Hawaii Home Insurance

If you own a home or condominium in Hawaii, you will want to protect your property and belongings by investing in homeowners insurance. Homeowners insurance offers comprehensive coverage for damage to your home, garage, outbuildings, and personal property due to fire, theft, vandalism, or other perils. It also covers liability for bodily injury and property damage that you cause to others through negligence, as well as medical payments for injuries occurring on your property or caused by you or your pet.

However, most homeowners policies do not cover losses caused by floods, hurricanes, earthquakes, or volcanic eruptions. These natural disasters are common in Hawaii and can cause significant damage to your property. Therefore, you may need to purchase additional insurance policies or endorsements to cover these risks.

According to the Hawaii Insurance Division, most lenders require homeowners insurance as a condition of the mortgage loan. The amount of coverage you need depends on the cost of rebuilding your house if it is destroyed, the value of your personal belongings, and the amount of liability protection you want. You can choose between replacement cost coverage, which pays for the cost of rebuilding your house or replacing your belongings with new ones, or actual cash value coverage, which pays for the depreciated value of your property.

The average homeowners insurance premium in Hawaii was $1,102 in 2017, slightly below the national average of $1,211. However, the premium may vary depending on the location, age, size, and construction of your home, as well as the deductible and coverage limits you choose. You can shop around and compare quotes from different insurance companies to find the best coverage at the best price. You can also ask about discounts for having multiple policies with the same company, installing security devices, or making home improvements.

Some of the largest homeowners insurance companies in Hawaii are State Farm, First Insurance Company of Hawaii, Allstate, USAA, and Zephyr Insurance Company. These companies have a large market share and financial strength, but they may not offer the most customized or personalized service for your specific needs. You can check their ratings and reviews online or with the Hawaii Insurance Division to see how they handle claims and customer service.

Homeowners insurance is an important part of owning a home in Hawaii. It can protect you from financial losses due to unexpected events that damage your property or cause injuries to others. However, you need to be aware of the exclusions and limitations of your policy and consider buying additional coverage for natural disasters that are common in Hawaii. By doing some research and comparison shopping, you can find the best homeowners insurance policy for your home and budget.