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Hawaii Homeowners Insurance

Homeowners Insurance in Hawaii: Complete Consumer Guide

Ready to embrace island living by moving to Hawaii? Here are some interesting facts about your new home state. Hawaii is the world’s largest island chain and only seven of Hawaii’s 132 islands are inhabited. Surfing was invented in Hawaii. Mount Haleakala, which is located on the Hawaiian island of Maui, is the largest dormant volcano in the world. Hawaii has two official languages, English and Hawaiian. The Hawaiian word “aloha” means both “hello” and “goodbye.” The state flower of Hawaii is the yellow hibiscus. The state bird of Hawaii is the nene. And the state tree of Hawaii is the kukui nut tree. The state capital of Hawaii is Honolulu.

Types of policy for Homeowners Insurance in Hawaii

What type of homeowners insurance policy do you need for your home? Not sure? Here is a look at the different types of home insurance policies that you can buy.

HO-1 This policy is called a “basic form” and it covers the 10 most common perils. But you won’t find these polices everywhere. Some insurance companies do not offer HO-1 forms.

HO-2 This policy, called a “broad form,” provides more limited homeowners insurance coverage. But it still provides more insurance coverage than a HO-1 basic form.

HO-3 This insurance form is the most commonly used and widely purchased insurance policy. The HO-3 form provides coverage for named perils and for personal property. With a HO-3 form, your insurance company will pay to repair or replace belongings damaged by 16 covered perils. These perils include theft, falling objects, the weight of ice, snow and sleet, water damage, hail, explosions, vandalism, fire, smoke, lightning and windstorm.

HO-6 This home insurance form is for condominium units. This type of coverage is typically “walls-in” coverage and may protect the condo unit’s ceilings, walls and floors from 16 covered perils. The HO-6 form also includes coverage for the condo owner’s personal belongings.

HO-8 This type of home insurance of form is for older houses and it covers 10 perils. The HO-8 form is paid on an actual cash value basis, which is the cost of the home’s items minus depreciation.

What factors affect rates on homeowners insurance in Hawaii?

A number of factors come into play when you are being rated for homeowners insurance. For example, the construction materials of your house are a big factor. There are other factors as well such as how much it will cost to rebuild your home and replace all your belongings and whether or not you have a swimming pool or trampoline on your property. Are you a pet owner? If you own a dog you are liable for dog bites and injuries caused by your dog and this impacts your homeowners insurance. Your credit also plays a role in your home insurance rate. If you have good or excellent credit you will have a lower home insurance rate than a homeowner with bad credit.

Top 5 disasters in the State of Hawaii

Hawaii federally declared Fire as the most common disaster with 19 counts since 1953, followed by Flood, Severe Storms, Hurricane and Earthquake. Fire or Lightning is one of 16 perils covered in a standard HO-3 homeowners policy. Here are the top 5 federally declared disasters in the State of Hawaii:

Rank

Declaration Title

Disaster Number

1Fire19
2Flood10
3Severe Storms8
4Hurricane6
5Earthquake4

Source: Federal Emergency Management Agency (FEMA)

How much is homeowners insurance in Hawaii?

The average cost of homeowners insurance in Hawaii is $977 per year.

Source: The average cost of homeowners insurance by state, Business Insider.

Crime Rate: Is Hawaii a safe state?

2019 Crime in Hawaii

Crime Number

Crime Rate*

Property Crime40,2282,841.2
Burglary5,340377.2
Larceny-Theft29,6342,093.0

*Rate per 100,000 inhabitants

Safest City in Hawaii by Property Crime*

  • Honolulu, HI has a population of 974,902 with a Property Crime rate of 30 per 1k. The city average home value is approximately $721,592.

*Based on FBI Uniform Crime Reporting 2019, some cities have been eliminated because of changes in the state/local agency's reporting practices and cities with populations under 10,000. Zillow’s State/Cities average home value for a single family home or a condo as of Sept. 2020.

Compare Home Insurance Rates in Hawaii

Top homeowners insurance companies in Hawaii

First Insurance Company of Hawaii has experienced insurance agents who are able to provide insurance policies for all types of homes. First Insurance Company of Hawaii also provides good customer service and offers low home insurance rates. At First Insurance Company of Hawaii, there is a discount if you don’t file a claim on your home for consecutive years.

Hawaiian Insurance and Guaranty Company has been serving Hawaii for more than 100 years. Hawaiian Insurance and Guaranty Company offers an array of discounts and provides personalized customer service. Discounts include a union member discount, a superior construction discount, a loss free discount, a security systems discount and a multi-policy discount.

Universal North American Insurance Company is known for its customer service and for its competitive pricing in its home insurance policies. Universal North American Insurance Company has an online claim tool and 24 hours a day, 7 days a week customer service. Universal North American Insurance Company offers a discount for paperless billing.

Hawaii Home Insurance FAQs

Will insurance cover a 20 year old roof?

With a 20 year old roof, you might only be reimbursed for the actual cash value of the roof and not the replacement cost. Check your policy for details.

How to file a homeowner insurance claim?

Phone your insurance agent. Fill out claims forms as soon as possible. Have an insurance adjuster come and inspect the damage. Make sure you show the inspector all the damage to your house. Make a list of lost and damaged items and share this with the insurance inspector.

Is additional living expenses part of home insurance coverage?

Most home insurance policies include coverage for additional living expenses. This coverage pays for hotel costs, meals, groceries and travel expenses when repairs are being made to your home and there is too much damage for you to live there. Find out what your limits are before you book lodgings and pay for meals to make sure you’re covered.

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