Home Insurance Rates on Big Island (Honolulu, Hilo: house, to buy, earthquake)

[Hoss]

Are the rates to insure a home in lava zone 1, 2 or 3, quite high. In Florida insurance rates have went up so much that people can no longer afford to insure their homes and are being forced to move, thanks to the hurricanes.

[leilaniguy]

Aloha Hoss, The insurance rates in zone 3 and higher are comparable to anywhere else in the state. In zone 1 and 2 however, I'd estimate double that, maybe more, only offered by a handful of companies and there are strings attached; They will only cover non-lava losses, and there is a cap of $250K coverage. Any home valued higher can be covered only by Lloyds of london at (I consider) an astronomical rate. Hurricane and earthquake insurance are of course extras.

[ragustin]

Aloha, I am trying to find insurance for a Zone 3 property in Kurtistown...do you know who I should go to for rates?

Originally Posted by leilaniguy

Aloha Hoss, The insurance rates in zone 3 and higher are comparable to anywhere else in the state. In zone 1 and 2 however, I'd estimate double that, maybe more, only offered by a handful of companies and there are strings attached; They will only cover non-lava losses, and there is a cap of $250K coverage. Any home valued higher can be covered only by Lloyds of london at (I consider) an astronomical rate. Hurricane and earthquake insurance are of course extras.

[Jonah K]

Originally Posted by ragustin

Aloha, I am trying to find insurance for a Zone 3 property in Kurtistown...do you know who I should go to for rates?

I recommend Pyramid Insurance Centre in Hilo.

[cncguy2000]

just a note on Ins. going up...
I live in MS. and since Katrina my rates Have gone up $300 last year.
This year thay are going up $800. and they will drop Wind and hail.
unless you get it for $2400 extra.
People can't afford these rates, but the State and Govt. won't stop them.
I have no choice but to move.....

[GirlinAZ]

I thought that the government of Hawaii had insurance rates for those who had a hard time finding insurance? I own a level 2 property and am quite freaked about the insurance costs. Anyone know about this?

[Aaahsmama]

Originally Posted by GirlinAZ

I thought that the government of Hawaii had insurance rates for those who had a hard time finding insurance? I own a level 2 property and am quite freaked about the insurance costs. Anyone know about this?

GirlinAZ -- we are currently looking to buy in lava zone 2... any suggestions on insurance? There has to be some one who insures in this area, right?

[Aaahsmama]

Originally Posted by leilaniguy

Aloha Hoss, The insurance rates in zone 3 and higher are comparable to anywhere else in the state. In zone 1 and 2 however, I'd estimate double that, maybe more, only offered by a handful of companies and there are strings attached; They will only cover non-lava losses, and there is a cap of $250K coverage. Any home valued higher can be covered only by Lloyds of london at (I consider) an astronomical rate. Hurricane and earthquake insurance are of course extras.

Leilaniguy - Are you an insurance agent? There has to be some one who insures in lava zone 2 on the island if the property is less than $250, right? Do you know of any? Can you give me some names. Thank you

[leilaniguy]

Sorry, not an ins. agent. Try contacting Hawaii Property Insurance Association- HPIA, PO box 2880 Honolulu, HI 96802-2880 or ph. 808-564-8200 and ask which carriers cover lava zone 1 and 2. The cap was raised earlier this year to $350,000.

[cynmkolohe]

To avoid advertising on this site, I can't post the contact info for the agent I would refer you to....but DM me, and I will forward his name and number to you if you are ready to investigate with an agent.

Yes, you can get insurance in Lava Zones 1 and 2, though HIPA does not guarantee to cover all properties. In an earlier post about Leilani Estates, I posted rates for a house costing about $349,000 in Lava Zone 1. Coverage would be about $2,000 per year.