Insurance Hawaii: A Guide to Auto & Home Coverage
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Hawaii is a tropical paradise, and it's no wonder so many people dream of living there. If you are one of the lucky few who call the islands home, though, don't get lost in the dream. Hawaii living comes with risks, especially to your most prized assets: your house and car.
Hawaii insurance is the best way to protect your assets and your finances. The state mandates certain auto insurance, but expanded coverage can offer more protection. Home insurance is something you'll need to figure out on your own or with your mortgage lender.
Understanding the Basics of Hawaii Insurance
Insurance in HI is like any other state — it's governed by laws and, in some cases, mandated for citizens. Every insurer in the state must have a license from the Hawaii Department of Commerce and Consumer Affairs (DCCA), specifically the Insurance Division. Some Hawaii insurance companies may need multiple licenses depending on their services.
For residents, the state only requires auto insurance. While homeowners insurance is a strong suggestion, minimum coverage limits and insurance laws focus on auto coverage.
Hawaii's Auto Insurance Coverage Requirements
When purchasing car insurance in Hawaii, know the auto insurance coverage limits. All resident vehicle owners in Hawaii must have bodily injury liability coverage, property damage coverage, and personal injury protection. The minimum limits are:
- $20,000 per person and $40,000 per accident bodily injury liability
- $10,000 property damage coverage
- $10,000 per person personal injury protection
The insurance coverages represent the maximum insurance companies will pay following an accident and claim. You can purchase insurance policies with higher limits, which the state and most insurance agents recommend. They often also recommend purchasing other optional coverages, such as uninsured and underinsured protection.
Review the insurance requirements of your state:
Hawaii Registration Information
Before you can register your vehicle, you must provide proof of HI insurance. Most registration offices will accept an electronic version of your insurance ID card. Along with the proof of insurance, you'll need several documents, including:
- A valid state driver's license or ID
- A certificate of title
- A safety inspection certificate from the state
- A VIN inspection certificate
If renewing your registration, you can do so in person at a DMV Now kiosk or any Satellite City Hall. You can also complete your renewal online or by mail.
Homeowners Insurance in Hawaii
Homeowners insurance in Hawaii is more affordable on average than other states, but it still isn't a requirement. That said, there are many reasons you should consider purchasing a Hawaii insurance policy for your home.
To begin with, you are likely to need home insurance if you have a mortgage. Most mortgage lenders require coverage to limit their risks. Discuss how much coverage you need with your lender.
Beyond mortgage lender requirements, Hawaii faces many unique environmental threats, including volcanic eruptions, earthquakes, hurricanes, and tsunamis that can cause extensive flooding. You'll likely need to invest in additional coverage for those perils. Talk to an insurance agent to learn more about standard policy protections and covered perils.
Finding Affordable Insurance in Hawaii
Finding affordable home coverage or cheap car insurance in Hawaii can be challenging. There are many insurance companies, and all of them are champing at the bit to get your business. This competitiveness in the marketplace often leads to companies promising low home and auto insurance rates. However, they may fail to mention what gets stripped to make those policies so affordable.
To fully protect yourself and ensure you get the coverage you need, compare policies against each other. Use EverQuote to view multiple insurers' quotes side by side, making it easy to decipher what one offers over another.
Navigating Hawaii's Insurance Regulations
Hawaii insurance mandates primarily pertain to auto coverage. Beyond the minimum coverage requirements for auto policies, the state strongly encourages homeowners to purchase adequate policies to protect their assets and limit financial risks.
If you still have questions, several agencies or professionals can help. The insurance division of the DCCA provides materials and sources explaining the state regulations. You can also talk to independent insurance agents or brokers.
Preventative Tips To Lower Your Risks and Costs
While insurance mandates may be frustrating, especially when you're on a tight budget, they help you protect your finances and assets. You can also limit any expense anxiety by doing everything in your power to lower risks and cut costs.
Insurance companies base premiums largely on risks. Does a home's location increase its odds of flooding, vandalism, or damage? Will a car's driver continue their reckless behavior of the past?
You can mitigate some risks by focusing on preventatives related to specific policies. For example, if you live in a rougher area, consider installing a security system. Many home insurers offer discounts for security upgrades.
Drivers with a poor driving record or a couple of recent issues can take a defensive driving course to demonstrate their commitment to safe driving. The course might also qualify for discounts.
Secure Your Peace of Mind With Reliable Car Insurance
Hawaii insurance requirements focus on car insurance. While homeowners insurance is also important, you won't face penalties from the state for not having it. Therefore, finding affordable car insurance is a legal and fiscal priority. Visit EverQuote to compare quotes from major insurance companies side by side and find the one that fits your budget and needs.