Best Condo Insurance In Hawaii 2025

You are not legally required to have condo insurance in Hawaii, but your mortgage company will likely require you to have coverage in place.

Condo insurance protects the interior of your condo, while homeowners association’s insurance covers the exterior of your building. Sometimes, your condo insurance will also provide dwelling coverage for the interior structure, but this depends on your HOA’s rules.

In my 15 years working as a licensed insurance agent, I’ve witnessed many condo owners fall into hard times due to underinsurance or forgoing insurance entirely. Condominium sales in Hawaii have dropped nearly 25% year over year in the last 2 years, despite the fact that an increasing number of units have been sold.

This is largely due to natural disasters, including the Maui fires from one year ago, that have seen average increases in condominium insurance policy rates of 300% or more each year. As rates for insurance have increased, people in more populated areas like Honolulu have been under insured.

While this might be legally acceptable, especially if you own your condo, local banks generally won’t lend on any units that are underinsured which means you need to carry 100% coverage in order to get a loan.

Average Cost Of Condo Insurance In Hawaii

Shown below are the average annual rates of condo insurance in Hawaii from ten major insurance companies.

Compare The Cost Of Condo Insurance In Hawaii – By City

The following table provides a snapshot of the average monthly and annual condo insurance costs in the ten largest cities in Hawaii:

Average Cost Of Condo Insurance In Hawaii – By Building Property Limits

Condo insurance is not a one-size-fits-all. How much coverage you need depends on your condo’s rebuild cost and the value of your belongings. Here’s what Hawaii residents pay for condo insurance monthly for different building property limits:

Most Expensive ZIP Codes For Condo Insurance In Hawaii

Note that the costs presented above are estimates and may vary based on various factors, including the location of your condo, its structural features, and the amount of coverage you need. Moreover, don’t buy a policy based on price alone. Consider also coverage types, customer reviews, and the insurer’s financial stability.

Is Condo Insurance Legally Required In Hawaii?

Condominium associations must carry basic property insurance but this has limitations. If you are a condo owner or renter you are not required by law to have insurance but the governing documents of your condo association might require it. Additionally, your lender will likely require it for the duration of your mortgage.

Liability limits in most standard HO-6 policies usually range from $100,000 to $500,000.

How Much Condo Insurance Do I Need In Hawaii?

The right amount of condo insurance in Hawaii is based on personal need. You should review what your association insurance policy covers and where there are gaps for which you will need personal coverage.

You will also need to take inventory of your belongings and all the things that you need covered as part of your policy. You can find simple online tools to facilitate this process.

What Does Condo Insurance Cover In Hawaii?

Condo insurance, known as HO-6 insurance, is a form of homeowners insurance specifically for condo owners. Basic policies protect the interior of the condominium including:

1. Floors
2. Cabinets
3. Fixtures
4. Walls

Note: The exterior of the condo is covered under a master policy typically required of the homeowners association.

Condo owners can also invest in condo insurance that covers things like:

1. Assessments for shared losses
2. Loss of use
3. Personal liability

The policies vary in terms of coverage between $100,000 and $500,000 for liability and loss assessment up to $1000. You can typically invest in endorsements or additional coverage for specific things like personal belongings.

How To Find The Best Condo Insurance Company For You

Condo insurance protects some of your most valuable assets: your condominium unit, personal belongings, and finances. But how do you find the right condo insurance company for your coverage needs?

There are many companies that sell policies in Hawaii for condos and you can get a quote by using simple online processes or calling an agent directly.

Independent agents can help compare quotes for you or you can compare them online yourself.

It is best to research different condo insurance companies and the experience that current customers and previous customers have had with the claims process. From there you can get quotes from at least three companies that you prefer and compare them side by side.

Some of the most important comparisons might include:

• Price
• Customer reviews
• Financial stability of the company
• Discounts
• Coverage options

When you are ready you can start a new policy immediately.

In summary, there are 4 steps you can take to buy the best condo insurance policy:

1. Determine what you need to insure and to what amount.
2. Research condo insurance companies in Hawaii and request quotes from at least three that appeal to you most.
3. Compare the coverage options, insurance rates, customer reviews, financial strength ratings, and available discounts of the shortlisted carriers.
4. Complete your application for a policy.

Factors That Impact The Cost Of Your Condo Insurance Policy

Condo insurance costs in Hawaii vary based on various factors, mainly:

Location Of Your Condo

Your location affects how much you pay for condo insurance because some areas have a greater risk of crime, wildfires, severe weather, or other perils than others. Condos around the coastal regions still have a higher cost compared to condos more inland on the islands and this can impact risk levels for natural disasters as well as other risk-related premiums.

Age and Quality of Your Condo

Older condominiums are at a risk of higher condo insurance rates because age means a higher risk of age-related claims for things like plumbing, heating, and roofing.

A newer home that’s constructed with things like fire resistant or weather resistant materials might be less prone to damage and therefore have lower insurance costs. However, costs can go up if you have a newer condo built with high quality materials and expensive fixtures.

Claims History

Insurance providers will look at your claims history and if you have multiple insurance claims you might be considered high risk and be charged higher premiums but conversely if you have no claims history you can negotiate for lower premiums.

Premiums will increase based on the cost of the fixtures, materials, and labor needed to repair or rebuild the condo.

You can choose to get coverage on your condo that is 20% of the appraised value or based on the square footage and the estimated square footage reconstruction costs.

How To Save Money On Hawaii Condo Insurance

As a condo owner in Hawaii, there are several ways you can get affordable premiums on your condo insurance, including increasing your deductible. Typically, having a higher deductible will lower your insurance premium. However, it will also increase the amount you must pay out-of-pocket if you file a claim, so make sure you can afford the deductible you choose.

Investing in improvements that keep your condominium and belongings safe can qualify you for a discount on your condo insurance policy, lowering your rates. Such upgrades may include a monitored home security system and hurricane shutters.

Compare Condo Isurance Rates By State