Compare Homeowners Insurance In Hawaii
The average cost of homeowners insurance in Hawaii is $1,135. This comes out to $80 under the national average for home insurance. We looked at Hawaii's current home insurance market in order to help you get your best rates. After comparing and contrasting each company's premiums, policies and customer satisfaction reports, here's what we found:
- Lowest-cost home insurance premium: Allstate
- Second-lowest homeowners rates: Liberty Mutual
- Most popular: State Farm
- Best regional provider: First Fire & Casualty
How much does homeowners insurance cost in Hawaii?
The average monthly cost of home insurance in Hawaii is $95. Despite Hawaii being known for tropical storms and occasional volcanic eruption, neither of these threats occurs in any real frequency to be considered a high home insurance risk. That's part of why Hawaii has cheaper average insurance rates than the rest of the country.
The table below shows an overview of homeowners insurance rates in Hawaii from 2015 to today, along with national rate history for comparison. There have been slight increases in home insurance rates over the years.
| Today | 2017 | 2016 | 2015 | |
|---|---|---|---|---|
| Hawaii annual average | $1,135 | $1,102 | $1,026 | $1,014 |
| Hawaii price per month | $95 | $92 | $85 | 84 |
| U.S. annual average | $1,215 | $1,211 | $1,192 | $1,173 |
| U.S. cost per month | $101 | $101 | $99 | $98 |
| Note: Average rates for today are based on non-binding estimates provided by Quadrant Information Services. Your rates may vary. Data from 2015-2017 sourced from NAIC. | ||||
Homeowners insurance premiums in Hawaii may differ from provider to provider. Few home insurers have rates that are significantly lower than the state average, and the higher-than-average rates can be fairly high. A large reason for this is the high median cost of housing ($683,009) in Hawaii.
It's in your best interest to compare home insurance rates from different companies. Here is how the homeowners insurance premiums of some of the largest providers in Hawaii compare.
Best homeowners insurance companies in Hawaii
Allstate, State Farm, Liberty Mutual and First Fire & Casualty came out as our top choices for home insurance providers in Hawaii. Here's why:
Allstate: cheapest homeowners insurance rates
Allstate's average homeowners insurance premium in Hawaii is $552. This is less than half the state average home insurance rate of $1,135.
On top of an already low price, Allstate offers ways to save even more money on your annual premium. If you bundle your auto or life insurance policy with an Allstate home insurance policy, you can save up to 25% on your total yearly premiums.
Allstate also has a rating of 0.57 on the NAIC's Complaint Index. This index measures the yearly number of claim-based complaints a provider receives in relation to its size. The lower your complaint rating, the better. The national Complaint Index rating is 1.0, so this puts Allstate in a great position for dealing with policyholder issues.
Liberty Mutual: second-cheapest home insurance premiums
Liberty Mutual's average homeowners rate in Hawaii is $955 yearly, about 16% under Hawaii's average home insurance premium and about 20% under the national average.
Liberty Mutual also offers some rare discount options to reduce your yearly home insurance premium even more. You can get a discount if you insure your home for 100% of its replacement cost (which you should definitely do). It also offers inflation protection. This means it automatically adjusts the coverage limits of your home insurance policy at renewal time to keep up with inflation, as well as discounts.
State Farm: most popular company in Hawaii
State Farm holds 31.09% of the Hawaiian home insurance market share. This is impressive when you consider the next highest market share is Zephyr with 13.35%.
One of the main reasons for State Farm's popularity is its policy options. According to the website, you can save up to $854 when you bundle a life or auto insurance policy with your home insurance. Also, you can save on your home insurance premium if you install impact-resistant roofing, which is an excellent idea when dealing with Hawaii's tropical rains.
Looking at how State Farm stacks up with insurance industry rankings also gives a great indicator of its popularity. State Farm received four out of five Power Circles for overall customer satisfaction in J.D. Power's 2019 U.S. Home Insurance Study.
Furthermore, State Farms holds a low 0.20 score on the NAIC Complaint Index. State Farm's average homeowners insurance rate of $1,126 also comes in under the state premium average.
First Fire & Casualty: best local home insurance provider
Hawaii-based First Fire & Casualty, a subsidiary of First Insurance Company of Hawaii, deals with home insurance for residents of Hawaii who want a provider that's closer to home. While First Fire & Casualty's average home insurance rate of $1,264 is above the state average premium, it also has the second-highest market share in Hawaii at 6.73%
AM Best, a credit rating organization, gives First Fire & Casualty an A+ for its financial strength, reflecting its capability to pay out on claims.
Biggest homeowners insurance companies in Hawaii
Here's a breakdown of the homeowners insurance market in Hawaii:
| Company | Market share | 2019 J.D. Power overall satisfaction rating | NAIC Complaint Index (lower is better) |
|---|---|---|---|
| State Farm | 31.09% | 4/5 | 0.20 |
| First Fire & Casualty | 6.73% | - | - |
| Allstate | 5.84% | 3/5 | 0.57 |
| Liberty Mutual | 3.82% | 2/5 | 0.40 |
| Hawaiin Insurance & Guaranty | 2.77% | - | - |
| Commerce & Industry | 2.61% | - | - |
Homeowners insurance rates in Hawaii by city
As you can see, there isn't a large difference between home insurance premiums on the city level. Due to Hawaii's small geographical size, the cities are fairly close together. This results in similar rate averages.
| City | Average home insurance rate |
|---|---|
| Honolulu | $1,121 |
| Pearl City | $1,121 |
| Hilo | $1,146 |
| Kailua | $1,133 |
| Waipahu | $1,121 |
| Kaneohe | $1,121 |
| Mililani | $1,121 |
| Kahului | $1,146 |
| Ewa Gentry | $1,121 |
| Kihei | $1,146 |
| Makakilo | $1,121 |
| Note: Average rates are based on non-binding estimates provided by Quadrant Information Services. Your rates may vary. | |
Homeowners insurance rates in Hawaii by county
Here’s an overview of homeowners insurance rates across Hawaii's counties. Much like home insurance rates across Hawaiian cities, you're not going to see a wide difference in premiums due to how close the counties are to each other:
| County | Average home insurance rate |
|---|---|
| Hawaii | $1,146 |
| Honolulu | $1,121 |
| Kalawao | $1,146 |
| Kaui | $1,146 |
| Maui | $1,146 |
| Note: Average rates are based on non-binding estimates provided by Quadrant Information Services. Your rates may vary. | |
Methodology
We compiled quotes for every ZIP code in Hawaii from six of the top insurers. We based our analysis on Allstate, Liberty Mutual, State Farm, First Fire & Casualty, Hawaiian Insurance & Guaranty and Commerce & Industry. We gathered quotes for a home worth $683,009 built in 1981 and owned by a 61-year-old. These are the median home value, construction date and homeowner age in Hawaii.
We picked the insurers for our study using S&P Global Market Intelligence, which ensured results as localized to Hawaii as possible. The largest subsidiary in Hawaii of every insurer was taken as a representative for the company.
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