We have probably all become more aware of the importance of having reliable, quality home insurance over the past few years, especially after seeing the disasters of hurricanes, tornadoes, and wildfires and the damages they leave in their aftermaths. Not only can they involve a personal and financial loss, but also an emotional one as well.
When you are in the market for Hawaii home insurance, it is important to know all the facts and choose a policy which is right for you and your circumstances. We have all heard the stories about people who thought they had the coverage they needed, only to find after disaster actually struck, their specific policy didn’t protect them adequately, or worse, not at all.
For most people, their home is their greatest investment. Usually, it’s also their greatest financial asset. So it makes sense when you are considering Hawaii home insurance to choose coverage which gives you the security and peace of mind of knowing that you and your investment are fully covered and protected.
This means having coverage not only for natural disasters, but also for theft, fire, and even liability (if someone is injured on your property). Also, it is important to remember that renters need Hawaii home insurance. Your personal property has value and you need to have adequate replacement coverage in case of fire, theft, etc.
There are several factors which are important to consider when making your decision about the amount of coverage you need. Remember that the better your coverage, the less financial obligation you have in the event of a claim. Additionally, if you have a mortgage, your lender may have specific requirements which you are obligated to adhere to. You also need enough liability coverage to protect yourself in case of a lawsuit resulting from your negligence.
After you have read through the article and determined your needs and the type of Hawaii home insurance you want, we at insuranceUSA.com are ready to assist you with the home insurance quotes that will provide you with the coverage and satisfaction you both need and deserve.
Choosing Your Hawaii Home Insurance Policy
Hawaii home insurance policies vary according to individual needs and requirements. Generally speaking, there are two types of Hawaii home insurance policy options to choose from – monoline and package policies. A monoline Hawaii home insurance policy only has one specific type of coverage, such as liability.
A package Hawaii home insurance policy offers several different types of coverage. The package policy may include property and liability insurance together, for example. For most people, it is more cost effective to buy a package policy instead of a monoline Hawaii home insurance policy. InsuranceUSA.com can help you decide just which Hawaii home insurance policy is right for you!
There are seven standard types of Hawaii home insurance policy options to choose from, depending on your personal needs. Each is described in brief below. For more information on these Hawaii home insurance policy options available, contact insuranceUSA.com.
Homeowner-1 (HO-1): Offered by very few Hawaii home insurance policy companies, this policy option has very narrow coverage. It usually covers damage from fires, lightning, smoke, wind, hail, burglary, theft, explosion, glass breakage, vehicle damage, riot and civil unrest, as well as civil judgments, medical payments, personal property, and expenses if forced to live away from home for a short period of time.
Homeowner-2 (HO-2): This Hawaii home insurance policy covers everything listed in HO-1, as well as falling objects, damage from the weight of ice or snow, damage from leaks or freezing in the plumbing system, electrical damage to appliances, and damage cause by a rupture in the water heater.
Homeowner-3 (HO-3): Also called a Special Form Policy, this is the most common type of Hawaii home insurance policy in use. It covers all physical losses, except for those that are specified in the policy. Exceptions often include floods, earthquakes, war and other disasters, natural and man-made.
Tenant/Cooperative Owner (HO-4): This Hawaii home insurance policy is for renters or owners of cooperative units. This is used to insure against damage to the tenant’s possessions, and personal liability for physical damage suffered while in the unit.
Homeowner-5 (HO-5): This Hawaii home insurance policy covers everything listed in HO-3, plus personal possessions against loss, except for specific exclusions listed in the policy.
Condominium Unit Owner (HO-6): This particular Hawaii home insurance policy offers the same coverage as HO-4, but is used only for condominiums.
Homeowner-8 (HO-8): This Hawaii home insurance policy option is similar to the HO-1 policy. The difference though is that it provides an actual cash payment instead of replacement cost coverage. This Hawaii home insurance policy is usually only used in the case of older homes where the property exceeds the market value.
No matter what type of Hawaii home insurance policy you need, InsuranceUSA.com is ready to help you get all the information you need to make the right choice!
How Much Hawaii Home Insurance Do you Need?
Buying Hawaii home insurance is a simple matter but you may be wondering how much insurance you need.
As a rule-of-thumb, you should only buy as much insurance to cover any loss you may experience but not so much that you can’t afford the premiums. Most likely, any potential insurer will require you to get your home’s value appraised by a licensed, professional home inspector.
In addition, you will want to inventory all your possessions especially major appliances and furniture. Also, be sure to take photographs and retain receipts for future reference. Once-a-year, update your inventory to account for any new purchases or changes.
Finally, if you ever have any questions about your policy, contact your insurer for answers. As always, you can utilize InsuranceUSA.com to perform research and request a free quote!
Non-Renewals and Policy Cancellations
Hawaii home insurance has specific rules and laws governing how and why an insurance company can cancel or not renew your policy. Normally, homeowners need not worry their policy is going to be cancelled unless they warrant it for any or all of the following reasons:
- Failure to pay premiums
- Committing fraud or filing false claims
- Being convicted of a crime
- Changing the property so it is uninsurable
- Altering the property so that unsafe conditions are created
Once the state-mandated term period has passed, an insurer may cancel or not renew a policy so long as they provide adequate notice and a legal reason or reasons for the action.
Finding Hawaii Home Insurance That Meets Your Needs
Finding appropriate Hawaii home insurance shouldn’t be a difficult process. It is, however, important that you make sure that any company that you consider working with is legal. To do this you can ask for a copy of their license number that is issue by the state of Hawaii.
The first step in making sure that you get what you need when it comes to Hawaii home insurance is to complete the questionnaire that your insurer gives you. The more information that you supply the insurer with the better an offer they will be able to make to you.
Ask around about service levels when shopping for Hawaii home insurance. Service is equally as important as price when you are purchasing home insurance.
On-Line Hawaii Home Insurance
Like with all important decisions that you make with regards to your home, you should shop around for the best value Hawaii home insurance. Shopping on-line can make this a quick and painless process. Using a comparison site like InsuranceUSA.com also simplifies the process. While faster than filling in paper forms, it is important to remember that the information that you provide potential suppliers with is the key to your obtaining the home insurance that you need.
Don’t confuse price with quality. Often the cheapest isn’t the best. Try to find out as much as possible about any company that you are considering buying Hawaii home insurance from. This will mean that you get exactly what you need.