If you're a Hawaii resident looking for insurance, you're in the right place. We've compiled all the info you need to help you find home, auto, life, health or long term care insurance right here on this page.
We recommend you read it over, contact the Hawaii Department of Insurance at 808-586-2790 with any questions, and let us help you find the coverage you need today.
If you live in the Hawaiian Islands, you are required by law to carry certain auto insurance coverages. These include:
- $10,000 personal injury protection (PIP)
- $20,000 bodily injury liability per person
- $40,000 bodily injury liability per accident
- $10,000 property damage liability
PIP covers your own medical and rehabilitation expenses resulting from an accident—regardless of who was at fault. Bodily injury liability pays for injury you cause others. Property damage liability pays for damages you cause to others' property.
In your state, you cannot sue or be sued by another driver unless you are involved in an accident resulting in serious injury. However, keep in mind that, if you are at fault, you may be subject to a lawsuit collecting damages.
When determining your insurability, health insurance companies rely heavily on factors such as:
Each of these characteristics plays an important role in the underwriting process. This is the initial time of contact when insurers analyze your application and your likelihood to file health claims.
Your Hawaii health insurance provider's reasoning goes like this:
- The older you are when you purchase health insurance, the more likely you are to need it—and the more it should cost you.
- Habits such as drinking or smoking put your health at risk, raising the likelihood that you'll file claims.
- Working in a dangerous occupation puts you at risk for injury—and your insurer at risk for claims.
Together, these kinds of issues make finding quality, affordable Hawaii health insurance more difficult. If, on the other hand, you tend toward health, you're relatively young, and you remain active, insurers consider you less of a risk. This makes you much more insurable in their eyes.
Homeowners insurance in your state typically covers these three areas:
- Damage from fire, windstorm and other natural disasters
- Theft of personal property
- Legal liability for damage or injury you or a family member cause others
These are the most common types of coverage you can choose from, depending on what type of home you live in and what your coverage needs entail. A licensed home insurance agent can help you determine which type and how much home insurance you need.
- Basic Form (HO-1): Insures your home and its contents against certain perils such as fire or smoke damage, windstorms, hail, explosions, bodily injury, medical payments, and vandalism and malicious mischief.
- Broad Form (HO-2): Insures against perils in the HO-1 policy, as well as against falling objects; weight of ice or snow; damage resulting from an accidental discharge or overflow of water from within a plumbing, heating or air conditioning system, or automatic fire sprinkler system; and electrical damage to appliances.
- Special Form (HO-3): The standard and most-widely-used policy. Covers your home for all risks of physical loss except those specifically excluded. Also offers coverage for loss of your home's contents.
- Tenant's Broad Form (HO-4): Insures against damage to an apartment's contents and against personal liability suffered in the insured's unit.
- Comprehensive Form (HO-5): Protects your home against the same perils as HO-3, in addition to covering your personal possessions for all risks of physical loss, except those specifically excluded. The most comprehensive and expensive policy.
- Special Condominium Form (HO-6): Provides the same coverage as HO-4, but used in insuring condominiums.
In the event of your death, a life insurance policy provides financial support to your loved ones, ensuring that emotional stress isn't compounded by financial uncertainty.
It is for this reason that many experts consider life insurance the foundation of strong financial planning, and should be incorporated into your long-term financial strategy.
Life insurance needs differ from person to person. To figure out how much you should buy, you will first want to consider your family's short-term expenses. These might include:
- Funeral and burial costs
- Estate tax
- Medical bills not covered by insurance
- Any other form of remaining debt
You will also want to think about any long-term expenses for which your family will be responsible after you die. Long-term expenses might include:
- Mortgage payments
- Financial assistance for continuing education
- Retirement funds for the surviving spouse
After determining the financial needs for short and long-term expenses, you will want to take into account any assets you have to put toward these costs. Your assets might include:
- Social Security
- Real Estate
Subtracting the assets from the expenses will give you an idea of how much life insurance your family will need to live comfortably after your passing.