The Best and Cheapest Renters Insurance in Honolulu, HI, for 2024: Rankings, Reviews and Rates

Because many insurance providers in Honolulu offer similar core coverages, it’s worth considering the cost of your premiums. Compare different renters insurance rates to choose a policy that suits your needs.

MoneyGeek found that the cheapest renters insurance companies in Honolulu are:

• State Farm: $100 per year
• Allstate: $102 per year

The above policies have a $20,000 personal property coverage limit, a $100,000 liability coverage limit and a $500 deductible. However, your policy’s cost will depend on your personal property coverage limits. Browse the below table to see how prices change based on your chosen limits.

If you live outside Honolulu, you can also check out different renters insurance companies in Hawaii.

MoneyGeek analyzed the best renters insurance in Honolulu. Our research shows that Honolulu’s top-rated renters insurance companies are:

• Best Overall: State Farm
• Runner-up: Allstate

MoneyGeek used a unique scoring system to compute each company’s scores based on affordability, customer satisfaction ratings from J.D. Power and financial stability ratings from AM Best. Both State Farm and Allstate have coverages that other renters insurance companies in Honolulu don’t usually offer.

The average cost of renters insurance nationwide is $159 per year. Meanwhile, the average renter in Honolulu pays $117 per year for insurance, $42 less than the national average.

Honolulu renters insurance is 19.0% less than the U.S. average.

Several factors impact your renters insurance cost, including the following:

1. Personal property coverage amount. Coverage amount has the biggest influence on your policy’s cost. Therefore, it’s important to consider how much coverage you need.
2. Location. Your rented unit’s location in Honolulu can affect your renters insurance cost. Insurance companies consider crime rates when computing your premiums.
3. Deductible. A deductible is how much you pay your insurance provider when your claim is accepted. Selecting a higher deductible results in lower monthly premiums but higher out-of-pocket costs when you file a claim.
4. ACV vs. RCV. Insurance companies generally reimburse policyholders through actual cash value (ACV) or replacement cost value (RCV). If you select an ACV policy, your insurer will reimburse you based on the value of your depreciated belongings. On the other hand, if you choose an RCV policy, your insurer will reimburse you based on the cost of a new and similar item. Hence, RCV policies are more expensive than ACV policies.
5. Liability coverage amount. Most renters insurance policies include $100,000 in liability coverage, but you can add thousands in coverage for a few dollars per year.

In contrast to other types of insurance, your unit’s location doesn’t significantly impact your renters insurance costs in Honolulu. Instead, MoneyGeek’s study found that the neighborhood in which you live only affects your monthly premiums by a few dollars.

While renters insurance isn’t legally required in Honolulu, MoneyGeek strongly recommends getting a policy. Renters insurance is a low-cost way to protect your assets.

Take time to choose a renters insurance policy that meets your needs. Purchasing the right amount of coverage can help you save money in the long run.

Whether you rent an apartment or a home in Honolulu, consider renters insurance to cover damages from fire, water and other risks that can happen anywhere. Renters insurance policies in Honolulu usually include the following coverages:

• Personal property coverage: Protects personal items from perils such as vandalism, theft, fire and more. Usually, this coverage includes furniture, electronics and clothing.
• Additional living expenses: Pays for living expenses if you need temporary housing.
• Liability insurance: Protects you if an accident occurs within your rented unit and causes damages or injures a third party.
• Medical payments coverage: Covers medical costs if someone is injured within your unit, regardless of who is at fault.

While renters insurance in Honolulu covers your personal property, it has its limits. For instance, renters insurance doesn’t cover the structure of your rented unit since that’s the landlord’s responsibility. Additionally, renters insurance does not cover all perils, so consider purchasing extra coverage if you need it.

For example, while renters insurance covers water damage, it excludes damage caused by flooding. If you need protection against flood damage, you can purchase incremental insurance through the National Flood Insurance Program (NFIP).

Renters insurance also excludes your roommate's possessions, damage from earthquakes, damage to your vehicle, and jewelry or similar items beyond your policy’s limits. Read your policy thoroughly to ensure you have the right amount of coverage. Not all policies are the same.

Honolulu renters should consider insurers that balance affordability and quality. Below are some commonly asked questions about renters insurance in Honolulu.

MoneyGeek analyzed hundreds of renters insurance quotes in Honolulu to help you find cheap renters insurance. We ranked the best renters insurance using data from J.D. Power, AM Best, and affordability metrics derived from a comprehensive analysis of quotes provided by Quadrant.