Millions of people visit Hawaii every year providing a variety of rental opportunities for the more than 1.4 million residents in the state. Hawaii law gives more rights to tenants than landlords, so it's important to be protected where you can with landlord insurance.
Whether you're renting to visitors or locals, a local independent insurance agent can answer your questions about coverage and help you find the best landlord insurance in Hawaii.
How Much Does Landlord Insurance Cost in Hawaii?
Landlord insurance is designed to provide protection for your specific needs. Someone who owns a 250-unit apartment complex in Maui will have different coverage needs than a family home rental on Kauai.
Insurance carriers in Hawaii will consider several factors when determining insurance quotes, including:
- Coverage amount
- Type of coverage
- Property size
- Property age
- Weather risks
- Local crime rates
- Property amenities
- Safety measure
- Whether the property is up to code
Landlords can expect to pay between 15% and 25% more on coverage than homeowners insurance. In Hawaii, the average homeowners coverage is $1,102 a year. Most owners will qualify for discounts that your local agent can help you discover.
Is Landlord Insurance Required in Hawaii?
Landlords and tenants each have a long list of responsibilities and rights that they should be aware of, but having insurance as a landlord is not required by law.
Even though it is not required, many events are out of your control that can cause financial damage to your rental. Whether it's a fire or burst pipes, without coverage you'd be left paying for damage and repairs out of pocket.
Even more, you need to think about your tenants and any possible scenarios that could arise. Should a tenant sue you for property damage or injury, without coverage you'd be left financially exposed.
How Does Landlord Insurance Protect Me in Hawaii?
Landlord insurance provides protection through three main coverages.
- Property damage coverage
- Liability insurance
- Loss of income insurance
Through these policies, you receive coverage against a variety of potential risks:
- Slip and falls on the property
- Damage from fire, severe storm, vandalism, theft, and other perils
- Loss of rental income
- Third-party property damage
From there you can add additional policies to protect you against specific threats to your property or unique situations.
What Does Landlord Insurance Cover in Hawaii?
Through the policies listed above, plus additional coverage options, you'll receive the following comprehensive coverage.
- Property insurance: This covers property including the structure, piping, electrical, and flooring. Property insurance is designed to cover property that belongs to the landlord and will extend to any damage caused by a tenant.
- Liability coverage: Covers lawsuits claiming that an action or inaction caused injury to the tenant or a visitor. It will also cover third-party property damage.
- Loss of use: Helps to replace any lost income from tenants as a result of a covered disaster, such as a weather-related event.
- Umbrella insurance: Offers you extra liability above and beyond what your standard liability policy offers.
- Flood insurance: Pays for any damage that is caused by natural floodwaters.
The bigger your rental unit and the more tenants you have, the more coverage you will need. It's important to pay close attention to your policy limits to make sure that you have an adequate amount of protection.
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What Are the Best Landlord Insurance Companies in Hawaii?
Hawaii is a unique set of islands where you'll want to work with an insurance carrier that has a good reputation. Fortunately, a local independent insurance agent has built relationships with the top-rated carriers and can help you find the best landlord insurance companies in Hawaii.
Agents will start by learning your needs and answering your questions, then will shop insurance quotes for you. They will be able to guide you on which provider would be the best for you to work with based on your unique situation.
How Can an Independent Insurance Agent Help Me Find the Best Landlord Insurance in Hawaii?
Independent insurance agents are available to help answer questions, suggest policy modifications, or even help you file a claim. They're familiar with the rental landscape in Hawaii and the protections that landlords need.
Agents will chat with you, free of charge, to make sure you get a policy that is tailor-made for your individual needs. Since they don't work for a specific carrier, their Number 1 interest is what works best for you. They make it easy to shop for landlord insurance quotes in Hawaii and to secure comprehensive and affordable coverage.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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