Is homeowners insurance expensive in Hawaii?
Average Cost of Homeowners Insurance in Hawaii
The average cost of homeowners insurance in Hawaii is $490 per year, or about $41 per month, according to a NerdWallet analysis. That's the cheapest average rate of any state. For comparison, the national average is $1,820 per year. However, homeowners insurance in Hawaii won't pay for wind damage from hurricanes.
Car insurance costs are cheaper in Hawaii than in other states. This is because non-driving rating factors that normally increase premiums, like your age and credit score, are disregarded.
As the oldest and largest property and casualty insurer headquartered in Hawaii, First Insurance Company of Hawaii, Ltd. (FICOH) has been safeguarding Hawaii's residents and businesses since 1911.
Homeowner's insurance is not required by law in Hawaii. Your lender, however, may require insurance on your home for the duration of your mortgage. Homeowner's insurance provides protection for your dwelling, personal property, and on-site buildings if damaged or destroyed by a covered peril.
Hurricane season in Hawaii begins on June 1 and runs through November. Hurricane insurance is a supplemental insurance to home insurance. It covers wind-related damage associated with hurricanes. Banks require homeowners to have hurricane insurance as part of their mortgage approval.
In Hawaii, the most common type of health insurance plan is the Health Maintenance Organization (HMO). The other types of plans available in Hawaii include: Preferred Provider Organization (PPO)
The average car insurance rate in Hawaii is $152 per month or $1,819 per year for full coverage. For minimum liability coverage, drivers in the Aloha State pay an average of $52 per month or $625 per year.
Owning a home in Hawaii, it is important to protect your property from any damage that may occur as a result of an earthquake. Damage from an earthquake can result in thousands of dollars in damage & most homeowners policies don't cover earthquake damage.
Driving without insurance in Hawaii is against the law, though, and the potential penalties include fines up to $1,500 and driver's license suspension.
Who is the most expensive homeowners insurance?
Travelers is the most expensive homeowners insurance company for $200,000, $350,000, $500,000 and $750,000 dwelling coverage amounts. Rates vary significantly among companies because they each have their own formulas for pricing.
Get Insurance in Honolulu, HI. State Farm® can help you insure almost anything. Whether it's car, boat, home, ATV or motorhome insurance, we've got you covered.
As of 2024, the national average cost of homeowners insurance rose 23 percent more to $1,759 per year for a policy with $250,000 in dwelling coverage. On average, the most expensive states for homeowners insurance are Nebraska, Oklahoma, and Kansas, while the least expensive states are Hawaii, Vermont and Delaware.
Do you own the land when you buy a house in Hawaii? In most cases, a single-family homeowner in Hawaii owns the land the home sits on. However, always check the listing to be sure, because if a property is listed as a “leasehold,” the owner will not own the land.
Non-U.S. citizens can use the property as an investment or a vacation home. While anyone in the world can buy property in Hawaii, non-Hawaii residents will be subject to a tax of 7.25% on the sale price, when and if they sell the property, under the Hawaii Real Property Tax Law, or HARPTA.
There's no such thing as volcano insurance, even in states that have active volcanoes.
Hawaii is a considered a “no-fault state”, which means your motor vehicle insurance company will pay the bills for your injuries and your passengers' injuries up to the personal injury protection benefits (“PIP”) limit.
Optional car insurance coverage in Hawaii
Though Hawaii law only requires that drivers carry liability and personal injury protection, there are a number of other helpful coverage types that can help to keep you protected.
Although Hawaii is separated from the other contiguous 48 states, it's still part of America. This means that there aren't distinctions between travel insurance requirements for the United States and travel insurance requirements for Hawaii.
Here are the minimum Hawaii auto insurance coverage requirements for the legal operation of an automobile in the state: Bodily injury liability coverage: $20,000 per person and $40,000 per accident. Basic personal injury protection: $10,000. Property damage liability coverage: $10,000.
Is insurance cheaper in Hawaii?
Key takeaways
The average monthly cost of car insurance in Hawaii is $138 for full coverage and $35 for minimum insurance. Average rates for full coverage in Hawaii are 35 percent less than the national average.
| Carrier | Monthly premium for $250k coverage | Annual premium for $250k coverage |
|---|---|---|
| UPC | $21 | $255 |
| First Fire & Casualty Insurance of HI | $31 | $367 |
| State Farm | $33 | $395 |
| Allstate | $39 | $464 |
Oklahoma is the most expensive state for home insurance, with an average cost of $5,317 a year. Hawaii is the cheapest state for home insurance at only $582 a year, on average.
The cost of buying a car in Hawaii depends on several factors, including the make and model of the car, its age, condition, and mileage. Hawaii is known for its high car prices due to several reasons, including high taxes, shipping costs, and the limited supply of new and used cars.
| Health insurance status | Percentage of total population |
|---|---|
| Employer | 51.9% |
| Non-group | 2.5% |
| Medicaid | 17.8% |
| Medicare | 17.7% |
