costs $117 per year. At this price, you’ll get coverage for personal liability, personal property, additional living costs, and medical payments in the unfortunate instance someone is injured in the rental.

You’ve signed a lease on a brand new apartment, what comes next? Chances are that buying insurance was not at the top of your list, but renters insurance is great to have. Buying renters insurance is an easy and affordable way to secure both legal and financial safety against accidents or losses at home.

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, renters, and

car insurance

super app

Jerry

has gathered all of the important information you need to know about

renters insurance

in Hawaii. Here are the basics of renters insurance—including how to build a policy based on your needs and how you can maximize your savings by bundling auto and renters policies.

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What is renters insurance?

Renters insurance is an insurance policy that covers your property against damage, theft, certain natural disasters, bodily injury, or other incidents within a rental.

Standard renters policies usually include these coverages:

Property coverage (Coverage C): If your belongings are demolished by a covered event or peril, this part of your policy will cover the actual cash value (ACV) or replacement cost of them

Loss of use coverage (Coverage D): This coverage will pay for living expenses, such as lodging or food, needed because your home was damaged. It is also known as additional living expenses or ALE

Personal liability coverage (Coverage E): This section of renters coverage will pay the amount you are legally compelled to pay if someone is injured or has their property damaged while at your home. Attorney and court fees are included in this coverage

Medical payments (Coverage F): If someone is injured at your home, this insurance will cover their medical expenses

It is a good idea to take an inventory of your belongings to determine the level of property coverage you will want. The landlord may set a minimum requirement for liability insurance, which is typically at the $100,000 level.

What does renters insurance cover?

Only the specific perils listed within the policy itself are covered by your renters insurance. Covered perils can vary by location, but the following generally are covered by renters policies:

Theft

Vandalism

Frozen plumbing

Lightning

Windstorm

Hail

Fire

Explosion

Impact by a vehicle

Falling objects

Renters insurance policies can cover all of these and even more, however, there is the possibility your policy could have fewer covered perils.

It is important to read through your renters policy so you are aware of what is covered. For example, renters insurance in Hawaii generally excludes damage caused by flooding due to natural disasters. Flash floods can happen in the Aloha State, and it is recommended to buy flood insurance through the National Flood Insurance Program (NFIP).

What does renters insurance not cover?

Renters insurance policies provide excellent protection, but not everything in your home will be covered by a standard policy. These items will not be covered by renters insurance:

Valuables: Your mother’s necklace and your Captain America comic book collection possibly won’t be covered by your renters insurance. Additional coverage is usually required for items such as jewelry or expensive collectibles

Vehicle:

Car insurance

is required to protect your car. Renters insurance will not protect your car even if it is located on the rented property

Work-related items: If you work from home, any items associated with a business may not automatically be covered under renters insurance. You may need to buy a separate policy

MORE:

Car insurance in Hawaii

Key Takeaway: Renters insurance provides financial protection for your belongings, as well as legal protection if any incidents occur at your home.

Is renters insurance required in Hawaii?

In Hawaii, renters insurance is not required by law. Your landlord may require a renters insurance policy on your lease with a minimum level of liability coverage. It is still a good idea to buy a renters policy if your landlord doesn’t require it to protect you both financially and legally.

The good news is renters insurance is pretty affordable. Pricing can change from one year to the next, but Hawaii renters insurance tends to fall around 26% less than the national average. You can expect your monthly bill—for a policy that could potentially pay thousands of dollars—to fall just below $10!

How to build a Hawaii renters insurance policy

Building your renters insurance policy is simple. First, you need to complete a personal asset inventory for all rooms. For electronics, art, appliances, and furniture, take down the following:

Serial number (if listed)

Brand number

Quantity

Purchase price

Purchase date

Take photos of your belongings. If you need to file a claim, the claims process will be far easier with documentation.

Choose your personal liability limit. Renters coverage is not required by law in Hawaii, but your landlord may require a certain number for liability insurance (usually around $100,000).

Double-check the weather events covered in your area. Personal property insurance in Hawaii usually covers any damage from events such as lightning or windstorms.

Actual cash value vs. replacement cost

One decision you will need to make regarding your renters insurance is between a policy covering the actual cash value (ACV) of your property at the time of the incident or a policy that will cover the replacement cost instead.

Can’t tell the difference? Say you bought a plush sofa four years ago for $900, but a building fire damaged your beautiful couch. If you have a renters policy with ACV coverage, you’ll be able to claim what the couch was worth after depreciation—probably around $300. However, a renters policy with replacement costs means you would be able to claim the full $900 to buy a replacement couch.

Obviously, a replacement cost renters insurance policy sounds like the best option, but your premiums will be higher. Assess the risk level of your location, in addition to your needs, to determine which kind of coverage you want to choose.

MORE: The difference between replacement cost and actual cash value (ACV)

How to find cheap renters and car insurance

It’s not difficult to find cheap renters insurance, but you can save even more by bundling renters and auto policies together. Most insurance companies offer discounts ranging from 5% to 25% off both policies if you bundle them.

Finding the best bundling deal for auto and

renters insurance

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FAQs

Is renters insurance worth it?

In most cases, renters insurance is worth it. It is one of the most affordable insurances on the market, plus it gives a broad level of coverage regarding personal liability and property damage.

What is the average cost of renters insurance in Hawaii?

Insurance rates change yearly, but renters insurance in Hawaii is usually around $58 less than the national average price of $173 per year. For a renters insurance policy in Hawaii, you can expect to pay around $117 per year.

You could save 15% or more on renters insurance by bundling

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