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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.
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.
|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|
|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.
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.
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:
|Rank||Company||Financial Rating||Market Share|
|1||Tokio Marine Holdings Inc.||A++||10.2%|
|7||Ocean Harbor Group||B||3.8%|
|9||MS & AD Insurance Group||NR||3.3%|
Insurance companies use several parameters to calculate your homeowners insurance rates. Some of these factors, like insurance claims history, are specific to you and your home. Other factors, like weather risks, affect Hawaii homes.
How much you’ll pay for insurance depends on your home. Specifically, insurers focus on a few important characteristics:
If you file a claim, your rates go up. It’s that simple. Claims stay on your record for five to seven years. Filing multiple claims during that time span can make your rates skyrocket. Some companies even refuse to cover homeowners with multiple recent claims under their belt. That’s why homeowners avoid filing any unnecessary claims.
Your home insurance policy price depends on how much coverage you want. Every policy is customizable, and you can buy more (or less) coverage depending on your personal needs. For example, if you own expensive jewelry or collectables, you’ll want to add a rider. If you have considerable assets or a high net worth, you’ll want extra liability or an umbrella policy. And if you have a large home, you’ll want strong structure coverage. 20.7 percent of Hawaii homes have five rooms.
Your credit score plays a big role in determining your insurance rates. Companies look at your credit score when calculating your rates. People with bad credit scores pay more for homeowners insurance. Hawaii has the 10th best average credit score in the country.
HI is the 40th most natural disaster-prone state in the country. Areas with high weather risks have higher than average homeowners insurance rates. Because it is a collection of islands, Hawaii is exposed to bouts of problematic weather.
No matter where in the islands you live, you could encounter one of these natural disasters:
In Hawaii, there is a high chance of flooding and earthquakes. Homeowners insurance doesn’t cover flood or earthquake damages. Make sure to buy separate policies before a storm hits. According to the Hawaii Emergency Management Agency, there are steps you can take to limit damage caused by natural disasters:
Property crime hurts both your safety and your insurance prices. Areas with a high property crime rate also have high homeowners insurance rates. HI has the 15th highest property crime rate in the country. In 2017, the state had an average property crime rate of 2,829.5 per 100,000 residents.
But property crime rates vary depending on where in HI you live. For example, Kailua has an annual average of 20.41 property crimes per 1,000 residents. Hilo, on the other hand has an average of 38.6 property crimes annually per 1,000 residents.
Similar to preparing for a storm, there are steps you can take to prevent a burglary in your home. These include: alarms, security cameras, deadbolt locks, and more.
Homeowners have several policy options when it comes to shopping for home insurance. In HI, you can choose from these insurance types:
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