Renters Insurance Hawaii

Finding the Best Renters Insurance for you in Hawaii

Finding the Best Renters Insurance in Hawaii

Are you thinking of renting a home or an apartment in Hawaii? Being a top vacation spot for many in America, more people keep moving to this beautiful island of over a 1.4million people increasing its rental rates. It is important to get the right renters insurance for yourself or know if getting one is needed. This could be pretty difficult, and we are here to help with just that. Before searching for the best options for you, you must know what benefits this type of insurance has to offer you. Unlike your landlord's insurance which only covers your building and some of its appliances, the renter's insurance covers your personal belongings and accidental damages. Without a renters insurance, you could be left with the financial burden of sorting yourself out in cases of emergencies. If you can't afford expenses that might be incurred without a renter insurance, it would be advisable to get one, seeing as it covers you after unexpected events like burglaries, fire, personal liabilities, medical payments and additional living expenses not planned for.

An Overview of Renters Insurance in Hawaii

Hawaii is one of the most expensive states to reside in with its high rental rate, and it is also ranked as one of the states with the most expensive renters insurance, coming in at 7th among 50 states in the US. This is pretty high at $221 compared to other cheaper states. These high costs are not easily affordable for residents, seeing as a lot of them still can't afford the high rental rates in Hawaii. The percentage of Hawaii residents spending their income on utilities and rent is 50.8%, which is ridiculously high. This definitely goes against the rule of thumb, which states that you should spend no more than 30% of your gross income on utilities and rent. Considering the high rates in Hawaii, with more than half of its residents going against this rule, it's no surprise why Hawaii's renter's insurance rates are so highly priced.

renters insurance content image

Is Renters Insurance Required in Hawaii

Renters are not required by law to purchase a renters insurance in Hawaii. It is not mandatory. Though it would be advisable for renters to get a rental insurance to protect themselves from unexpected losses of damages that could be incurred, renters insurance in Hawaii are still completely optional. There is no Hawaii renters insurance requirement. Your landlord could include you get a renters insurance in the lease agreement of the rental in some cases, and this is because the landlord would want to affirm that in the case of any loss of personal belongings you might experience due to an unexpected event or should someone get injured, you will be solely responsible for all charges. This is completely optional and totally dependent on you. You can choose to find another rental where getting a renters insurance is not compulsory. But, if you can’t afford damages that may occur due to national disasters like the flooding of hurricanes, which Hawaii is pretty vulnerable to, it is highly recommended that you get a renters insurance for you and your family’s security.

How Much is Renters Insurance in Hawaii

Now, let's talk about the rental insurance rates in Hawaii. As stated earlier, the average renter's insurance in Hawaii per year is $221, and this is above the national median rate. Hawaii is currently the 2nd most expensive state to live in the US, with one of the highest renter insurance prices. Finding a low-cost rental insurance would be pretty tasking considering Hawaii is an expensive state prone to various natural disasters ranging from tsunamis to earthquakes, floods, etc. it is also known across the world as a top location for vacations. These factors, among many others, will definitely influence the prices of rents and renters insurance rates. Taking a look at one of the cities in Hawaii, Honolulu, the capital of Hawaii, also ranks as one of the most expensive cities in the world. When considering factors that influence rent and renter insurance rates in Hawaii, its location and the natural disasters its prone to are key.

What Does Renters Insurance Cover in Hawaii

If you’re wondering if invest in a renters investment is worth it, well, it most definitely does. Hawaii, known as one of the people’s favorite places for vacations, Hawaii, in its beauty, is prone to certain natural disasters which are quite destructive. A state like Hawaii should have a high rate of residents with a renter’s insurance; sadly, some feel it’s not needed, while some have no idea it’s also available to them. For a state like Hawaii prone to terrible disasters like flash floods, hurricanes, tsunamis, volcano eruptions, and earthquakes, residents with a renter’s insurance get to enjoy certain benefits should any unexpected event occur. For example, let’s say there’s an earthquake, the renter’s insurance makes provision for residents with damaged and uninhabitable houses to get a place they can stay temporarily. It covers the loss of use of your property. The renter’s insurance also covers your medical payments should anyone get injured. With your renter’s insurance, your personal belongings are also properly secured and covered. Should anything of yours get stolen or destroyed, your renter’s insurance is!
renters insurance content image

Best Renters Insurance Companies in Hawaii Based on Consumer Ratings

Now that you have learnt about renters insurance, it's time to look for the best renters insurance in Hawaii that suits your taste. Renters insurance is important in Hawaii considering how prone it is to natural disasters and in case of certain unplanned events that could occur. There are a lot of resources available online, pointing you to the best renters insurance that suits you. You can get information on rankings from trusted organizations such as J.D Power and BBB. These organizations get their information and calculate their rankings based on customer satisfaction. According to the J.D Power and BBB rating, while Allstate ranks as the second-best renter's insurance in Hawaii with a 5 out of 5 ratings from J.D Powers and an A+ rating from BBB ratings, State farm's average cost being at $116.50 and Allstate's at $159.50. State Farm got a rating of 5 out of 5 for overall satisfaction, and Allstate is ranked as the best in terms of extensive coverage, while liberty mutual is ranked as the best for discounts. For long term coverage, the universal property is the best.

Compare Renters Insurance in Hawaii for the Best Rates

Now that you know what you want from the renters' insurance policy, you have to get yourself the best renters insurance for you by comparing renters insurance policies between renters insurance companies . While comparing, get your rental property details and information about your finances ready to find out what rentals insurance discount you are eligible for. There are always deals that just perfect for you and that's why it is so important to compare offers from different companies. Some things to take note of while comparing renters insurances and choosing the best for yourself is to firstly note of their customer service reviews, how fast do they respond. Compare the affordability if you would prefer a cheaper renters insurance and its coverage options if you would like a wider variety of coverage options. There are several discounts offered by renters' insurance companies for their customers, like loyalty discounts meant for long term customers, multi-policy discounts that add up your renter's insurance with your auto insurance, take your time looking for the best renters insurances that match your preference.