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What type of insurance do you need?
On average, American homeowners pay $1,173 per year for their home insurance coverage. However, in Hawaii, the average annual premium is lower at just $1,102 a year.
Even though the price you are paying for home insurance may seem like a lot of money, having this coverage is important because hazards like severe weather events, fires, and property crimes can result in expensive losses for Hawaii homeowners who are not insured.
Your home insurance policy is designed to cover you against many of the hazards you are likely to face as a property owner in Hawaii. Whether your looking at costs related to a fire, a windstorm, or a rash of burglaries, you're covered if you have a suitable Hawaii homeowners insurance policy.
Let’s look at the kinds of coverage your Hawaii homeowners insurance policy can provide:
We can’t be 100% certain, but last year alone, insurance companies paid out more than $98 million in home insurance claims in the state of Hawaii alone. That's a lot of unfortunate events happening to homeowners in the Aloha State!
Insurance companies base their home insurance rates on the value of your property and how likely it is that something bad will happen to it. The higher the probability that a damaging event will affect your home or property, the more expensive your homeowners insurance policy will be.
These potential damaging events are called "risks” or “exposures.” Let’s take a look at how risky Hawaii is compared to the rest of the United States:
The burglary rate in Hawaii is higher than the national average. Insurance companies will look at crime rates in your particular ZIP code when they are calculating how high your premiums will be.
Several insurance companies offer policy discounts to homeowners who have burglar alarms, deadbolt locks, and other security features installed in their homes. Talk to a local independent agent to learn whether you qualify for this or any other discount.
Severe weather events, including hurricanes and severe storms, can wreak havoc on residential properties in this state. Be sure that your home insurance provides all the coverage you need before disaster strikes.
Hawaii property owners have some risks that may require specialized insurance policies or riders on their home insurance coverage. These include volcanic eruptions, lava flows, earthquakes, mudslides, tsunamis, and floods. A local independent insurance agent can help you be sure you have all the coverage you need.
The size of your house can affect your homeowners insurance rates, since larger homes tend to have more personal property inside them. The estimated cost to rebuild your house will also play a large role in how much your home insurance costs.
Although the average home value in Hawaii is much higher than the national average, these houses tend to cost a lot more per square foot. This means that these houses tend to have lower contents coverage needs than their value might otherwise indicate, and it helps to keep insurance costs affordable for many residents.
No single insurance company can be considered “best” for everyone.
That is why independent agents compare policies and rates from multiple competing insurers. That way, they are able to find the policy that is best able to meet your coverage and budgetary needs.
Yes! There are currently 34 independent insurance agents in Hawaii who are ready to help.
Independent insurance agents work for you, not for a particular insurance company. This means they are free to work with several different insurance providers to find you the best rate for coverage. Contact an independent insurance agent near you for help obtaining a comprehensive, yet competitively priced, homeowners insurance policy.
National average burglary rate 4.69 per 1,000 homes
National average home value $188,900
National average home insurance cost $1,173 year
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