Best Condo Insurance In Hawaii 2024

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. This comprehensive guide contains everything you need to know about condo insurance in Hawaii so you can find the best policy for your coverage needs, ensuring you’re well-protected against any eventuality.

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?

While Hawaii law doesn’t mandate condo insurance, if you have a mortgage, your lender may require you to obtain a policy. The same goes for your condo association. Liability limits in most standard HO-6 policies usually range from $100,000 to $500,000.

What Does Condo Insurance Cover In Hawaii?

A typical condo insurance policy, or HO-6 insurance policy, in Hawaii covers damage to the interior of your unit, including walls, floors, ceiling, windows, fixtures, and any upgrades you’ve made. It also pays to repair or replace your belongings, such as furniture and appliances, if stolen or damaged.

Most policies also include up to $1,000 in loss assessment coverage, which you can increase with an endorsement. The coverage covers your share of assessment for losses to common areas exceeding the amount of coverage in your condominium association’s master policy.

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?

Here 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. Some areas of Hawaii, for instance, are susceptible to wildfires, which can attract higher condo insurance rates.

Age And Construction Type Of Your Condo

The age and condition of your condominium also impact your condo insurance premiums, with owners of older units more likely to see higher rates. This is because as properties age, so do their plumbing, electrical, and heating systems, which can increase potential claims. Similarly, the less resilient the materials that make up your condo, the higher your premiums.

Claims History

Your personal claims history can cause insurers to view you as high-risk if you’ve filed claims in the past, thereby charging you higher premiums. Conversely, a claim-free record may make you eligible for a discount on your condo insurance policy.

Replacement Cost Of Your Condo

What would be the construction costs of rebuilding your condo if a covered peril completely destroyed it? These include fixture, material, and labor costs. The higher the replacement cost, the more you’ll pay for dwelling coverage.

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