Homeowners Insurance in Hawaii

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You will need a homeowners insurance policy that covers volcano and hurricane damage to insure a home in Hawaii. Finding the right homeowners policy for your needs is made easy when you compare competitive quotes from trusted insurance carriers.
Buying a home is one of the most significant investments you can make in your life. One of the best ways to protect this investment from perils and damages is with homeowners insurance.
It’s important to have a good understanding of what goes into your homeowners insurance policy and how you can maximize your savings before you sign anything. Home and car insurance super app Jerry has everything you need to know about Hawaii homeowners insurance.
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What is homeowners insurance? 

Homeowners insurance policies provide legal and financial protection for both your home and what it contains. These policies give coverage for personal liability, property damage, and losses or accidents at the property.
In the United States, homeowners insurance costs an average of $115 per month or $1,387 annually

Basic components of homeowners insurance

Standard homeowners insurance policies contain the following components: 
  • Coverage A (Structure): Covers cost of repairs or replacement of the house
  • Coverage B (Additional structures): Covers cost of repairs or replacement of other structures found on your property such as sheds or fences
  • Coverage C (Personal property): Gives financial coverage for destruction or loss of personal property, specifically items like furniture, jewelry, appliances, and more
  • Coverage D (Additional expenses): Also known as loss of use, this coverage pays for living expenses (food, hotel room, etc.) needed if you lose all or part of your home
  • Coverage E (Personal liability): If someone is hurt at your home, this insurance covers litigation costs
You will be able to choose between a homeowners policy that covers either the actual cash value (ACV) of the property at the time of the loss or one that covers the replacement cost, which is the price to replace the property with a comparable substitution. 
Usually, insurance companies require homeowners to have a policy that at least 80% of the replacement cost of their home.   

Named perils

With home insurance, unfortunately, there is no one-size-fits-all comprehensive coverage policy. Homeowners insurance policies will only cover the named perils listed within the policy unless you have specific endorsements or coverages. Named perils in home insurance usually include the following: 
  • Wind
  • Hail
  • Lightning
  • Fire
  • Hurricanes
  • Riots
  • Theft
  • Vandalism
  • Explosions
  • Falling objects
  • Damage from vehicles
You will need to read over your individual homeowners policy to see what is and is not covered.

Is homeowners insurance required in Hawaii?

Homeowners insurance is not required by law in Hawaii, but your mortgage lender will most likely require it. Lenders typically require homeowners with a mortgage to have home insurance as long as they have the mortgage. Banks also will need homeowners to hold hurricane insurance in order to get approved for a mortgage.

How to get homeowners insurance

Whether you’re a first-time homeowner or you’re looking to change things up with your insurance, the easiest way to shop is by comparing quotes from multiple providers (using Jerry makes it easier than ever to compare rates!)
Remember to always get a homeowners quote from your auto insurance company. The premium might be higher than expected, but you might be able to bundle your auto and home insurance policies to save money. Most insurance providers offer bundling discounts anywhere from 5%-25%, so checking out your options is worth your time.
Homeowners in Hawaii have three primary perils to insure their homes against—volcanoes, hurricanes, and wildfires. Basic homeowners insurance policies should cover homes against fire damages (including volcanoes) and hurricanes, but in Hawaii, some carriers may exclude hurricane coverage
Here are a few things homeowners in Hawaii can do to protect their homes against hurricane and tropical storm damage if their insurance carrier has excluded this coverage:
  • Buy a separate insurance policy from a specialty insurer for hurricane and tropical storm damage.
  • Look into purchasing flood insurance through the National Flood Insurance Program (NFIP) or the private flood insurance marketplace.
  • HO-5 or open perils policies can protect against any peril unless they are specifically listed under exclusions.

Why is homeowners insurance in Hawaii so affordable?

The average homeowners insurance in the United States costs $1,387 per year. In Hawaii, the average rate of homeowners insurance is significantly lower at around $376 per year for $250,000 in dwelling coverage. 
Home insurance rates are based on several factors, including marital status and credit history, which will vary amongst homeowners. Let’s take a look at why the Aloha State has lower premiums than other parts of the country. 

Hurricanes

Hurricanes can cause significant damage to homes and are a common insurance claim made in Hawaii. Since homeowners in Hawaii with a mortgage are required to have a separate, specialized insurance policy to cover damage from hurricanes and tropical storms, this may contribute to the lower rates of homeowners insurance policies. 

Earthquakes

Earthquakes are a common cause of loss in Hawaii. In October 2006, there were two earthquakes (measured at magnitudes of 6.0 and 6.7) within minutes of each other that damaged 1,173 homes. Damage caused by earthquakes is typically excluded from homeowners policies, so it is usually bought as an endorsement or a completely different policy. This may also play a role in the lower prices of home insurance in Hawaii.

Homeowners insurance discounts in Hawaii

Insurance companies usually have a variety of discounts available for their clients. The table below has examples of general discounts for homeowners insurance:
DiscountHow to get it
BundlingBundling home and auto insurance could result in a significant discount on both of your policies.
First-time homeownerIf this is your first home purchase, most insurance providers will offer you a policy at a discount.
Claims-freeYou may be eligible for a discounted insurance rate if you go without any claims on your policy for a certain length of time (generally a few years).
Storm proofingIf you feel like doing some DIY home improvement, installing certain hurricane safety features (storm windows, roofing, etc.) may get you a discount.
Security systemSecurity systems might persuade your insurance provider to add a discount to your homeowners insurance premium.
Upgraded fire alarmThe insurance company could give you a discount for a shorter response time from the fire department if you set up your fire alarm to contact them directly in case of emergency.

How to save on home and auto insurance

It may be intimidating to shop for homeowners insurance, but it doesn’t need to be a stressful process. Jerry makes it easy to get quotes catered to your needs as a homeowner.
Jerry is a licensed insurance broker that will compare quotes from over 50 top providers to find the best policy for you. When you’ve found the right policy, Jerry will handle everything from getting you signed up to helping you cancel your old policy. No matter what stage of homeownership you are in, you’re getting the right coverage with the most savings with Jerry.
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FAQs

Hurricane insurance is not legally required in Hawaii. However, some insurance carriers exclude hurricane coverage from their basic homeowners insurance policies, so you will need to buy an additional policy. If you have a mortgage, the lender will most likely require you to have extra coverage against hurricane damage.
Homeowners insurance rates vary based on multiple factors, but they are still more affordable than policies in other states. The average homeowners insurance policy in Hawaii costs $376 annually or a little over $31 per month.

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