Hawaii Homeowners Insurance
Hawaii homeowners insurance is an important way to protect one of your biggest investments, your home. If you have not considered homeowners coverage in the past due to cost, consider what the total cash outlay would be in the event of a disaster striking your residence. If you consider the replacement cost of the residence, and all belongings, you will start to see how homeowners coverage can be beneficial to you and your family. In addition, if the home is under mortgage in HI, it may be required.
Hawaii is a beautiful paradise that can be a wonderful place to live. Like any tropical island, however, Hawaii is affected by many natural disasters. Hawaii has earthquakes, tsunamis, volcanic eruptions, flooding and cyclones to contend with at any time. Any one of these disasters can destroy a house in minutes. If you have not considered purchasing Hawaii homeowners insurance before, perhaps now is a good time.
Insuring Your Residence
Homeowners insurance comes in several different packages to fit the needs of the HI homeowner and their budget. The most basic of homeowner packages is one that covers just the cost of the replacement of the house. From there, packages go up in price and coverage to include the personal property of the homeowner, outbuildings on the property, natural catastrophes and more. Which one you choose depends on your needs and budgetary limits.
Homeowners packages can include the cost to replace owner's belongings. This includes everything from clothing to electronics. There are limits to the basic coverage of these items however so if you have items of considerable value, you will want to list them separately in the coverage. Be sure to have photographs and appraisals that you can have on hand in the event of a disaster. You may want to keep this information at a safe location outside the residence, such as a safe deposit box.
Outbuildings on the property can also be covered under the Hawaii homeowners insurance. The basic coverage is only usually around 10% of the total value of the residence and property. This means that if you store high priced items such as tools, or lawn tractors, they may fall above the limits of the coverage. You can increase those limits on the policy to account for these items.
Natural catastrophes are not always covered under the basic Hawaii homeowners insurance. For items like cyclones, coverage may include wind damage but not flooding that is hurricane related. Flooding on the other hand is one item that most basic policies do not cover and additional flood insurance coverage must be purchased to protect the home from flood related incidents. Tsunamis are also an item that is not normally covered in a basic policy but flood insurance should cover the home in the event of a tsunami.
Volcanic eruptions are normally included in Hawaii homeowners insurance policies but you will want to review the policy carefully to ensure it is not one of the exceptions. Earthquakes on the other hand are not usually covered. Most Hawaii earthquakes occur due to a volcanic eruption. To protect the home in case of damage from this peril, you will want to purchase earthquake coverage.
Whichever Hawaii homeowners insurance policy you choose, you can be sure that you will feel a sense of relief knowing that the home and valuables are covered. With Hawaii being one of the states with the most tsunamis in the nation, you may want to consider flood insurance one of the most important additions you add to your homeowners insurance. Be sure to ask your provider which perils are covered and which ones are excluded so you can decide on any other additional provisions you would like to add.
Keeping Your Home Safe
You can save money on the premiums of the Hawaii homeowners insurance policy by taking a few steps to keep it safe. These items include installing fire and safety alarms that are monitored by an outside company, adding deadbolt locks to all of the exterior doors, and installing a sprinkler system. You can rack up the savings on insurance costs and increase the safety of the home by adding any or all of these safety features. Insurers know that if you have these items in the home, the likelihood of damages decreases so the savings from claims are passed on to the consumers.
Hawaii homeowners insurance is an excellent way to protect your home and valuables and provide a sense of security to you and your family in case of a disaster. Understanding what the homeowners insurance covers is the first step. Be sure to read the policy completely and ask about what might be excluded. You can find the perfect Hawaii homeowners insurance policy by shopping online for a quote and comparing rates in Hawaii.