Find the Best Flood Insurance Rates & Companies in Hawaii
The state of Hawaii is intimately familiar with flooding disasters. In fact, Hawaii averages 11 flood events per year, mostly from May to October. But many residents and business owners might not be aware that standard homeowners insurance and business insurance exclude coverage for natural flooding damage and destruction. To properly protect your home or business, you'll need a flood insurance policy.
Fortunately, local independent insurance agents can help you find the right flood coverage in Hawaii. They'll get you equipped with a flood insurance policy that includes all the protection your unique property needs. Until then, here's a breakdown of Hawaii flood insurance, including how much it costs, where to get it, and more.
Key Takeaways - Hawaii Flood Insurance
- Hawaii flood insurance includes buildings coverage and contents coverage, which protect both the structure of a property and the items inside.
- Hawaii flood insurance costs an average of $755 per year, or approximately $63 per month.
- You can be required to have flood insurance in Hawaii if you have a government-backed mortgage or live in a high-risk flood area.
- Working with a local independent insurance agent is strongly recommended, as they can compare policies and quotes from several carriers and tailor a policy to your unique property.
Best Flood Insurance Companies in Hawaii
There are many different Hawaii flood insurance companies to choose from. However, we've provided a couple of our top choices for the best Hawaii flood insurance companies to help you get started:
- USAA: This insurance company offers flood insurance, as well as a range of personal and business insurance products. USAA has excellent official ratings, outstanding financial strength, and affordable premium rates.
- Allstate: This insurance company also offers flood insurance, along with a comprehensive catalog of personal and business insurance products. Allstate works with independent insurance agents, offers several discounts, and has excellent financial strength.
An independent insurance agent in Hawaii can help you compare flood insurance quotes and coverage from these carriers and others in your area.
How to buy flood insurance in Hawaii
Flood insurance in Hawaii is available from FEMA's National Flood Insurance Program (NFIP), but with lower coverage limits than are offered from most private flood insurance companies. A local independent insurance agent in Hawaii can help you find flood insurance from a private carrier that offers the right amount of coverage. These agents have access to multiple flood insurance companies, so they're free to shop and compare your options.
Is Flood Insurance Required in Hawaii?
It can be, yes. Hawaii flood insurance requirements mainly apply to owners of properties in high-risk flood zones, or those with government-backed mortgages. However, even if coverage isn't explicitly mandatory, you might still want to get coverage with the help of an independent insurance agent. Having flood insurance can help you avoid potentially devastating out-of-pocket financial losses if a flooding event damages or destroys your property.
What Does Flood Insurance Cover in Hawaii?
Flood insurance in Hawaii can cover your property's structure and the contents inside. A Hawaii flood insurance policy includes these components:
- Contents coverage: This is designed to cover destruction or damage to your personal belongings, such as furniture, electronics, clothing, etc., and various types of business property, caused by natural flooding. Homeowners can buy up to $100,000 in coverage from the NFIP, while business owners can buy up to $500,000.
- Buildings coverage: This is designed to cover destruction and damage to the structure of a home or business, including its foundation and equipment such as circuit breakers, water heaters, and HVAC systems, caused by natural flooding. Homeowners can buy up to $250,000 in coverage from the NFIP, while business owners can buy up to $500,000.
A Hawaii independent insurance agent can help you find a flood insurance policy from a carrier that offers adequate coverage in each category.
What's Not Covered by Flood Insurance in Hawaii?
Hawaii flood insurance doesn't provide any coverage for your vehicles. To get coverage, add comprehensive insurance to your personal auto insurance policy. Further, Hawaii flood insurance typically excludes coverage for all of the following:
- Business property and interruptions
- Additional living expenses
- Valuable papers (e.g., certificates and currency)
- Outdoor property (e.g., septic systems, decks, patios, landscaping, wells, hot tubs, pools, and fences)
- Personal belongings stored in basements
- Flooding caused by sewer backups and line breaks*
*Your independent insurance agent can add a sewer backup endorsement to your homeowners insurance policy if you'd like to protect your home against this type of flooding disaster.
How Much Does Flood Insurance Cost in Hawaii?
The average cost of flood insurance in Hawaii $755 per year, or approximately $63 per month. This is actually quite a bit cheaper than the current national average of $899 per year, or approximately $75 per month.
FEMA and the NFIP set local flood insurance pricing by using the Hawaii flood insurance rate map. Further, Hawaii flood insurance rates can also be impacted by the following factors:
- The location of the property
- The construction materials used in the property
- The amount of coverage chosen
- A property's flood zone designation
- The history of flooding in the area
A local independent insurance agent can help you compare Hawaii flood insurance quotes to find affordable coverage near you.
Hawaii Flood Zones
Hawaii flood zone maps are readily available online. However, the easiest place to download Hawaii flood maps, including Honolulu, Hawaii flood maps, is on FEMA's official website. On this website, you can find several comprehensive and user-friendly tools designed to provide an accurate flood risk assessment for Hawaii. You can access Hawaii flood zone map PDFs, Hawaii flood plain maps, and more.
How to Apply for Flood Insurance in Hawaii
When applying for flood insurance in Hawaii, you have several options, including:
- Through FEMA's National Flood Insurance Program (NFIP)
- From private flood insurance companies in Hawaii
- From a local Hawaii independent insurance agent
Hawaii flood insurance can be bought either in person or online. However, a local independent insurance agent in Hawaii can help you shop and compare policy options and rates from several different flood insurance companies in your area. They'll help you find the overall best blend of coverage and cost.
The Best Flood Insurance Discounts in Hawaii
Depending on where you buy your flood insurance coverage, you might be able to earn a few different Hawaii flood insurance discounts, such as the following:
- Private flood insurance companies in Hawaii may offer several flood insurance discounts, such as those for properties built on stilts or for individuals affiliated with certain organizations.
- FEMA offers flood insurance discounts for some newly mapped properties and for policyholders in communities participating in the organization's Community Rating System. Discounts range from 5% to 45% depending on a property's classification.
Your Hawaii independent insurance agent can find any flood insurance discounts you qualify for to reduce your premium rates as much as possible.
How to File a Flood Insurance Claim in Hawaii
Filing flood insurance claims in Hawaii can be easiest when you go through your independent insurance agent, who can contact your carrier for you. Follow these simple steps if you need to file a Hawaii flood insurance claim:
- Step one - Contact your insurance company or agent: Be prepared with your insurance information, including your policy number, when you call either your independent insurance agent or flood insurance company to report the disaster.
- Step two - Prepare for an inspection: Wait for your property to be officially declared safe for reentry before you evaluate the damage. Your insurance company will likely request photo and video evidence of any property damage, as well as a detailed written report.
- Step three - Work with your claims adjuster: Schedule a visit with your insurance company's claims adjuster, who will perform a home inspection in person to evaluate the extent of the flood damage. You might receive a reimbursement estimate at the end of their assessment.
- Step four - Receive payment: Your reimbursement will come as a direct deposit or a claims check in the mail, depending on how your coverage is set up. How much you get back will depend on your coverage terms and the extent of the damage.
Each insurance company has a different timeframe for completing the claims process and issuing reimbursement. Your Hawaii independent insurance agent can keep you updated through every step of the claims process.
FAQs About Hawaii Flood Insurance
Do you need flood insurance in Hawaii?
Yes, in certain cases, flood insurance is required in Hawaii. If you have a government-backed mortgage or your property is in a high-risk flood zone, flood insurance can be mandatory.
What is the average cost of flood insurance in Hawaii?
The average cost of flood insurance in Hawaii is $755 per year. This is approximately $63 per month.
What is the best flood insurance company in Hawaii?
We found that this year's best flood insurance company in Hawaii is USAA. This insurance company has excellent official ratings, outstanding financial strength, and affordable premium rates.
Why work with a Hawaii independent insurance agent when shopping for flood insurance?
Hawaii independent insurance agents can help you find the flood insurance you need from a top-rated local carrier. Independent insurance agents work hard to find quality coverage at the most affordable rate. They'll shop and compare flood insurance quotes from several carriers for you.
And down the road, they can help you file flood insurance claims or update your coverage as needed. Your agent can help you find flood insurance on Oahu or wherever you reside.
Sources
https://www.nerdwallet.com/article/insurance/flood-insurance-cost
https://www.honolulu.gov/dem/flood/