Average renters insurance cost in Fairbanks, AK

Why you can trust Insure.com

Quality Verified

At Insure.com, we are committed to providing the timely, accurate and expert information consumers need to make smart insurance decisions. All our content is written and reviewed by industry professionals and insurance experts. Our team carefully vets our rate data to ensure we only provide reliable and up-to-date insurance pricing. We follow the highest editorial standards. Our content is based solely on objective research and data gathering. We maintain strict editorial independence to ensure unbiased coverage of the insurance industry.

In Fairbanks, renters insurance costs an average of $218 per year for $40,000 in personal property coverage, $300,000 in liability coverage, and a $1,000 deductible, which is $15 less than the statewide average of $233.

It can be higher or lower depending on the coverage limit you choose and the amount of liability the policy provides. If you rent, you should consider buying renters insurance because it protects your personal belongings from damage caused by covered perils such as fire or smoke damage, theft, vandalism and other mishaps.

Looking for affordable renters insurance in Fairbanks? We’ve compared the top companies to help you find the cheapest options.

Key Takeaways

Renters insurance costs an average of $218 per year or $18 per month in Fairbanks.
Allstate has the cheapest renters insurance for Fairbanks renters at $10 per month.
Taking advantage of discounts, such as having a security system or bundling renters insurance with other insurance policies, can help reduce your insurance premiums.

What is the average cost of renters insurance per month in Fairbanks?

On average, renters in Fairbanks pay $18 per month for renters insurance, which is $1 less than the state average of $19. The policy includes $40,000 in personal property, $300,000 in liability protection and a $1,000 deductible.

The cost of renters insurance in Fairbanks varies depending on your insurance company and the coverage limit you buy. Renters in Fairbanks typically pay $14 monthly for $20,000 in personal property coverage and a $1,000 deductible. If you decide to increase your coverage to $40,000, you’ll see an increase of $4 in your monthly premium.

Choosing higher coverage limits is a good idea if you own valuable items like jewelry, electronics, or furniture.

How much is renters insurance in Fairbanks by deductible?

The average cost of renters insurance in Fairbanks is $183 annually for a $500 deductible and $20,000 in personal property coverage

Your deductible is the amount you must pay out of pocket before your insurance kicks in. If you raise your deductible, your premiums will decrease. For example, if you maintain $20,000 in personal property coverage but increase your deductible from $500 to $1,000, you’ll save $12 annually on your insurance.

Below, you’ll find average renters insurance premiums for different personal property coverage and deductible amounts.

Deductible	$20,000 personal property	$40,000 personal property	$60,000 personal property
$500	$183	$234	$283
$1,000	$171	$218	$264

Note: Liability coverage is set at $100,000.

Who offers cheap renters insurance in Fairbanks?

Your search for the cheapest renters insurance company ends here.

Allstate offers the cheapest renters insurance in Fairbanks at $124 a year or $10 per month. According to our data, State Farm ranks second on our list followed by Western National Insurance.

Below are the average annual and monthly rates of the cheap renters insurance companies in Fairbanks.

Renter insurance provider	Average annual rate	Average per month rate
Allstate	$124	$10
State Farm	$148	$12
Western National Insurance	$150	$13
Country Financial	$168	$14
USAA	$311	$26

How to lower the cost of renters insurance

Follow these tips to reduce the cost of your renters insurance in Fairbanks:

Bundle policies. If you have other insurance policies, such as car insurance, consider bundling them with the same company. Many insurers in Fairbanks provide discounts for bundled policies.

Increase your deductible. A higher deductible can lower your premium in Fairbanks, but make sure you’re comfortable with the potential out-of-pocket costs if you file a claim.

Choose the right coverage amount. Review your renters insurance policy regularly to ensure you aren’t paying for unnecessary coverage, such as excess personal property coverage if you don’t own many valuables.

Avoid filing too many claims. Filing frequent small claims can increase your rates. It might be worth paying for minor damages out-of-pocket instead of using your insurance.
Compare quotes. Don’t accept the first quote you get. Shop around and compare renters insurance rates from different insurers in Fairbanks to find the best deal.

Renters in Fairbanks should purchase renters insurance to protect their belongings and financial health. The cost of coverage varies based on your location, coverage limits and individual circumstances. To find the best deal, evaluate your coverage needs, compare quotes from different providers and take advantage of any available discounts.

Methodology

Insure.com, with the help of Quadrant Information Services, gathered data for renters insurance rates in Fairbanks in 2023 for $40,000 personal property coverage, $300,000 liability coverage, and a $1,000 deductible. The data presented are those with a good credit tier alignment.

How much is renters insurance in other cities?

Shivani Gite

Contributing Writer

Shivani Gite is a personal finance and insurance writer with a degree in journalism and mass communication. She is passionate about making insurance topics easy to understand for people and helping them make better financial decisions.