of the structure: Larger, more expensive buildings often experience higher coverage rates than smaller, less valuable homes or complexes.
• How many rental units you own: The more rental properties you own, the more expensive you can typically expect your rates to be. 
• The age and condition of the property: Older buildings with outdated electrical systems often experience higher coverage rates than new units with up-to-code heating and energy systems.
• Risk factors on the property: If you allow smoking in your units or your complex has a fitness center or swimming pool, you might experience higher landlord insurance rates.
• Security measures on the property: If your rental property has a gated entry, antiburglary systems, and smoke alarms, you'll often experience lower coverage rates than landlords without these protective features on their property.

A local independent insurance agent in Alaska can help you find the most affordable landlord insurance near you.

Popular Questions about Alaska Landlord Insurance