Homeowners insurance may not be required by law in Hawaii, but if you have a mortgage, your lender will most likely require homeowners insurance for the duration of your mortgage.

Even if you don’t have a mortgage, your home is an important and valuable asset. Homeowners insurance provides protection for your home, personal property, and other structures on your property if they are damaged or destroyed by a covered peril. Without a home insurance policy, the cost to repair or rebuild your home would need to be paid out-of-pocket.

A homeowners policy will also protect you in the event you or resident family members cause injury to someone else.

Homeowners insurance will vary and may be dependent on factors like your home’s condition, style of build, and location, and your claims history and policy deductible amounts.

A standard homeowners policy typically includes the following coverages:

• Dwelling Coverage – Covers damage to your home and any attached structures such as a deck or garage. The amount of dwelling coverage needed is usually calculated by the square footage of your home and what it would cost to rebuild your home.
• Other Structures – Covers damages to other structures on your property like a detached garage, carports, and storage sheds if they are damaged or destroyed by a covered peril.
• Personal Property –– Covers your belongings, including furniture and electronics at actual cash value if they are stolen or damaged by a covered loss.
• Additional Living Expense – Covers costs that you may incur if you are temporarily unable to live in your home due to a covered loss.
• Personal Liability Protection – If you or resident family members are found legally responsible for accidentally damaging someone else’s property or injuring another person, personal liability coverage may help pay for related repair costs and legal fees, in addition to helping with medical costs.

Your homeowners insurance coverages and limits should be enough to accomplish the following:

• Rebuild your home
• Replace your personal items
• Reimburse any living expenses if your home is damaged or destroyed and you are unable to live in your home
• Cover any injuries and damages that may happen on your property

A standard homeowners policy does not cover damage resulting from natural disasters like floods and hurricanes.

• Flood insurance – Hawaii is prone to bouts of heavy rains, flash flooding, and ocean surges due to high surf. Since flood losses are not covered by homeowners insurance, you would be responsible for any related repairs to your home or property. Flood insurance is offered through the National Flood Insurance Program’s (NFIP’s) Write-Your-Own Flood Insurance policy.
• Hurricane insurance – This optional policy covers wind-related damages associated with hurricanes. Banks may require homeowners to have hurricane insurance as part of their mortgage approval.

Consult with an insurance agent to discuss your situation and the policies and coverages you need.

Please note that this information is general in nature and does not represent insurance contract provisions, and is not meant to take the place of an insurance review. Please contact an independent insurance agent for more information. Copyright © 2021, Island Insurance

Condo insurance is not required by law, but if you have a mortgage, your lender may require insurance for the duration of your mortgage. Even if you own your condo and don’t have a mortgage, most condo associations require unit owners to have a condo insurance policy in Hawaii.

If you are a condo owner in Hawaii, your condo association is required by law to carry a master insurance policy, but that only includes coverage for the building and common areas, and liability insurance for any injuries sustained in common areas.

Even if you don’t have a mortgage and own your condo, it is a valuable asset. Condo insurance in Hawaii provides protection for your unit and personal property if they are damaged or destroyed by a covered event. Without a condo insurance policy, the cost to replace your personal property and the additional cost to replace improvements made to your unit would need to be made out-of-pocket.

Condo insurance rates will vary and may be dependent on factors like your condo’s condition, types of materials used, claims history, and policy deductible amounts.

A standard condo insurance policy typically includes the following coverages:

• Dwelling Coverage – The amount of dwelling coverage should include enough to cover any improvements made inside your unit.
• Personal Property – Covers the cost to replace certain belongings such as furniture and electronics that are stolen or damaged by a covered loss at actual cash value.
• Additional Living Expense – Covers costs that you may incur if you are temporarily unable to live in your condo due to a covered loss.
• Personal Liability Protection – If you or resident family members are found legally responsible for accidentally damaging someone else’s property or injuring another person, personal liability coverage may help pay for related repair costs and legal fees, in addition to helping with medical costs.

It is recommended to consult with an insurance agent to discuss your situation and the policies and coverages you need.

Your condo insurance coverages and limits should be enough to accomplish the following:

• Restore your unit to the condition it was prior to the covered loss.
• Replace your personal items
• Reimburse any living expenses if your unit is damaged or destroyed and you are unable to live in your home.
• Cover any injuries and damages that you or resident family members may have caused.

Please note that this information is general in nature and does not represent insurance contract provisions, and is not meant to take the place of an insurance review. Please contact an independent insurance agent for more information. Copyright © 2021, Island Insurance

Although renters insurance is not required in Hawaii, some landlords require tenants to purchase a renters insurance policy. Your landlord’s insurance policy typically covers the structure itself and what they own, and does not protect your personal belongings. Without a renters insurance policy, any damaged or stolen property would need to be replaced out-of-pocket.

Renters insurance rates will vary and may be dependent on factors like the following:

• Coverage amounts
• Rental location
• Renters insurance deductible
• Actual cash value vs. replacement cost

A standard renter insurance policy typically includes the following coverages:

• Personal Property – Covers the cost to replace certain belongings at actual cash value such as furniture and electronics at actual cash value.
• Additional Living Expense – Covers costs that you may incur if you are temporarily unable to live in your home due to a covered loss.
• Personal Liability Protection – If you or resident family members are found legally responsible for accidentally damaging someone else’s property or injuring another person, personal liability coverage may help pay for related repair costs and legal fees, in addition to helping with medical costs.

Your renters insurance coverage should be enough to replace all of your personal possessions. If you are unsure of what coverages you need, please consult with an insurance agent to discuss the amount of coverage you need.

Please note that this information is general in nature and does not represent insurance contract provisions, and is not meant to take the place of an insurance review. Please contact an independent insurance agent for more information. Copyright © 2021, Island Insurance