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Landlords buy landlord insurance, and homeowners purchase homeowners insurance. However, do tenants need to do anything to protect their personal property? Yes! They can get renters insurance, which covers their belongings and offers liability protection.
Today, you will learn about renters insurance and how it might benefit you to make tenants get it. Let's dive in!
What Is Hawaii Renters Insurance Coverage?
A renters insurance policy features two components: liability and personal property protection.
Personal property coverage will insure the tenant's personal belongings from vandalism, theft, and other perils. Plus, it will work when tenants are out of the house.
On the other hand, liability coverage insures the tenant if someone gets hurt on the property or the tenant damages other people's property.
Average Cost of Renters Insurance in Hawaii Per Year
Renters insurance in Hawaii typically costs $19 per month or $228 per year. This is roughly $1 more each month than the national average.
How Much Does Hawaii Renters Insurance Cost (Based on Popular Cities)?
ValuePenguin claims that renters insurance rates can be higher in certain cities.
Here is a look at the comparison:
- Wailuku - $234/year
- Pearl City - $232/year
- Lahaina - $235/year
- Kilauea - $232/year
- Honolulu - $233/year
- Ewa Beach - $232/year
Does the State of Hawaii Require Renters Insurance?
People often wonder if Hawaii laws require renters insurance. The answer is no. However, landlords can mandate it in the lease agreement, which protects the tenant's personal property from damage.
What Does Renters Insurance Cover in Hawaii?
Hawaii is in the ocean, so it's prone to tsunamis, tropical storms, hurricanes, floods, volcanoes, earthquakes, and wildfires. In most cases, renters insurance will cover these things, but floods, wildfires, and volcanoes may require endorsements.
Here's a look at what renters insurance covers:
- Loss of Use - If the house is damaged and cannot be lived in, this coverage kicks in for motels and other needs.
- Medical Payments to Others - This offers coverage to help pay for medical expenses for others who are injured in the apartment.
- Personal Property Coverage - Personal property coverage is there for loss and damage to the tenant's personal items.
- Liability Protection - Liability coverage covers the legal fees and liability claims if someone gets hurt in the apartment or if their property gets damaged because of the tenant.
What Does Renters Insurance in Hawaii NOT Cover?
Usually, a renters policy has coverage limits, so nothing over that amount for a covered loss is paid. Likewise, some companies won't protect tenants from certain events, including volcano eruptions, earthquakes, and wildfires. They may need endorsements, which cost more.
How to Choose the Right Renters Policy
Tenants often want affordable rates, but they need to focus on the best renters policy. Therefore, they should consider the coverage limits they require, service quality from the representatives, and the ability to use online apps.
Available Discounts in Hawaii
Everyone wants to save money, and most companies offer discounts. These can include:
- Multipolicy bundling discount
- Continuous coverage discount
- Claims-free discount
- Online purchase discount
How Does a Renters Insurance Policy Protect the Landlord or Property Manager?
When tenants have personal liability protection, you don't have to worry about getting sued if their guests are hurt while on the premises. Though your liability insurance might cover it, your premiums would likely go up.
Plus, you probably won't have to pay for the tenant's property damage after an event. Their renters insurance will protect them!
Top 5 Best Cheapest Renters Insurance Companies in Hawaii
Knowing the best renters insurance companies will help you determine if tenants have chosen well.
Here are the top five:
1. Geico Renters Insurance
Geico might be the best renters insurance company because it offers more coverage options. Plus, it's affordable at $16 per month.
Those with more stuff or expensive items will appreciate the options available. There are personal property limits of up to $95,000. Plus, tenants will get enough liability coverage.
Request a renters quote today from Geico!
2. Liberty Mutual Renters Insurance
Those who prefer a cheap renters insurance company will like Liberty Mutual. Policies cost about $15 per month, but tenants can only get $25,000 in personal property coverage here. Most other insurers provide much more.
Still, Liberty Mutual allows tenants to customize coverage. There are endorsements for flood insurance and earthquakes, which is helpful in the state. Plus, there's only one point of contact for insurance needs.
Request your renters quote from Liberty Mutual today!
3. State Farm Renters Insurance
State Farm is a great renters insurance company because it's been around for many decades. Plus, it's pretty affordable.
Overall, State Farm offers three add-on options and two ways to save money. This is less than most insurers. However, it does include an umbrella policy for personal liability, which protects tenants from libel, slander, and defamation. Request a free quote today!
4. Allstate Renters Insurance
Allstate is another great choice for tenants who need a renters insurance policy. It offers flood damage coverage and personal injury liability protection.
Overall, there are five ways to save with this brand. Plus, there's a personal umbrella policy to protect tenants against significant claims exceeding their liability limits. Get a free quote today!
5. Island Renters Insurance
Getting a renters insurance policy from Island Renters Insurance is easy. Plus, it could cost about $1 per day and offers extra protection for the tenant's personal items.
There are also added extras available, which cost more. Overall, people like Island Renters Insurance because it is locally owned and operated in Hawaii. Check it out today!
What Is DoorLoop?
DoorLoop is an all-inclusive property management software. It's ideal for landlords of all types, so it doesn't matter if they have a mixed-use, residential, or commercial portfolio. With it, they will:
- Manage rental portfolios with ease.
- Collect rent quickly.
- Manage maintenance requests online and effortlessly.
- Offer an online tenant portal.
- Manage accounting tasks.
- Get a free and custom website for tenants to apply and for landlords to market vacancies.
Learn more about DoorLoop and schedule your demo today!
Why Work with DoorLoop
Did you know that DoorLoop can help you require tenants to get a renters insurance policy? They can submit their own companies or apply directly on the tenant application or through the portal. It's powered by SURE in Hawaii. Learn more about it now!
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