The Cheapest and Best Renters Insurance in Honolulu
The Companies With the Cheapest Renters Insurance in Honolulu
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.
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What Are the Best Renters Insurance Companies in Honolulu?
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.
State Farm is MoneyGeek’s top pick since it garnered perfect scores in both affordability and financial stability. State Farm also allows you to purchase earthquake coverage if you live in an earthquake-prone area.
MoneyGeek found that State Farm consistently offers some of the cheapest renters insurance options across the U.S. With State Farm, you can easily increase limits for your valuables, including jewelry and business property, during the quote process. State Farm policyholders can also purchase inflation coverage, which automatically increases your personal property coverage limits over time.
With a near-perfect score in affordability, Allstate was MoneyGeek’s runner-up. Renters who choose Allstate can find monthly savings by waiving their off-premises theft coverage.
Allstate allows you to supplement your policy with identity protection, which monitors your digital footprint and covers expenses if your identity is stolen. While renters insurance doesn’t cover flood damage, you can contact an Allstate representative to purchase a flood policy.
The Average Cost of Renters Insurance in Honolulu for 2023
renters insurance is equal to the average.
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.
What Factors Impact Renters Insurance Costs in Honolulu?
Several factors impact your renters insurance cost, including the following:
- 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.
- Location. Your rented unit’s location in Honolulu can affect your renters insurance cost. Insurance companies consider crime rates when computing your premiums.
- 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.
- 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.
- 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.
Calculate How Much Renters Insurance You Need
Does My Honolulu Neighborhood Impact Cost of Renters Insurance?
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.
Understanding Renters Insurance in Honolulu
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.
What Does Renters Insurance Cover in Honolulu?
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.
What Is Not Covered by Renters Insurance in Honolulu?
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.
Frequently Asked Questions About Renters Insurance in Honolulu
Honolulu renters should consider insurers that balance affordability and quality. Below are some commonly asked questions about renters insurance in Honolulu.
Renters Insurance in Honolulu Analysis: Methodology
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.
About Mark Fitzpatrick
- FEMA. "Flood Insurance." Accessed June 8, 2022.