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If you're fortunate enough to live in the beautiful state of Hawaii, you probably have dozens of things you'd rather do than shop for homeowners insurance. Still, the right homeowners insurance policy can enhance your experience of owning a home by protecting one of your most valuable assets. Here, we help you locate the best homeowners insurance in Hawaii and outline key factors to look for in choosing a Hawaii home insurance policy.
With shockingly low rates, these companies offer cheap homeowners insurance in Hawaii:
The excitement of moving into a new home is made even sweeter by learning that homeowners insurance will cost less than for an older home. That's because insurance companies are less concerned about claims on a house with all-new components. The savings are passed on to the homeowner through lower insurance premiums. Here are the three cheapest Hawaii home insurance providers for newly built homes:
Hawaii is a state rich in history, a history reflected in the character of its older homes. The only fly in the ointment when it comes to an older home is how many things can go wrong. For example, an older home is more likely to have issues with things like wood rot, leaks, and mold. For that reason, insurers tend to charge more for homeowners insurance. These three companies have kept their rates low, older home or not:
When disaster strikes and a home is damaged or destroyed, there's nothing like knowing there's enough insurance to set things right. Still, following a claim, a homeowner can expect premiums to go up for a while. For a Hawaii homeowner who has made a claim, these three insurers offer the most forgiving rates:
The average cost of homeowners insurance in Hawaii is $392, about 77% lower than the national average of $1,725.
Average Rate Category | Hawaii | National Average |
---|---|---|
Overall | $392 | $1,725 |
New home construction | $250 | $943 |
Older homes | $346 | $1,658 |
When making a claim | $352 | $1,803 |
The best homeowners insurance in Hawaii offers comprehensive coverage at an affordable price.
When it comes to homeowners insurance, there are eight types of policy, referred to as HO-1 through HO-8. Six are meant for traditional homes (non-mobile). Coverage ranges from basic to comprehensive, with all the bells and whistles. The best homeowners insurance companies offer them all.
As a homeowner shops for coverage, it's important to look at more than price. Cost is important, but a bare-bones policy that doesn't cover much following a disaster can add to the stress of making repairs. Ideally, a homeowner will shop for the most comprehensive coverage at the lowest cost. A policy with the appropriate level of coverage can save a homeowner from having to spend funds out of pocket.
A deductible is the amount of money a homeowner must pay toward a claim. Let's say a roof is damaged in a windstorm. The total cost to replace the roof is $17,000, with a $1,000 deductible on the policy. The homeowner pays the contractors $1,000, and the insurance company covers the remaining $16,000.
One of the best ways to snag cheap homeowners insurance in Hawaii is to check out insurer discounts. Nearly all insurance companies offer home insurance discounts of some kind. They range from policy bundling, to alarm system discounts, to non-smoker discounts. Before deciding which policy is best, it's important to know how much each policy costs after discounts.
To ensure proper coverage, it helps to know the most common Hawaii home insurance claims.
According to the National Weather Service, there's a propensity for heavy downpours during Hawaii's wet season. If there's damage to a roof and water gets into the house during a rainstorm, standard homeowner's insurance should cover that loss (the same is true for a leaky appliance or a broken pipe). But to protect a home against flooding, a homeowner must purchase additional coverage.
Wind damage is another common Hawaii claim. Blowing objects, falling trees, and heavy winds can all do damage to the roof and exterior of a home.
Hawaii is not alone when it comes to fire and lightning. According to the Insurance Information Institute, fire and lightning damage accounted for 25% of all homeowners insurance claims in 2019. Fire is not the top claim in the state, but it is one of the most expensive claims insurance companies deal with.
Here's a quick rundown of coverage and discount options available to those looking for the best homeowners insurance in Hawaii.
As mentioned, Hawaii homeowners have their choice of policy types and levels of coverage. Here's how the eight types of homeowners insurance break down:
A homeowner may want coverage for upgraded features like custom flooring or a theater room. A comprehensive insurance policy may also protect against loss of things like fine artwork, precious coins, and jewelry.
Finding inexpensive homeowners insurance in Hawaii depends, in part, on claiming as many discounts as possible. Each insurance company offers its own set of discount options. Here's a sample of the most common:
Insurance companies take many factors into account as they determine premiums. They include things like:
With that said, here are the five cheapest cities for Hawaii home insurance:
City Name | Average Home Insurance Rate |
---|---|
Ewa Gentry | $387 |
Hauula | $387 |
Hickam Housing | $387 |
Kaneohe | $387 |
Kapolei | $387 |
Here are the five most expensive cities in The Aloha State for homeowners insurance:
City Name | Average Home Insurance Rate |
---|---|
Puunene | $405 |
Ookala | $405 |
Ninole | $405 |
Keauhou | $405 |
Kealia | $405 |
The best homeowners insurance in Hawaii provides the coverage a homeowner needs at a cost they can afford. The proper level of coverage not only provides adequate protection of a home, but can also help a homeowner rest easier and enjoy their home more.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.
The data found on this page is a combination of publicly available quote data obtained directly from the carrier as well as insurance rate data from Quadrant Information Services. These rates were publicly sourced from the top ten (10) to fifteen (15) carrier markets, within each state, based on annual written premium and should be used for comparative purposes only -- your own quotes may be different.