How to get affordable insurance for your home in Hawaii

 

If you're looking for a cheap homeowners insurance policy in Hawaii, we recommend comparing rates from as many insurers as possible.

Learn more about average home insurance rates in Hawaii by referencing the below data tables. And remember: your rates may vary, depending on your coverage limits.

 

Hawaii homeowners insurance — table of contents:
  1. Best cheap companies
  2. Bundling options
  3. Rates by deductible
  4. Rates in major cities
  5. Rates by coverage level
  6. FAQs
  7. Earthquake and flood insurance info

 

The 5 cheapest home insurance companies in Hawaii

Homeowners insurance rates in Hawaii differ based on the insurance company you choose. Allstate provides the cheapest homeowners policies in Hawaii, at just $272 annually. This is less than Hawaii's average cost of $442, providing a $171 discount on rates typical to the state.

Start looking for a home insurance policy by reviewing the cheapest Hawaii insurance companies, listed below.

 

THE MOST AFFORDABLE HOMEOWNERS INSURANCE COMPANIES IN HAWAII
CarrierAverage Yearly Rate in Hawaii
Allstate$272
Universal Insurance$322
Liberty Mutual$419
First Insurance$428
State Farm$474

 

Home and auto insurance bundles in Hawaii

If you want to save, consider carrying your home and auto policies with the same insurance company. Bundling auto and home insurance in Hawaii can save you a decent amount each month on car insurance. In fact, bundling policies in Hawaii leads to average annual savings of $62.

 

HOME AND AUTO INSURANCE BUNDLING SAVINGS IN HAWAII
Avg. Annual Rate (No Bundle)
Avg. Annual Rate (w/ Bundle)
Annual Savings ($)
Annual Savings (%)
$1,004
$942
$62
7%

 

 

Homeowners insurance costs at common deductible levels in Hawaii

Among the options homeowners face when shopping for coverage is how high or low to set their deductible. A deductible is the amount for which a homeowner is responsible before the insurer will cover a claim. Where you choose to set your homeowners deductible is linked to how much you will pay for insurance.

A good rule of thumb is: the lower your deductible, the higher your premium will be. As such, if you want lower insurance rates, aim for a higher deductible. Bear in mind that your homeowners deductible should not be set at an amount that you would have difficulty paying in the event of a loss.

Below are some standard deductibles offered on most home policies and their corresponding average insurance premiums.

 

HOME INSURANCE COSTS BY DEDUCTIBLE IN HAWAII
Deductible AmountAverage Annual Home Insurance Rate
$500$417
$1,000$370
$1,500$362
$2,000$343
$5,000$301

 

Hawaii home insurance costs by city

Not every city in Hawaii has equal homeowners insurance rates. Pricing may depend on locally specific variables such as the number of local claims filed, giving your ZIP code weight in deciding how much you pay.

The cheapest homeowners insurance in Hawaii is available in Honolulu. The average homeowners insurance policy in Honolulu costs just $425 per year — $17 less than the average policy in other Hawaii cities. The below cities boast the most affordable home insurance in Hawaii.

 

AFFORDABLE HOME INSURANCE BY CITY IN HAWAII
CityAverage Yearly Home Insurance Rate
Honolulu$425
Ewa Beach$427
Royal Kunia$427
Halawa$427
Schofield Barracks$427

 

Home insurance prices in Hawaii by coverage amount

How much you pay for home insurance coverage is greatly affected by the level of coverage you choose. In Hawaii, maintaining $100K dwelling coverage costs an average of $223 per year, while carrying dwelling coverage up to $400K costs $590/year.

 

HOMEOWNERS INSURANCE RATES IN HAWAII — COMMON COVERAGE TIERS
Coverage LevelAverage Annual Premium
$100,000 Dwelling$223
$200,000 Dwelling$303
$250,000 Dwelling$370
$400,000 Dwelling$590

 


 

Hawaii homeowners insurance FAQs

 

Are homeowners insured against lava damage in Hawaii?

This can vary by company. If you live in a high-risk area, it's likely you will need to add lava coverage. Double-check your policy to ensure you have coverage.

Is it illegal to not have home insurance in Hawaii?

Although it's not illegal to forgo coverage, you may be required to carry coverage if you have a mortgage. Otherwise, there is no state law requiring home insurance in Hawaii.

 


 

Home insurance and earthquakes in Hawaii

Hawaii faces an estimated 33 earthquakes every year. Residents of The Aloha State should consider adding earthquake insurance.* This type of protection is not a regular feature in most insurance policies. Earthquake coverage comes in the form of a scheduled endorsement to your current policy, covering losses that result from land movement.

Aftershocks are another serious concern when it comes to earthquakes. An aftershock can be quite powerful, and often continue causing damage long after the initial event. Fortunately, having this coverage means that you pay only one deductible for losses that results from the initial seismic event as well as all related aftershocks that happen within a period of 72 hours.

For those who live in regions known for earthquakes, you can expect that your homeowners insurance rates will be more expensive. This is especially true in areas with the highest probability of a quake. While most typical insurance companies don’t offer earthquake coverage, options exist in seismically-active states. Companies in Hawaii sometimes offer endorsements that can cover earthquake damage. Bear in mind, deductibles for earthquakes are typically higher than for standard perils listed in your homeowners policy. In Hawaii, you can expect to pay an additional $122 per year for an earthquake insurance endorsement.

Below you can find a list of the best earthquake insurance options in Hawaii. These figures should be treated as estimates — seek out one of the companies for rates specific to your property.

 

CHEAP HOMEOWNERS EARTHQUAKE COVERAGE IN HAWAII
CompanyAverage Annual Earthquake Insurance Rate
Universal$253
Allstate$340
Ocean Harbor$385
American International$424
Liberty Mutual$439

 

*Source: United States Geological Survey

 

Does home insurance cover flood damage in Hawaii?

Flood damage— no matter the circumstances under which it occurs —is not covered by homeowners insurance policies. To ensure your home is covered, you should buy flood coverage from a private flood insurance company or through the National Flood Insurance Program (NFIP).

Flood insurance coverage from private companies may vary, but if you buy through the NFIP you are allotted coverage for:

  • $250, 000 structural coverage
  • $100, 000 personal property coverage

If the value of your home and personal property exceed these limits, look into acquiring a policy from a private company for additional protection.

Flood insurance is especially important in Hawaii, which suffered $821,843 in 2016 flood insurance claims, according to data from FEMA.

 

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Ross Martin
Ross Martin LinkedIn

As a licensed insurance agent, Ross is responsible for researching and writing about all matters related to insurance. He has a background in writing and education, as well as a master's degree from Royal Holloway, University of London. He has been quoted by CNET, iDriveSafely.com and Kin Insurance.

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