Compare Homeowners Insurance In Hawaii
The Hawai’ian islands offer beautiful beaches, world-famous surfing, and a rich indigenous culture. Hawaii was the birthplace of President Barack Obama and the steel guitar. However, the volcanic islands of The Aloha State contain some major homeowners insurance hazards too.
Average Hawaii Homeowners Insurance Rates
How much is home insurance in Hawaii? Hawaii is slightly below the national average when it comes to average home insurance rates. The average cost of homeowners insurance in the state of Hawaii was $1,014 slightly lower than the national average of $1,173. There are 22 states that have higher average home insurance rates than Hawaii.
| 2013 | 2014 | 2015 | |
|---|---|---|---|
| Hawaii Annual Average | $953 | $1,018 | $1,014 |
| Hawaii Price Per Month | $79 | $85 | $84 |
| US Annual Average | $1,096 | $1,132 | $1,173 |
| US Cost Per Month | $91 | $94 | $98 |
| National Rank | 22 | 22 | 29 |
| Source: Facts + Statistics: Homeowners insurance | |||
The graph below shows the change in average Hawaii home insurance rates from 2011 to 2015, the most recent year the data is available. According to the III, Hawaii homeowners insurance rates increased from $907 in 2011 to $1,014 in 2015, a jump of $107 dollars, or 11.80 percent.
Choosing a homeowners insurance company in Hawaii should be easier. Actually, it’s already easy. The key to finding the best rates is to compare homeowners insurance quotes in Hawaii from multiple companies.
Most Popular Hawaii Home Insurance Companies
Last year, these were the 10 most common home insurance companies reported by QuoteWizard users living in the state of Hawaii. Out of the 1,481 Hawaii homeowners that used QuoteWizard to request insurance quotes last year, 75 had no home insurance.
- Allstate
- GEICO
- Liberty Mutual
- Farmers
- American Family
- Progressive
- USAA
- AAA
- Country Financial
- Hartford
Best Homeowners Insurance Companies in Hawaii
The above list shows the most popular home insurers in Hawaii according to our users. But popular doesn’t always mean best.
Our study on the Best Homeowners Insurance Companies focuses on top of the line companies. In no particular order, these companies stand out among the rest:
- Amica: Best Overall
- MetLife: Best for Bundling
- Allstate: Best for Local Agents
- Hartford: Best for Seniors
- State Farm: Best for Pet Owners
- Travelers: Best for Flexible Policies
- Nationwide: Best Replacement Coverage
- Farmers: Best for Eco-Friendly Homes
- Liberty Mutual: Best for Quick and Easy Quotes
- Auto Owners Insurance: Best Claims Experience
Hawaii Home Insurance Company Market Share
| Rank | Company | Financial Rating | Market Share |
|---|---|---|---|
| 1 | Tokio Marine Holdings Inc. | A++ | 10.2% |
| 2 | GEICO | A++ | 7.3% |
| 3 | USAA | A++ | 5.5% |
| 4 | Island Insurance | A | 5.4% |
| 5 | AIG | A | 4.7% |
| 6 | Allstate | A+ | 3.8% |
| 7 | Ocean Harbor Group | B | 3.8% |
| 8 | Liberty Mutual | A | 3.6% |
| 9 | MS & AD Insurance Group | NR | 3.3% |
Hawaii Home Insurance Rate Factors
Many different factors come into play when insurance companies calculate the cost of homeowners insurance. Some, like the age of your home, are within your control. Others, like crime rates or natural disasters, are beyond your control. Here are some of the factors that affect the cost of homeowners insurance in Hawaii.
Average Home Listing Prices
Home prices can greatly affect the cost of insurance in any given state. A higher average home price generally means higher premiums in that state. For Hawaii, the average listing price is $774,583 as of July 2015. That's more than two and a half times the national average of $284,748.
Average Burglary Rates
Burglary is a serious and sometimes violent property crime. States with higher average burglary rates generally have higher average home insurance premiums. That's because the likelihood that someone will need to file a claim is higher. In 2013, Hawaii’s average burglary rate was 536.5 per 100,000 people. That's much lower than the national average of 610.0 per 100,000.
Home Insurance Hazards
Hawaii’s tropical climate keeps it beautiful year-round. Even so, the archipelago does experience some weather events that could pose as homeowners insurance risks. Hawaii is known for having very little difference between summer and winter temperatures. But extreme weather does come into play on the islands’ climate.
Rainfall: Hawaii is the nation's rainiest state. The Big Island averages over 250 days of rain per year and receives an average of 100 inches of rain per year. In some spots in Hawaii, it rains more than half of days of the year. For example, Hawaii Volcanoes Park averages 290 days of rain a year--that’s the equivalent of once every 1.25 days! While not all of the islands are as wet, rain is a serious concern in Hawaii, especially during the winter. For example, Puukohola, also on the Big Island, only averages 40 days of rain per year. Rain usually comes in the form of light, frequent showers and is occasionally marked by towering clouds. This constant, mild rain is both a nuisance and a homeowners insurance hazard. The moisture created by this rain can build up and become trapped inside homes, leading to possible mold and mildew development.
Volcanic activity: Volcanic eruptions are a type of seismic activity. They are usually caused by a combination of tectonic plate movement and the movement of magma within the volcano. Volcanoes created the islands of Hawaii, and so volcanic eruptions are of serious concern. Hawaiian eruptions tend to be calm, with about half as much overall ejected material as other eruptions. Currently, only the Mauna Loa and Kilauea volcanoes remain active, and have not erupted in about 30 years. Interestingly enough, since the last eruption in 1983, Kilauea has experienced a continuous, very gentle state of near-constant eruption. Large or significant eruptions are often preceded by a series of small earthquakes. They're followed by a release of fluid lava called pahoehoe. You should discuss your policy’s volcano coverage with your insurance agent.
Tropical and Kona storms: In Hawaii, most major tropical storms occur between October and March. However, because of calm, cool island winds, these storms are rarely severe. Tropical storms bring winds that can be extremely high, though not as high as a hurricane. Kona storms are most common during winter, and they are characterized by more widespread, and longer-lasting rains. Kona storms bring about heavy rain, hail, landslides, and snow at high elevations. Hawaiians see two or three of these storms a year, which can last days, and as such can cause flooding. It is important to note that the only way to obtain flood insurance is through the National Flood Insurance Program. Learn more about the NFIP here. Kona storms also have a negative effect on the world-famous surfing industry, as they can cause swells, waterspouts, dangerous waves.
Hawaii Department of Commerce and Consumer Affairs - Insurance
- Website:
- Homepage
- Insurance Commissioner:
- Gordon I. Ito
- Insurance Hotline:
- (808) 586 – 2790
- Office Hours:
- Monday - Friday
7:45 am to 4:30 pm
- File a Consumer Insurance Complaint
- Complaint Page
Sources:
- A.M. Best Insurance Carrier Ratings
- NAIC--Home Insurance Market Share in Hawaii
- Average Home Insurance Rates in Hawaii
- Average Home Listing Price in Hawaii
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