State Provides Comparisons of Homeowners Insurance Costs

Shopping for home or renter’s insurance?

The state Department of Commerce and Consumer Affairs has established a website comparing premium rates as set by insurance companies in Hawaii.

The listings allow residents to compare rates and options offered by the companies for the same coverage. The tables show rates for homes and condominiums of different construction, such as double-wall, single-wall or masonry, broken down between two locations, Oahu and “Neighbor Island.”

The listings provide information on both homeowners insurance and supplemental hurricane insurance.

The listings are the result of a state law passed last year requiring the insurance companies to provide the data. Previous state law required the information for motor vehicle insurance.

“This is a great resource for homeowners and renters to use to help themselves lower their insurance costs,” said Hawaii Insurance Commissioner Gordon Ito. “Insurance companies are more willing to lower costs when consumers shop around and compare.”

The homeowner insurance rate comparison sheets also include a “Consumer’s Guide to Homeowner’s Insurance.” The guide gives consumers general explanations of the different types of coverage and the basics of what homeowner’s insurance includes.