6 Best Renters Insurance Companies in Hawaii of 2023
Although there is no legal obligation for renters in Hawaii to purchase insurance, having renters insurance is crucial for residents of the state. Hawaii experiences frequent wildfires, and in the event of a fire damaging your rental property and personal belongings, renters insurance will cover the cost of your possessions.
Without insurance, you would be responsible for replacing everything out of pocket. It is highly recommended that all renters in Hawaii obtain insurance as many people do not have sufficient savings to replace their belongings if they are lost or destroyed. While there are numerous insurance companies to choose from in Hawaii, it's important to select one that offers comprehensive coverage options to meet your needs.
According to PropertyNest research, the average cost of basic renters insurance in Hawaii is $15.21 a month.
PropertyNest compared and researched the best renters insurance companies in Hawaii to give you an idea of your options and included some necessary information about renters insurance that can be useful to those currently shopping around for a policy.
Compare Renters Insurance in HI
The Best Renters Insurance Companies in Hawaii
- Allstate – Best for Individuals Over 55 Years Old
- Liberty Mutual – Best for Generally Known to Offer Some of the Lowest Rates
- State Farm – Best for Higher Coverage Limits
- Farmers – Best for Non-Smoking
- Progressive – Best for Many Discounts
- GEICO – Best for Additional Coverage
Allstate: Best Renters Insurance for Individuals Over 55 Years Old
If you are 55 years old and retired, Allstate offers you a discount that is unique to the insurer.
You can save up to 25% off your premium.
That can make your retirement more enjoyable.
As long as you are not actively seeking full-time employment, renters will get that discount.
In addition, Allstate offers the best multi-policy discount on the market.
If you have both renters insurance and auto insurance from Allstate, you’ll get up to 10% off your auto policy and up to 25% off your renters policy.
Read a full Allstate renters insurance review.
| J.D. Power (out of 1,000) | 837 |
|---|---|
| A.M. Best - Financial Strength Rating | A+ |
| NAIC Complaint Index | 2.05 |
| BBB | A- |
Liberty Mutual: Best Renters Insurance Generally Known to Offer Some of the Lowest Rates
Liberty Mutual offers comprehensive, customized renters coverage to protect your belongings at a wallet-friendly price.
In fact, according to the insurer’s website, policy premiums start at $5 per month.
However, that starting point is for only the standard or basic coverage.
How much you pay depends on several things, including where you live, the value of your belongings, and how much coverage you need.
Because the standard policy will only pay up to its limits, many renters choose to get higher coverage to protect their belongings in full.
And if you have very expensive items like jewelry, you may have to take out a rider.
Finally, your premium will also rise if you add replacement cost coverage.
Read a full Liberty Mutual home insurance review.
| J.D. Power (out of 1,000) | 834 |
|---|---|
| A.M. Best - Financial Strength Rating | A |
| BBB | A+ |
| NAIC Complaint Index | 2.37 |
State Farm: Best Renters Insurance for Higher Coverage Limits
State Farm is one of the largest insurers in the world. It has a high financial strength, which means you have peace of mind that your claims will be processed and paid in a timely manner.
Even if, say, a whole area in Hawaii is devastated by a tropical storm, State Farm has the ability to pay numerous claims at once.
Personal property coverage is probably the main reason most purchase a renters policy.
Because of that, State Farm offers higher coverage limits compared to similar insurers.
So, if you have a lot of personal belongings to protect, State Farm may be a good choice for you.
Read a full State Farm renters insurance review.
| J.D. Power (out of 1,000) | 836 |
|---|---|
| A.M. Best - Financial Strength Rating | A++ |
| BBB | A+ |
| NAIC Complaint Index | 1.77 |
Farmers: Best Renters Insurance for Non-Smoking
Everyone knows smoking is bad for you.
If you smoke, you may have no incentive to quit.
But if you sign up for renters insurance with Farmers, you’ll save on your policy if you or your family members have not smoked tobacco products in the past two years.
The discount is unique to Farmers and may be a necessity.
An unattended lit cigarette can easily start a fire in your rental unit like a candle.
| J.D. Power (out of 1,000) | 831 |
|---|---|
| A.M. Best - Financial Strength Rating | A |
| BBB | A- |
| NAIC Complaint Index | 0.56 |
Progressive: Best Renters Insurance for Many Discounts
Progressive is one of the most well-known and largest insurance companies in the industry.
Due in part to its high financial strength, Progressive can offer many discounts to renters that can lower their premiums.
Furthermore, for some customers that bundle, you can get reimbursed for one of your deductibles if you file a claim that pertains to two of your policies.
For example, if you file a claim that applies to both your renters and car insurance with Progressive and you pay into both deductibles, Progressive will reimburse you for one.
Read a full Progressive renters insurance review.
| A.M. Best - Financial Strength Rating | A+ |
|---|---|
| NAIC Complaint Index | 1.66 |
GEICO: Best Renters Insurance for Additional Coverages
- Average basic renters insurance cost: $29.37 mo.
- Available in 50 states & Washington, D.C.
- Quote access: Online only
If you’re searching for a renters insurance provider with over 50 years of experience, low deductibles, and a strong financial standing, consider GEICO.
And if you are looking to add more coverages to your standard renters policy, GEICO offers some solid choices.
For an additional monthly amount, you can add coverage for:
- Replacement Cost: If your laptop, for example, was damaged by a covered peril, RC will pay for a new one using today’s prices rather than the depreciated amount.
- Identity Theft Services: If your identity is stolen, this add-on will notify credit bureaus, replace important and confidential documents, and may compensate a policyholder for other related expenses as noted.
- Water Backup: This covers sewer, plumbing, and sump pump backup damage with some exclusions.
- Scheduled Personal Property: Extends personal property coverage beyond the standard policy so you can ensure full coverage of expensive items, such as pricey artwork.
- Jewelry Insurance : This separate insurance policy is designed to offer a higher level of protection just for your expensive jewelry.
| J.D. Power (out of 1,000) | 869 |
|---|---|
| A.M. Best - Financial Strength Rating | A++ |
| BBB | A+ |
| Company | PropertyNest Rating | J.D. Power (out of 1,000) | A.M Best Rating | BBB Rating |
|---|---|---|---|---|
| Lemonade | 5.0 | 853 | Not Rated | B+ |
| Allstate | 5.0 | 837 | A+ | A- |
| Liberty Mutual | 4.5 | 834 | A | A+ |
| State Farm | 4.5 | 836 | A++ | A+ |
| USAA | 4.5 | 886 | A++ | A+ |
| Erie Insurance | 4.5 | 851* | A+ | A+ |
| Travelers | 4.0 | 801 | A++ | A |
| Amica | 4.0 | 854* | A+ | A+ |
| Nationwide | 4.0 | 859 | A+ | A+ |
| Jetty | 4.0 | Not Rated | A | A+ |
What is the Average Cost of Renters Insurance in Hawaii?
Renters insurance is very affordable compared to the amount of coverage it provides.
The amount you pay depends on factors such as where you live, your prior claims experience, and your credit score.
In addition, your deductible, add-ons, and coverage limits can also impact how much you pay for renters insurance.
The average cost for a basic renters insurance policy in Hawaii is $182.55 per year or $15.21 per month.
What Factors Determine Your Renters Insurance Premium?
The premium you pay differs from another policyholder. Each person will get a different quote due to certain factors.
Location
Insurers typically charge more for rentals in high-crime areas or where natural disasters frequently occur that may damage rental units.
Safe Neighborhood
If you live in a neighborhood that’s close to a fire hydrant or a fire department, you can minimize the spread of a possible fire that can damage your unit or rental home. As such, your rate will be lower.
Security Features
Your premium will be lower if your rental has a smoke alarm, sprinkler system, and carbon monoxide detector.
The Size of Your Building or Unit
You'll pay less if you rent in a large building with many units.
But your premium will be higher if you live in a smaller building with only a few units.
Credit Score
You’ll pay less if you have an excellent credit score.
Studies have shown that consumers with high credit scores are less likely to file a claim with their insurer.
Insurance companies reward consumers with high credit scores by offering lower insurance premiums. However, the lower your score, the higher the premium impact.
PropertyNest SMEs recommend shopping around when a consumer has credit scores that are less than perfect.
Claims History
If you never make a claim for a period determined by your insurer, you’ll also pay less.
Coverage Limits
Your standard renters policy probably won't provide enough coverage to replace all your items, especially those high in cost like jewelry.
If you take out a rider or endorsement to cover your valuables in full, that coverage can lead to a higher premium.
Deductible
Your deductible will also affect your premium. The more you’re willing to cover before your insurance kicks in, the less expensive your premium will be.
Pets
If you have a breed that is considered high risk, like a pit bull or a Doberman pinscher, you’ll pay more for personal liability and you may not be eligible for insurance with specific insurance companies.
Can You Lower Rental Insurance Premiums?
You can do a few things to save money on a renters insurance policy.
Shop around and compare coverage and prices between companies to get the best rate.
Higher deductibles usually mean lower premiums, so you may be able to save money by increasing your deductible.
You can also bundle your renters insurance with other policies, such as auto or home insurance, to get a combined discount on all of them.
Compare Multiple Quotes
Comparing multiple quotes is one of the best ways to get the best deal on renters insurance.
It would be best to get quotes from many insurers using the same coverage amounts to compare rates and find the most affordable insurer.
Discounts
Finding an insurer that has the most discounts can lower your premium.
Multi-Policy Discount
The multi-policy discount is the most important because it can significantly reduce your premium.
For example, if you bundle renters insurance and auto insurance from Allstate, you’ll get up to 10% off your auto policy and up to 25% off your renters policy.
Credit Score
Try increasing your credit score by paying bills on time or, if you have the money, paying off your debts in full. Insurers use your credit score to rate your policy. The better your score, the less risky insurers perceive you to be, so your price will be lower.
What Does Renters Insurance Cover in Hawaii?
Renters insurance in Hawaii covers losses from fire and smoke, windstorms, hail and lightning strikes, theft and vandalism, falling objects, explosions and civil disturbances.
It also provides personal liability coverage for bodily injury or property damage incurred by others who claim the insured is liable.
Most policies will also cover the cost of temporary living expenses if your rental unit is damaged and you need to stay somewhere else while it is being fixed.
Your renters insurance will cover the replacement cost of personal property up to the limit of the policy if the coverage has been chosen as automatic coverage varies by insurer.
The standard renters insurance policy offers the following:
Liability Coverage
Liability protects you against lawsuits from someone who has bodily injuries or property damages and states that the insured is responsible.
Liability also covers your legal defense.
Loss of Use
This policy covers basic living expenses such as temporary housing costs if your rental unit becomes uninhabitable due to damage and destruction from fire, smoke, or heavy winds, to name a few.
Medical Payments
This policy pays for medical care if there is bodily injury to a person that occurs in your rental unit, regardless of fault.
Personal Property Coverage
This pays to repair or replace the property that has been stolen, damaged, or destroyed by theft, fire, windstorms, and other covered perils.
| Type | Items | Coverage |
|---|---|---|
| Cash or Other Forms of Currency | Bank notes, bullions, gold or silver (non-jewelry), coins, medals, smart cards, stored value cards. | Most renters insurance policies will only cover up to $200 in stolen cash. |
| Electronic Equipment | Phones (iPhones, Androids, etc.), computers, laptops, iPads, earbuds, smart watches, TV sets, gaming systems, Alexa or Google home devices, etc. | Standard renters insurance policies cover the loss or damage of electronic devices. |
| Clothing | Designer purse/handbags, shoes, jewelry, designer watches | Standard renters policies cover your personal clothing or designer handbags etc. |
| Power Tools | Drills & drivers, saws. | Covered under the personal property coverage. |
| Kitchen appliances | Refrigerators, microwaves, blenders, electric mixers, ice makers, coffee machines, and other appliances. | Renters insurance covers personal appliances if they are damaged, stolen, or destroyed by a covered peril. |
| Prescription drugs | Will not cover stolen prescription drugs. | |
| Personal information | Bank accounts, identity information stolen from documents, or stolen personal equipment. | Most companies do not include identity theft as a covered peril in a standard renters insurance policy. |
| Firearms | Pistols, rifles | Legal firearms are covered under personal property coverage. |
What is Not Covered in Renters Insurance?
Renters insurance does not cover damage caused by flooding, earthquakes, and other natural disasters unless specified in the policy.
What is a Covered Peril?
Renters insurance protects us from many emergencies that we have no control over.
These are covered perils.
Also known as a named peril, a covered peril is what triggers a coverage claim against your insurer, who then agrees to reimburse you after you file a claim.
The covered perils may include theft, electrical surges, explosions, falling objects, lightning, fire, smoke, windstorm, hail, the weight of snow, ice, or sleet, civil disruption, vandalism, and riots, as well as an accidental discharge of water such as a plumbing failure in your rental.
Check with the insurance company when obtaining a quote to confirm all the covered perils.
What is Actual Cash Value vs. Replacement Cost?
These two terms are critical for you to understand when purchasing renters insurance.
When you sign up for a policy, your insurer will give you the option of actual cash value (ACV) or replacement cost value (RC).
For RC, if your personal items were damaged or destroyed from a covered peril, your insurer will pay for them in full using today’s costs.
But with ACV, your insurer will only reimburse you for what your items were worth when they were damaged or stolen.
In short, RC pays you in full, while ACV pays only for the depreciated value.
For example, RC will give you a brand-new smart TV to cover the one you owned that you purchased five years ago. Meanwhile, ACV will cover the TV at the price you paid it at the time of purchase, i.e., five years.
How Much Coverage Do You Need?
Most insurers allow you to choose the amount of personal property coverage you want to carry on your renters policy.
The best way to determine the extra coverage you may need is to do a home inventory.
A home inventory is taking stock of all your possessions by using photos or a spreadsheet and assigning the cost of each.
To get the cost, use receipts or find the prices online for the same or similar items you own.
Your property includes laptops, furniture, clothing, electronics, home decor, bedding, kitchen supplies like silverware and dishes, knick-knacks, and other furnishings.
Many renters underestimate the cost of their personal belongings.
That’s why a home inventory is so important.
You arrive at the most precise total to determine how much extra coverage you need to buy if you have to replace everything after a covered peril destroys them.
A comprehensive inventory means you’ll only pay for what you need.
And if you file a claim, your documentation will be indispensable because you will be better able to prove to your insurer what possessions you own and the value of each.
Will Renters Insurance Cover for High-Value Items?
A renters policy most likely will not pay in full if you have expensive personal belongings with restricted coverage.
Most insurers have internal policy limits of liability for specific personal property like jewelry or firearms.
These internal limits restrict the amount of coverage available and the type of loss you can claim on the property.
The typical standard renters insurance limit for pricey belongings, such as jewelry, artwork, musical instruments, and more, is usually set per piece and in total. Depending on the type of property, a limit of $2,500 may be added for theft. Each insurance company may have different internal limits.
Insuring Valuable Possessions Properly
To make sure your precious items are insured properly, you can add a rider to your policy, but it will come at an additional cost on top of your policy.
A rider adds more benefits to your basic renters insurance policy and means you are adding a specific item to it.
A rider is also called an endorsement.
You can also schedule all your valuables.
Scheduling means you list each high-value item separately on your policy and insure it for a specific value and type of coverage, such as a mysterious disappearance.
It’s likely your deductible will be less for this loss than the overall policy deductible.
What are the Recurring Natural Disasters in Hawaii?
Hawaii is at risk for the frequent occurrence of wildfires and floods.
The state is also susceptible to landslides, volcanoes, earthquakes, and tsunamis.
Wildfires are covered in the standard renters insurance policy.
But floods are not.
Renters insurance doesn't cover damage from outside water sources or floods.
Luckily, separate coverage for floods is often available through an endorsement or standalone policies, depending on your insurance company and where you live.
Our Methodology
We thoroughly researched the state's top renters’ insurance companies and narrowed the list down to those operated in Hawaii.
We rated them on criteria that included ease of use, ratings, financial strength, customer, and affordability. Read our full in-depth renters insurance methodology.
How We Picked the Best Renters Insurance Companies in Hawaii
We looked at several factors to determine the best renters insurance companies in Hawaii.
Discounts
The more discounts an insurer has, the more likely your rate will drop.
In particular, we looked at the multi-policy discount because it offered the most savings.
Coverage
Every renter has different insurance coverage needs. So, when evaluating insurers, we looked for companies with a wide range of useful coverage options.
Those insurers that had some essential coverages that came standard in their basic policies ranked higher on our list (such as RC).
Technology
We only considered an insurer if it had a useful and easy-to-use website and mobile app where you could do several things—get a quote, buy a policy, file and track a claim online, pay your bills on a mobile app, and much more.
If an insurer required you to speak to an agent to get a quote, this could lead to a lack of convenience, and we tried to avoid such an insurer.
Customer Satisfaction
We reviewed verified customer reviews on different websites that catered to reviewing insurance policies.
Insurers with a good number of quality customer ratings and reviews were included in our list.
Price
Renters insurance is supposed to give you peace of mind, not frighten you when the next bill comes.
Insurers that had low premiums or had plenty of options to lower your premium, such as discounts, ranked higher on our list than others.
