Condos and townhomes give residents of Hawaii an affordable housing alternative to traditional homes. Cooperative-living housing complexes are usually found in convenient locations; they offer residents shared amenities like clubhouses, swimming pools and fitness centers as well as the benefit of hassle-free maintenance of common areas. And condo insurance is something owners should consider in order to protect their valuable investment. Reviewing condominium insurance quotes is the first step toward finding a policy that is both comprehensive and affordable.
Mean Price of a Condo/Townhouse in Major Hawaii Cities, 2011
- Honolulu: $662,491
- Pearl City: $462,503
- Hilo: $418,221
- Kailua: $516,260
- Waipahu: $669,895
- Kaneohe: $718,703
- Mililani Town: $400,691
What Is Condominium Insurance?
Also referred to as H06 insurance, condominium insurance is a specialized form of homeowners coverage. It meets the unique coverage needs of those who live in cooperative housing units. This insurance covers personal property and provides walls-in coverage of the home against a number of different hazards.
Condo and townhouse owners in Hawaii pay monthly dues to their condo association. The association maintains a master insurance policy designed to cover the physical structure of the buildings in the complex as well as all of the common areas. However, master policies do not provide coverage for damage that occurs within individual units, even if the damage is the direct result of problems with the building’s structure. That is where each individual owner’s condo insurance steps in.
Condo Insurance Can Safeguard You Against Liability Costs
Like traditional homeowners insurance, condo insurance can shield you from many types of liability costs. This coverage can ultimately save you thousands of dollars if someone sues you. Condo liability insurance can protect you against these costs:
- Third-party injuries or property damage that occurs inside your home
- Third-party injuries or property damage caused by your children or pets
- Costs associated with claims of libel or slander
- Costs associated with court and legal fees
Even if you are determined to be not guilty, it is possible that you will be responsible for a lot of legal bills in your defense, so it is important to have this valuable coverage.
Condo Insurance Can Cover Your Personal Property
Catastrophic events such as a fire or hurricanes can lead to damage or loss of your personal property. You should purchase enough insurance to fully cover all of your personal property, including such things as clothing, jewelry, furniture, décor and appliances. That way, if you have the misfortune of suffering a total loss in a covered event, you will be able to collect compensation in an amount that is suitable to purchase replacement property.
Most condo insurance policies have limits on how much coverage you can purchase under certain categories such as electronics, jewelry and art. Therefore, if you happen to own a lot of property under a particular category or own any extremely valuable items, you may need to purchase additional endorsements in order to achieve full coverage.
Hawaii Property Crime Statistics from Neighborhood Scout, 2013
- The per capita property crime rate in HI is lower than the national average crime rate.
- Burglars strike an average of 5.73 out of 1,000 residences in this state each year.
- By comparison, burglars strike 6.70 out of 1,000 residences nationally each year.
- There were approximately 8,000 burglaries in this state in 2013.
- The safest cities in Hawaii are Kalaupapa, Makaweli, Laupahoehoe and Waikoloa Village.
Condo Insurance Can Provide Coverage Against Property Crimes
Condominium and townhome complexes usually have gates or other types of secure entry systems such as buzz-in entry. Residents, therefore, do have some security against burglary and other property crimes. However, any time there are people living in close proximity to one another, criminals can find a way in. Because of their decreased risk of property crime, condo owners in safer areas such as Kalaupapa and Makaweli will likely pay lower insurance rates than those who own condos in areas such as Honolulu and Pearl City.
If someone burglarizes or vandalizes your condo or townhome, you should report the crime to the police as quickly as possible. Be sure to ask for a copy of the police report because you will need it when you file an insurance claim. Contact your insurance agent or call the insurance company directly, and give them the details regarding your lost or damaged property. Your insurer will dispatch an adjuster to determine how much compensation you are entitled to. The experience of a burglary can be a traumatic event, but having an insurance company behind you can provide a measure of relief.
Learn More About Condo Insurance in Hawaii
When you start shopping for condo insurance quotes for your home in Hawaii, an independent agent in the Trusted Choice® network may be able to help. These agents can answer your insurance-related questions and explain your coverage options. Quickly and easily, they can provide you with a variety of competitively priced policies from which to choose.
Contact a Trusted Choice agent with an office near you for more information, and start comparing insurance quotes for your condo.