Best Condo Insurance In Hawaii For 2024

Nationwide is the No. 1 provider of condo insurance in Hawaii.

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Written by
Bob Phillips
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As a condo owner in Hawaii, finding the right condo insurance is crucial. Imagine a wildfire tore through your location and burned down your condo building. Without the proper insurance coverage, you would be responsible for rebuilding your unit and replacing your personal belongings, which can be financially and emotionally devastating.

In my 13 years working as a licensed insurance agent, I’ve witnessed many condo owners fall into hard times due to underinsurance or forgoing insurance entirely. Don’t let this be your story. Purchasing a condo insurance policy that covers all possible scenarios, from natural disasters to theft, will protect your condo and its contents and offer you peace of mind.

If you’re unsure where to start, you’ve come to the right place. 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. Let’s get started.

Best Condo Insurance Companies In Hawaii, 2024

Best Condo Insurance, Hawaii, 2024

Compare The Best Condo Insurance Companies In Hawaii

Overall Rating Best For A.M Best Rating J.D Power Rating Average Monthly Cost Get A Quote
Nationwide
4.9

Overall

A+

816

$886

Instant Quote
Amica
4.8

Best Runner-Up

A+

849

$1,449

Instant Quote
Chubb
4.7

High-Value Condos

A++

809

$1,551

Instant Quote
Travelers
4.6

Discounts

A

794

$828

Instant Quote
Scroll to see comparisons

Our Methodology

To rate condo insurance companies in Hawaii, I analyzed and compared financial strength and customer satisfaction rankings from rating services AM Best and J.D. Power, respectively. I also relied on feedback from various consumer sites and my personal experience as a former licensed property and casualty agent who sold condo insurance in Hawaii.

58

Quotes Analyzed

17

Brands Reviewed

15+

Years Of Experience

30+

Research Hours

Reviews Of The Best Condo Insurance Companies In Hawaii


Best Overall

Overall Rating
4.9

Key Statistics

9/10 Affordability
10/10 Customer Reviews
10/10 Claims
9/10 Coverage Level

Why We Like Them

Nationwide is the best condo insurance company in Hawaii because of its comprehensive coverage, which includes numerous optional coverages for extensive protection of your condo and its contents. The policies are also customizable. That way, you only pay for what you need.

A standard condo insurance policy from Nationwide covers beyond the basics, which include personal property (like furniture and clothing) and additional living expenses. It also provides coverage for additions, alterations, fixtures, improvements, or installations you make in your condo.

Nationwide also shows its commitment to its customers through a superior claims service that guarantees insureds an exceptional claims experience. A dedicated claims team ensures policyholders receive timely assistance by processing claims promptly and fairly.

Benefits & Drawbacks

Benefits
  • Robust coverage options
  • Below-average rates for high-value condos
  • Great customer service
Drawbacks
  • May not be fit for low-value properties
  • Certain discounts have limited availability
  • Potential for additional costs

Best Runner-Up

Overall Rating
4.8

Key Statistics

8/10 Affordability
9/10 Customer Reviews
9/10 Claims
10/10 Coverage Level

Why We Like Them

Amica stands out for offering two types of condo insurance: standard condo insurance coverage and Platinum Choice Home Coverage. The latter includes additional features for more protection of your condominium. The company also has a reputation for excellent customer service, contributing to a good overall customer experience.

What’s more, Amica has low customer complaint levels and competitive rates. When compared to Allstate, Amica has significantly lower condo insurance rates. Moreover, policyholders can bundle their condo and auto insurance policies for a discount of up to 20%.

Benefits & Drawbacks

Benefits
  • Ranks high in customer satisfaction
  • Extensive range of coverage options
  • Strong financial standing
Drawbacks
  • Above average rates
  • Dividend policies are not available in all states
  • AM Best downgraded its financial strength in 2017

Best For High-Value Condos

Overall Rating
4.7

Key Statistics

7/10 Affordability
10/10 Customer Reviews
9/10 Claims
9/10 Coverage Level

Why We Like Them

For those who own high-value condos in Hawaii, Chubb stands out as a premier insurance provider. Known for its exceptional service and specialized coverage for affluent policyholders, Chubb offers extensive coverage limits and a multitude of perks.

Their Masterpiece policy is specifically designed to protect high net-worth families, providing extended replacement cost options that ensure full coverage for your valuable property.

Chubb’s reputation extends beyond just expansive coverage; it’s also known for its unique offerings, such as cyber protection and identity theft coverage. With a commitment to addressing the unique needs of high-net-worth households, Chubb provides top-tier insurance solutions for affluent Hawaii condo owners.

Benefits & Drawbacks

Benefits
  • Provides exceptional customer service
  • Extended coverage options are available
  • Low customer-complaint levels
Drawbacks
  • Higher than-average rates
  • Not BBB accredited
  • May not suit average-priced condos

Best For Discounts

Overall Rating
4.6

Key Statistics

9/10 Affordability
8/10 Customer Reviews
8/10 Claims
9/10 Coverage Level

Why We Like Them

Travelers is the best choice for budget-conscious condominium owners looking for comprehensive coverage options for several reasons. They offer cheaper monthly premiums for condo insurance than most competitors while offering similar coverage options. There are also a lot of ways to save available, making policies even more affordable.

For instance, through a multi-policy discount, condo owners can save as much as 15% on their condo insurance policy by bundling it with other policies from Travelers. A bundling policy is not only a saving opportunity but also a way to make insurance management simpler.

Travelers also provides discounts for having qualifying smart or connected home technology and protective devices installed in your condo. Insurance companies do this to encourage customers to take proactive actions to mitigate potential claims, which they reward with lower premiums.

Benefits & Drawbacks

Benefits
  • Affordable rates
  • Offers the option to bundle multiple policies together
  • Financially sound
Drawbacks
  • Limited coverage options
  • Potential for banned dog breeds
  • More complaints than some competitors

How Much Is Condo Insurance In Hawaii?

To help you make an informed decision when purchasing condo insurance, here are three cost comparison tables:

The Average Cost Of Condo Insurance By City

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

City Average Monthly Rate Average Annual Rate
Urban Honolulu $41 $490
East Honolulu $41 $490
Hilo $43 $513
Pearl City $41 $490
Kailua CDP $42 $501
Waipahu $41 $490
Kaneohe $41 $490
Ewa Gentry $41 $490
Mililani Town $41 $490
Kahului $43 $513

Average Cost Of Condo Insurance 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:

Building Property Limit Average Annual Rate
$40,000 $751
$60,000 $902
$80,000 $1103
$100,000 $1304

Average Cost Of Condo Insurance By Company

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

Insurance Company Average Annual Rate
State Farm $281
Allstate $464
Universal Insurance Co $307
USAA $250
Island Insurance $404
Dongbu Insurance $295
AIG $219
RLI $509
First Insurance Company of Hawaii $574
Ocean Harbor $466

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.

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 Much Condo Insurance Is 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.

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 five 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.

How To Get An Online Condo Insurance Quote In Hawaii

Comparing multiple condo insurance quotes is the best way to find quality condo insurance in Hawaii. You can obtain free quotes online or through an insurance agent.

The easiest way to compare quotes from several companies at once is to visit a comparison website like Insuranceopedia. Here’s some of the information you’ll likely need to provide to get a quote:

  • Personal details such as your name and home address
  • Details about your condo, including the age of your condo, its square footage, type of exterior finish, and security features
  • Occupancy information, such as the number of people living in the residence
  • The value of the personal property you wish to insure
  • The cost to rebuild your condominium unit

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.

FAQs

How does condo insurance work?

Condo insurance works as a financial safety net, protecting the interior structure of your unit and your personal belongings in case of unexpected damage or loss. It also covers additional living expenses and liability exposure and fills in coverage gaps in your Homeowners Association (HOA) master policy, ensuring you have adequate coverage.

How much condo insurance do I need in Hawaii?

Various factors determine how much condo insurance you need in Hawaii, including the cost to rebuild your condo, the value of personal property, and what protection your condo association’s master policy provides.

How much is condo insurance in Hawaii?

The average cost of condo insurance in Hawaii on a monthly and an annual basis is $40 and $477, respectively. Your final price, however, will vary based on factors such as where you live, how much coverage you choose, and your claims history.

Sources

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