The Cheapest and Best Homeowners Insurance in Honolulu
The Cheapest Home Insurance Companies in Honolulu
Considering that most providers offer the same core coverages, how much homeowners insurance costs in Honolulu is a factor that sets some policies apart from others. Although there are other factors to consider, the price is a primary consideration.
You can purchase cheap homeowners insurance in Honolulu for homes with a dwelling coverage limit of $750,000 from:
- Allstate: $655 per year
- Universal North America: $878 per year
More expensive homes cost more to rebuild, resulting in a higher dwelling coverage limit. It ensures homeowners that they have enough protection in case the home is a complete loss due to a covered peril.
For homes with dwelling coverage limits of $2 million, the cheapest homeowners insurance policies in Honolulu are offered by:
- Allstate: $2,202 per year
- Universal North America: $2,628 per year
To see how policy rates change, you can use the table below to adjust the dwelling coverage limits.
The Cheapest Home Insurance in Honolulu, Ranked
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The baseline dwelling coverage for these policies is $750,000 and has personal property limits of $300,000. For policies with dwelling coverage limits of $2 million, the personal property limits also increase to $800,000. Limits for liability coverage remain at $100,000, no matter how much the dwelling coverage is.
If you live elsewhere in the state, you can check statewide home insurance quotes in Hawaii.
The Average Cost of Homeowners Insurance in Honolulu for 2022
Homeowners in Honolulu pay more for homeowners insurance than other residents of Hawaii. With an annual rate of $1,174, Honolulu’s average is 54% higher than the state average, which is only $764 per year.
Compared to the national average of $2,103, the average cost of homeowners insurance in Honolulu is lower by $929.
Calculate the Cost of Home Insurance in Honolulu
How much homeowners insurance costs in Honolulu depends on several factors, such as the amount of coverage you purchase. The limits for your dwelling and personal property coverages play a part when insurers calculate your premium. They also consider which part of Honolulu your home is in. Local crime rates, frequency of natural disasters and other factors may cause your rate to change. Most states also use credit scores to determine insurance premiums.
You can use MoneyGeek’s home insurance calculator to compare quotes in Hawaii using varying coverage levels, deductibles and credit ratings.
Home Insurance Calculator
These are annual estimates. Get a personalized quote to determine your costs.
The Best Home Insurance Companies in Honolulu
The price of a policy is always a consideration when purchasing homeowners insurance in Honolulu, but it shouldn’t be the only factor. Customer experience and financial strength are aspects to consider as these become vital once you need to file a claim. You don’t need the additional stress of slow or unfair claims processing.
MoneyGeek identified companies providing the best homeowners insurance in Honolulu by ranking them using a unique system. Those that came out on top are:
- Best Overall: Allstate
- Runner Up: Universal North America
MoneyGeek’s unique rating system includes customer satisfaction, financial strength and affordability to identify the best homeowners insurance companies in Honolulu.
Home insurance policies typically don’t cover flood damage, but Allstate can help you buy flood coverage through the National Flood Insurance Program (NFIP). It is particularly beneficial to Honolulu homeowners as Hawaii experiences an average of 11 flash floods a year, with the frequency increasing during the wet season. You can also choose to add Claim Rateguard to your policy, which ensures your premium won’t increase even after you file a claim.
The provider with the highest overall score is Allstate. It scored high on most criteria and even received a perfect rating in affordability. If you previously used another insurer, you can qualify for a discount if you’re claim-free when you switch providers. It makes an already affordable policy even cheaper.Read MoneyGeek's Allstate home Insurance Review
Universal North America offers Sewer Drains and Sumps coverage, which protects against costs incurred from water damage. You can also increase your liability coverage to include coverage for damages caused by fungi or other microbes. You can also get Home Equipment Protection — it covers expenses from air conditioning systems, electronics and pool equipment.
Scoring highest in affordability, Universal North America ranks second in MoneyGeek’s list. You can customize your policy by adding other coverages, such as Scheduled Personal Property, which protects high-value items not covered by your standard personal property coverage, such as heirlooms and jewelry.Read MoneyGeek's Universal North America home Insurance Review
Cheapest Home Insurance Companies in Honolulu for Newly Constructed Homes
Homeowners with newly constructed homes are less likely to file claims. With materials more resistant to damage and easier to replace, homeowners with newly built homes are less likely to file claims. It makes them less risky to insure, resulting in a lower rate. For example, homeowners insurance in Honolulu for a house built in 2015 costs $947 on average. A policy with similar coverage for a home built in 2000 costs more than $200 more each year — its annual premium is $1,174.
You can purchase cheap homeowners insurance in Honolulu for homes built in 2015 with a dwelling coverage limit of $750,000 from:
- Allstate: $550 per year
- Universal North America: $708 per year
The Cheapest Home Insurance in Honolulu for New Homes, Ranked
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Cheapest Home Insurance Companies in Honolulu if You Have a Lot of Personal Property
Homeowners insurance in Honolulu does more than just protect your house — it also provides coverage for the personal possessions you keep at home. The amount of personal property coverage you want to purchase will affect your yearly rate. A policy with a $100,000 personal property coverage limit costs an average of $1,174 each year. Raising the limit increases the premium — a policy with a $250,000 personal property coverage limit costs $1,622 each year.
For policies with a high personal property coverage limit, the companies offering cheap homeowners insurance in Honolulu are:
- Universal North America: $1,213 per year
- Allstate: $1,481 per year
Cheap Companies in Honolulu for Extra Personal Property Coverage
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Cheapest Home Insurance Companies in Honolulu for High Deductibles
A deductible is an amount you pay out of pocket when filing a claim before your homeowners insurance in Honolulu covers the remainder of the cost. A policy with a higher deductible typically costs less in premiums each year. You'll have to pay an average annual premium of $1,174 for a policy with a $1,000 deductible. If you choose to increase your deductible to $2,000, your premium becomes 7% lower, costing $1,094 per year.
Of the insurance providers in Honolulu, the cheapest homeowners insurance policies with a $2,000 deductible are from:
- Allstate: $655 per year
- Universal North America: $818 per year
The Cheapest Companies in Honolulu for High Deductibles, Ranked
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Cheapest Home Insurance Companies in Honolulu if You Have Poor Credit
For most states, your credit score is an aspect considered by insurance companies when setting premiums. Hawaii, along with California and Massachusetts, is an exemption. State regulations in Hawaii do not allow insurance providers to increase premiums for homeowners with poor credit. The cost of homeowners insurance in Honolulu is not affected by your credit standing.
Getting Online Homeowners Insurance Quotes in Honolulu
You no longer have to physically visit insurance companies to gather home insurance quotes in Honolulu. A good alternative is collecting quotes online. As long as you have the following information ready, you shouldn’t run into any challenges.
The cost of replacement for your home: Your dwelling coverage limit is based on the amount you need to have your home rebuilt in case it’s rendered a total loss by a covered peril. It’s best to have your home evaluated by a construction professional or a building contractor to ensure you have an accurate assessment.
The value of your personal property: Homeowners often have an inaccurate picture of how much their personal possessions are worth. Keeping an updated inventory of your belongings and their corresponding worth is ideal. This amount determines your personal property coverage limit.
Personal details: Insurers need information such as how many people live in your home or whether or not you have pets. Also, be ready to share where in Honolulu your home is located.
Details about your home: This includes how big your home is, its age and what materials were used to build it. If you have safety devices installed in your home, such as deadbolts or burglar alarms, make sure to note those as well.
Homeowners Insurance in Honolulu Analysis: Methodology
This study uses a baseline homeowners profile of a 2,500-square-foot home built in 2000 with a $750,000 dwelling coverage limit, a $300,000 personal property coverage limit and a $100,000 liability coverage limit. MoneyGeek established comparisons by gathering insurance quotes for homes with higher limits for dwelling and personal property coverage and increased deductibles. We determined affordability using data provided in partnership with Quadrant and quotes from four companies with varying coverage levels. Survey results from J.D. Power established customer satisfaction ratings.
About Mark Fitzpatrick
- Experian. "Which States Prohibit or Restrict the Use of Credit-Based Insurance Scores?." Accessed July 2, 2021.
- Hawaii.gov. "A Consumer’s Guide to Home Insurance." Accessed July 2, 2021.
- Honolulu.gov. "Flood." Accessed July 2, 2021.