Hawaii Renters Insurance

Renters Insurance Is Very Affordable in Hawaii

Housing in Hawaii is very expensive, so it is little wonder that nearly half of the population prefers renting over buying. If you are among the nearly 200,000 renters in this state, you may benefit from covering your personal property with a suitable renters insurance policy. Whether you lease an apartment in downtown Honolulu for an easy commute to work, an off-campus house in the college town of Manoa, or an ocean-side villa in Kapoho, you can benefit from the protection that a renters insurance policy can afford you. The first step toward finding a great policy is comparing renters insurance quotes in Hawaii.

Hawaii Renters Statistics, 2010

  • Approximate number of WA homes (all types) that are renter occupied: 192,608
  • Percentage of Hawaii homes (all types) that are renter occupied: 42.3%
  • Percentage of Hawaii residents who live in apartments: 14%
  • Average cost of renters insurance in HI in 2008: $202 per year

Why Renters Insurance Is a Good Idea

While some landlords require their tenants to carry renters insurance as part of their lease agreement, most do not. Because this coverage is not required by law, many choose to forgo it. They may believe that the cost is too high or that they have nothing worth insuring. But in most cases, they are wrong.

For starters, renters insurance is extremely affordable. Many people spend more on a daily cup of coffee than they would on a policy. Additionally, consider what would happen if you were to lose all of your personal belongings in a disaster such as a fire. Could you afford to replace all of your belongings including furniture, clothing, electronics and cookware? Taking an inventory of everything you own, you may be surprised by its actual value.

Renters insurance can protect your finances by providing you with compensation if your possessions are lost or damaged by a covered event.

Hawaii Burglary Statistics

  • Approximately 8,000 burglaries were reported in this state last year
  • The state’s burglary rate equates to 5.73 burglaries per every 1,000 homes
  • By comparison, the national rate is 6.70 burglaries per every 1,000 homes

The overall crime rate in Hawaii is lower than the national average, and this can have a positive influence on your insurance rates. Renters in cities like Hilo and Kailua, where burglary rates are higher than in most other parts of the state, should expect to receive slightly higher rates when requesting quotes. On the other hand, renters in areas like Kalaupapa and Makaweli, where crime rates are low, can expect lower rates. Given how inexpensive this type of insurance is, however, the differences between the rates by location will not be substantial.

Renter-occupied homes are statistically more likely to be burglarized. You can increase your security by always locking your doors and windows, keeping your entryways well lit, and taking other precautions such as leaving a radio on a talk-station when you are not at home.

In the unfortunate event that your home is burgled or vandalized, you will need to file a police report before you can file a claim with your insurance company. Your insurer will send an adjuster out to meet with you and, in many cases, this adjuster will cut you a check on the spot.

Average Monthly Rent in Major HI Cities

  • Honolulu: $1,215
  • Pearl City: $1,723
  • Hilo: $872
  • Kailua: $965
  • Waipahu: $1,099
  • Kaneohe: $1,682
  • Mililani Town: $1,815

Are Quotes for Renters Insurance High in Hawaii?

When you seek different insurance companies to request quotes, you might be surprised by just how affordable this important coverage is. For less than $20 per month, most renters in this state can enjoy the security that goes along with a solid insurance policy.

Some factors that may influence your quoted rates include:

  • The zip code in which you will be living
  • How much contents coverage you wish to purchase
  • How much liability coverage you wish to purchase
  • Whether or not you own pets and, if so, what kinds
  • Whether or not you have a non-smoking household
  • The size of your deductible
  • Your credit and claims history

You may even be able to lower your rates through policy discounts. Many insurance companies offer discounts for having multiple policies with the same provider, for paying through automatic monthly deductions from your bank account, or for renewing a claims-free policy. Be sure to ask about possible discounts when you request rates.

Interested in Learning More?

If you are purchasing renters insurance for the first time, you likely have a lot of questions about the coverage that is provided and about how to find the right price. Independent insurance agents in the Trusted Choice® network can help. These agents can work with a number of different highly-rated insurance companies to provide you with a selection of policies and rates from which to choose. These agents can also help you determine how much coverage is sufficient to enable you to adequately cover your belongings.

Contact one of the many Trusted Choice agents in Hawaii to learn more and to start comparing renters insurance quotes for policies that are right for you.

Now, who's ready to get their insurance problems solved?