Hawaii Home Insurance

Last Updated on September 29, 2020 by Andrew Lee

Your home is most likely the costliest, the biggest investment you have or will ever make in your lifetime. This said you should do your best to protect it from damages or losses. However, there are certain situations out of your control, such as natural phenomena or accidents that may compromise its structural integrity and livability.

This is why a Hawaii homeowners insurance policy plays an extremely important role in your life. When you have your home properly insured, you can rest easy since you know your insurer will help you pay for costs associated with property damage/loss.

Hawaii homeowners insurance policy plays an extremely important role in helping a homeowner pay for costs associated with property damage/loss.

Average premiums for homeowners and renters insurance in Hawaii

In the United States, as the National Association of Insurance Commissioners (NAIC) recently revealed, the average homeowners and renters insurance premiums is $1,096.

Homeowners paid an average of $953 putting Hawaii at the 27th place with the highest insurance premiums

Renters, on the other hand, had a median expenditure of $215 putting the state at the 7th place in the same ranking

The monthly average, according to financial resource expert ValuePenguin, is $77.85.

Compared with the country’s average, there is a difference of .87%.

Policy coverages available in Hawaii

As the State of Hawaii’s Insurance Division reports, four out of the five available types of homeowners insurance policy forms come with six different coverage types. They are also divided into two sections. Section I includes Coverage A, which helps cover damages to the main house; Coverage B, which provides coverage for other structures, such as garages and storage sheds; Coverage C, the coverage for personal property damage/loss; and Coverage D for additional living expenses.

Coverage E, which is the coverage for personal liability exposures, and Coverage F, which is basically medical payments, fall under Section II of a homeowners insurance policy in Hawaii.

Property damage/loss can make a huge dent on your finances. To prevent this from happening, you should purchase a robust Hawaii homeowners insurance policy as soon as you can.

Key Facts and Market Trends in Hawaii: A separate NAIC assessment studied each of the state’s key facts and market trends relating to the insurance industry. The study found that the State of Hawaii has a total of 46 domestic insurance companies in operation. With licensed foreign insurance companies included, the count totals to 1,101.

Hawaii’s insurance company settlement times

It’s important you set realistic expectations when filing a claim with your homeowners or renters insurance company after your home sustains major damage or you suffer from a major property loss incident. It takes quite some time for insurers to settle with their policyholders. According to United Policyholders, the waiting period for repairs, rebuilding, or replacements can last anywhere from 18 to 24 months.

The homeowners insurance policy types in Hawaii

In the State of Hawaii, there are three types of homeowners policy forms. These include the “Basic Form,” or HO-1, also called “Peril Coverage;” the “Broad Form,” or HO-2; and the “Special Form,” or HO-3.

HO-1 provides coverage property damage/loss caused by certain types of natural phenomena such as windstorm and lightning, as well as fire. This is the most limited form of policy available.

HO-2 includes the HO-1 coverages, but it also insures your home and personal property that may sustain damages caused by falling trees, steam, and water.

HO-3, also known as “Open Peril Coverage,” covers almost everything (including those covered by HO-1 and HO-2), with the exception of certain perils, such as those brought about by flooding, sewer backups, hurricanes, and earthquakes among several others.