Compare Homeowners Insurance Quotes In Hawaii

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Best Home Insurance Rates 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

Hawaii is slightly below the national average when it comes to average home insurance rates. According to the most recent available data from the Insurance Information Institute, in 2014, the average cost of homeowners insurance in the state of Hawaii was $1,018 slightly lower than the national average of $1,132. There are 21 states that have higher average home insurance rates than Hawaii.

Hawaii Average Annual Homeowners Insurance Rates
  2012 2013 2014
Hawaii Annual Average $957 $953 $1,018
Hawaii Price Per Month $80 $79 $85
US Annual Average $1,034 $1,096 $1,132
US Cost Per Month $86 $91 $94
National Rank 22 22 22
Source: http://www.iii.org/fact-statistic/homeowners-and-renters-insurance

Choosing a homeowners insurance company in Hawaii should be easier. Actually, it’s already easy; you could just go with whichever company your mortgage lender recommends, but you probably won’t get the best rates that way. The key to finding the best rates is to compare homeowners insurance quotes in Hawaii from multiple companies.

Best 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.

  1. Allstate Insurance
  2. Geico
  3. Liberty Mutual
  4. Farmers
  5. American Family
  6. Progressive Casualty
  7. USAA
  8. AAA Insurance Co.
  9. Country Financial
  10. Hartford Insurance Co.
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Why contact every individual company in Hawaii that you want a homeowners quote from when you can just answer a few questions about your home and desired coverage, and get competing quotes from agents? Save time and money with QuoteWizard.

Hawaii Home Insurance Company Market Share

Source: Insurance Information Institute
Rank Company Direct Premiums Written (in thousands) Market Share
1 Tokio Marine Holdings Inc. $223,090 10.2%
2 Geico $158,467 7.3%
3 United Service Automobile Assurance Co. $120,054 5.5%
4 Island Insurance Co. $118,029 5.4%
5 American International Group $102,520 4.7%
6 Allstate $82,183 3.8%
7 Ocean Harbor Group $82,005 3.8%
8 Liberty Mutual $79,074 3.6%
9 MS & AD Insurance Group $72,075 3.3%

Financial Strength Ratings of Top Hawaii Home Insurers

Source: A.M. Best (Ratings as of 8/5/2015)

  • Tokio Marine Holdings Inc.: A++
  • Geico: A++
  • United Service Automobile Assurance Co.: A++
  • Island Insurance Co.: A
  • American International Group: A
  • Allstate: A+
  • Ocean Harbor Group: B
  • Liberty Mutual: A
  • MS & AD Insurance Group: NR
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Rating Guide

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, 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, because the likelihood that someone will need to file a claim is higher. According to data from the FBI Uniform Crime Report, in 2013, Hawaii’s average burglary rate was 536.5 per 100,000 people, which is much lower than the national average of 610.0 per 100,000.

Home Insurance Hazards

While Hawaii’s tropical climate keeps it beautiful year-round, 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 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 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, and 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 Office of the Insurance Commissioner

Website:
Homepage
Insurance Commissioner:
Gordon 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:

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