Hawaii is a gorgeous state, beloved by its estimated 1.4 million residents. The Aloha State is also prone to hurricanes and strong coastal winds that cause damage. Residents are vulnerable to the whims of the Pacific. With all of Hawaii’s perils, renters insurance is more important than ever.
You need specialized coverage that specifically caters to the unique landscape. For example, you might want protection from volcanic eruptions in Hawaii. Theft and vandalism also occur, particularly in Honolulu where the population is highest.
There’s a lot of bad things that can happen to your home, but renters insurance will protect you from the unimaginable. With full coverage for your home and belongings, you can live worry-free, knowing that you have Hawaii’s best renters insurance.
The best cheap Hawaii renters insurance companies
Coverage for Hawaii renters insurance varies depending on your needs. The average policy has $30,000 in personal property and $500,000 for personal liability. Some renters choose to increase their policy coverage. It all depends on your needs. The less coverage you have, the cheaper your Hawaii renters insurance will be.
There are many insurance companies out there, but not all of them will be the right fit for you. Renters insurance varies a lot from state to state, so you need insurance that handles your specific needs as a Hawaii resident. Rates can fluctuate and differ significantly, so we did the research to find the 2019 cheapest renters insurance in Hawaii.
- Allstate
- Liberty Mutual
- Mapfre (also known as Commerce)
- State Farm
- Universal
Cost of renters insurance in Hawaii
Just like New York renters insurance rent in Hawaii can be expensive. The average rent in Honolulu is $1,734 per month. It is an astronomical price for the state capitol, but rent prices does get less expensive in other places. Luckily, even if you live in an expensive city, renters insurance isn’t expensive.The average cost for Hawaii renters insurance is only $174 each year.
Here are the best cheapest Hawaii renters insurance companies and their average costs:
- State Farm – $116.50
- Allstate – $159.50
- Liberty Mutual – $175.50
- Universal – $205.00
- Commerce – $209.50
Ratings for cheapest renters insurance companies: Hawaii
J.D. Power and the Better Business Bureau (BBB) grade companies on their customer satisfaction. AM Best judges their financial stability.
| Company | J.D. Power Rating | AM Best Rating | BBB Rating |
|---|---|---|---|
| State Farm | 5-May | A++ (Superior) | A+ |
| Allstate | 5-Feb | A+ (Superior) | A+ |
| Liberty Mutual | 5-Feb | A (Excellent) | A |
| Universal | Not ranked | B+ (Good) | A+ |
| Commerce / Mapfre | Not ranked | A (Excellent) | A+ |
Best Hawaii renters insurance company for customer service: State Farm
When you’re in the middle of an emergency, you need the fastest claim processing to get your life back to normal. State Farm has the strongest customer approval rate of all the cheapest renters insurance companies, which has earned the company a dedicated following. State Farm got 5 out of 5 for overall satisfaction and interaction (when customers interact with their insurance provider) from J.D. Power.
Best Hawaii renters insurance company for extra protections: Allstate
Allstate is a great choice if you’re looking for extensive coverage, with options for flood insurance and guest medical.
Best Hawaii renters insurance company for discounts: Liberty Mutual
Liberty Mutual is known for its many discounts, allowing a vast population to benefit from extra savings. Just a few of the discounts include being claims-free for five years, serving in the military, getting a quote before your current plan expires, having a smart home, using safety features in your home like fire alarms and deadbolts, going paperless, purchasing online, paying automatically and having multiple policies through Liberty Mutual.
Best Hawaii renters insurance company for long-term coverage: Universal
Universal Property specializes in insurance for all sorts of properties, whether its homeowners or renters. Renters insurance is widespread, with optional coverage for things like animal liability, debris removal, utility line protection and a windstorm protective devices discount.
Best Hawaii renters insurance for unique coverage: Commerce / Mapfre
Commerce, now a part of the Mapfre Insurance family, specializes in unique endorsements. They offer property-specific protection for antique or higher value homes.
Frequently asked questions
How much renters insurance do I need in Hawaii?
Coverage for Hawaii renters insurance varies depending on the coverage you need. The average person owns more than $35,000 worth of belongings. Before deciding on your liability coverage, take the time to inventory your property. You can make sure you’re covering what is important without paying for coverage you don’t need.
What is the best renters insurance company in Hawaii?
There are many excellent choices for your Hawaii renters insurance, as demonstrated above. When it comes down to finding the best renters insurance, you want to find a company that suits your needs. Not all companies will offer the best rates and incentives on your home, so think about what’s most important and base your decision on that.
Is Hawaii renters insurance required?
Renters insurance is not required in Hawaii, but it’s always a good idea. This not only protects all of your belongings, but it will also protect you in cases like extreme weather or injury to a guest. Some landlords might also require you to have a policy.
How can I lower the cost of my Hawaii renters insurance?
There are many ways to lower the cost of your Hawaii renters insurance. Don’t be afraid to ask for possible discounts. Ask about bundling because lots of companies will offer you a multi-policy discount if you bundle your auto and renters insurance policies. Paying in full often brings incentives, including lower rates for your entire policy.
The post The Cheapest Hawaii Renters Insurance Companies 2020 appeared first on The Simple Dollar.
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