Homeowners Should Review Insurance Policies

The Hawai‘i Department of Commerce and Consumer Affairs Insurance Division reminds residents to review their motor vehicle, homeowners, hurricane and flood insurance policies and know what they cover.

“As Hurricane Hector approaches the state, we want to encourage everyone to review their policies and clear any confusion about what is covered under a homeowners policy versus a hurricane, flood, or motor vehicle policy,” said Insurance Commissioner Gordon Ito. “Know what steps to take pre- and post-event to protect yourself, your family, and minimize any significant financial impacts. If there are any questions or concerns, consumers should call their agent or insurance company.”

Times listed our PDT not Hawai‘i Standard Time.

The Insurance Division offers the following tips:

• Flood damage is not typically covered as part of a standard homeowners or renters insurance policy. If you want to be covered for flood damage, you’ll have to purchase coverage specific to flooding.
• A separate endorsement or policy may be needed to cover losses from a hurricane. Understand when damage is covered under your homeowners policy versus a hurricane endorsement or policy.
• Other-than-collision (OTC) or comprehensive motor vehicle coverage may be needed for damage due to high winds or flooding to your vehicle. The minimum required motor vehicle insurance does not cover damage to your vehicle. Additionally, homeowners or renters insurance would not cover damage to your car regardless if it was parked on your property or in your garage.
• Homeowners and renters insurance protects your personal property. However, you would need to check your flood and hurricane policies if it extends to personal property. It’s important to keep an updated inventory of possessions and don’t forget to take photos or videos of each space.
• Homeowner and renters insurance typically includes loss of use or the cost of temporary alternative housing. Many hurricane policies might not include this but it could be added to your policy.
• For additional coverages and any questions regarding your policies, contact your agent or insurance company.

Find more information and resources such as the My Insurance Doesn’t Cover What? booklet available online. This booklet serves as a guide to equip consumers with information to better prepare for an emergency and understand what may or may not be covered by their insurance policy or policies.