Whether a first time homeowner or someone who is buying their first home on the Hawaiian Islands; you will need to know about Hawaii homeowners insurance. It is a must when protecting your greatest investment. Before jumping into purchasing a policy, you should take the time to learn a little about Hawaii homeowners insurance and the type policies that you may need to purchase.
Standard Policies for Hawaii Residents
When looking for Hawaii homeowners insurance, you will want to start with a standard homeowners insurance policy. The standard policy will provide coverage to your home and belongings against certain incidences but not all. Here is a quick list of what a standard homeowners insurance policy will cover.
- Damage of covered belongings for specific perils (jewelry, paintings, furniture)
- Damage to home and other structures
- Liability for bodily injury
- Liability for property damage
- Living expenses if you lose usage of your home
- Medical payments for those besides household
- Theft of belongings
There are limitations to what may be covered under a standard Hawaii homeowners insurance policy. For instance, the damage that is sustained by your home and other structures due to severe winds or flooding will most likely not be covered by a standard policy. You will most likely have to purchase additional policies to cover your home against damage done by extreme winds and flooding; however, there are some Hawaii health insurance companies that are now offering hurricane protection insurance as a part of a standard policy.
Consider Hurricane Policies
There are now some companies that simplify the process and allow you to purchase homeowners insurance that protects you against hurricanes as a part of a standard policy, but this is still a new phenomenon and most companies will require separate policies. You surely know the likelihood of being hit by a hurricane or severe storm in Hawaii and this means you need the added protection for your home.
To adequately protect your home, most Hawaii mortgage lenders will require you to have insurance that protects your home in the case of damage due to hurricanes and high winds. If you have a separate policy, then there will be separate deductibles, policy limits and premiums for this policy that may or may not be the same as with your standard policy.
Flood Policies Need Special Attention
On an island such as Hawaii, the threat of flood is always there. A severe flood can do catastrophic damage to your home, even to the point of making it unlivable. In this instance, you will need to have protection in the form of a homeowners insurance policy that covers damage due to flooding.
As with wind or hurricane insurance, a separate policy will have to be purchased to protect your home in the case of a flood. Again, your lender will probably require you to purchase insurance against the threat of flooding. Similar to your wind policy, this separate policy will have its own limits, deductibles and premiums.
What Needs to Be Covered
There are a few things that have yet to be mentioned that deserve their own consideration, especially to those who reside in Hawaii. You already know that you have to protect your home from the storms of the Pacific Ocean, but you also need to make sure a few key things on your property and in your home are covered by your Hawaii homeowners insurance policy.
Here are a few things to keep in mind when searching for your homeowners insurance policy in Hawaii.
- Air conditioning unit
- Any collection of significant monetary value
- Miscellaneous outdoor structures
- Security system
- Swimming pool
Your standard homeowners insurance policy or other policies may protect these things, but you should make sure before purchasing a policy that they are included among your covered belongings. In many instances, you will have to add coverage, especially with a swimming pool, to a standard policy. This list can also go far beyond what is listed above. Anything that is stored in your home or on your property can be included in your Hawaii homeowners insurance policy.
Finding the Best Rate
When searching for Hawaii homeowners insurance, the key is getting the right protection at the right price. This can be done by taking the time to shop around and compare the policies and how much they cost. There is no quicker way to do this than to get online Hawaii homeowners insurance rate quotes.
It takes only a few minutes to get multiple rate quotes and they can help to give you an idea of how much protection you can afford. You may be amazed at the wide range of pricing from one company to the next, which provides ample room for you to save a considerable amount of money on quality Hawaii homeowners insurance.