The Aloha State is home to sunny weather, beautiful beaches, and rich culture. The average annual cost of home insurance is also cheaper than the national average, at $206 for a $300,000 policy with a $1,000 deductible.
Homeowners should also know that the state of Hawaii is vulnerable to flooding, earthquakes, and hurricanes. To protect your home, consider adding supplemental insurance for those hazards.
Here’s what you should know about comparing home insurance quotes and finding affordable coverage in Hawaii.
Many quality home insurance companies serve homeowners in Hawaii, but the right company may differ from your neighbor’s. Evaluate your situation and needs to find the best homeowners insurance company. Start your search with the insurers below.
Union members accounted for 24% of wage and salary workers in Hawaii, according to U.S. Bureau of Labor Statistics data.3 If you’re a union member, you may receive a discount from Hawaii Insurance and Guaranty.
The cheapest homeowners insurance company in Hawaii is Allstate. Policyholders with the company pay a monthly average of $71 for a $300,000 policy. This is significantly cheaper than the average cost of home insurance in Hawaii.
The table below shows the cheapest home insurance companies in Hawaii.
The average cost of home insurance for a $300,000 policy with a $500 deductible in Hawaii is $227 per year, but your premiums will vary based on several factors.
Your home’s ZIP code, age and condition, replacement cost, coverages, and your claim’s history are among the few factors that your insurer evaluates when setting your premiums. Essentially, your home insurance rates reflect how likely you are to file a claim and how much the insurer must pay.
Standard homeowners insurance policies include dwelling coverage, which protects the physical structure of your home. The more dwelling coverage you need to replace your home in the event of a total loss, the more expensive your premiums will be.
Take a look at the table below for the average annual premium of policies with a $1,000 deductible and different dwelling coverage limits.
A deductible is the amount you must pay before insurance disburses your claim. For example, if the insurer settles your claim for $10,000 and you have a $1,000 deductible, then you’ll receive $9,000 for repairs.
A low home insurance deductible leads to higher premiums on your policy. Meanwhile, a high deductible results in lower premiums. Before choosing a deductible, be sure you can afford it if you need to file a claim. Below, you’ll find the average cost for a policy with a $500 and $1,000 deductible for a policy with $300,000 in dwelling coverage
While homeowners insurance coverage is essential, it’s an additional cost. Fortunately, Hawaii residents can take several steps to save on their policy:4
Shop around. Hawaii insurance companies calculate premiums differently. Comparing costs and coverages is one of the best ways to get the lowest price on the coverages you need. Shop the marketplace for competitive rates at least once yearly to ensure you’re not overpaying on your policy.
Bundle policies. Many home insurance companies offer discounts for bundling your home and auto insurance policy. This is usually one of the most common and effective ways to save. Some companies even offer discounts for bundling three or more insurance products.
Fortify your home. Homes in Hawaii are susceptible to certain damages from high winds. That’s why insurers offer discounts for making weather-resistant home improvements. Some of these improvements include installing shatterproof windows and updating your roof.
Implement security features. Security devices, such as smoke detectors, security cameras, and security alarm systems, are a good idea to protect your home from break-ins and fire disasters. Increased protection decreases the likelihood of filing a claim and reduces your premiums.
The amount of homeowners insurance you need in Hawaii depends on your coverage needs. You may need additional insurance for certain risks. For example, common weather risks in Hawaii may call for supplemental flood and earthquake insurance. Or, if you own high-value items like artwork or jewelry, you might purchase a personal belongings floater.
Most mortgage lenders require homeowners insurance if you have an outstanding mortgage on your home. Even if you don’t have a mortgage, insurance coverage is important to protect your investment financially from an unexpected disaster.
Standard home insurance policies include these types of insurance coverage:
Dwelling coverage
Other structures coverage
Personal property coverage
Personal liability coverage
Additional living expenses coverage, or loss of use coverage
Each type of coverage comes with its own coverage limits, which you and your insurer determine. Before buying a policy, it’s important to understand what home insurance policies cover to decide how much coverage you need.
The biggest risks in Hawaii are flooding, earthquakes, and hurricanes. Standard home insurance policies won’t cover those perils, but you can purchase supplement insurance at an extra cost.
Here’s what you need to know about these hazards and where to get coverage:
If you’re shopping for a home insurance policy in the Aloha State, this additional information may help as you research your coverage options.
Home insurance in Hawaii costs $206 per year for a policy with a $1,000 deductible and $300,000 in dwelling coverage, Insurify data shows. But your rates will depend on multiple factors, including your ZIP code, age of your home, square footage of your home, and coverage levels you choose.
Allstate has the cheapest homeowners insurance in Hawaii, with premiums of $71 per month.
No. Hawaii doesn’t require homeowners insurance, but your lender will require it if you have a mortgage on your home. Carrying this coverage is important so that if something damages or destroys your home you won’t be on the hook financially to pay for the repairs.
No. The state of Hawaii doesn’t require hurricane insurance. But your lender will probably require you to carry this coverage as a condition of your mortgage approval. Hurricane coverage is add-on insurance that covers wind-related damage that hurricanes cause.
)
7+ years in content creation and management
5+ years in insurance and personal finance content
Featured in
){kind=logo}
){kind=small}
){kind=small}
){kind=small}
)
Data expert on auto trends and driver behavior
University of Chicago graduate with statistics degree
Featured in
){kind=small}
){kind=small}
)
Chartered financial analyst
12+ years in data analysis and marketing
Featured in
){kind=small}
){kind=small}
){kind=small}
)
)
)
)