Jan. 03--As part of a push to drive down the cost of home insurance and ensure consumers aren't paying for coverage they don't need, the state has released home insurance quotes for 14 providers who volunteered the information.
The 14 represent about half of all providers operating in Hawaii.
Hawaii Insurance Commissioner Gordon Ito said he hopes publicizing the rates will help residents who are facing rising prices for just about everything.
"While Hawaii residents face increasing prices and rising fees, taking advantage of the premium rate comparison table is one way they can help themselves manage costs," he said in a news release. "Insurance companies are spurred to lower costs when consumers shop around and compare."
It's the first time the state has compiled lists of home insurance rates.
The lists, available online beginning today, include rates for homes and condominiums, and for renter's insurance. Comparison tables show different rates for various types of construction and for Oahu and the neighbor islands.
For example, the list shows the premium for an Oahu homeowner with $250,000 coverage can range from a low of $163 (for a wood home built in 2005 with double-wall construction) to a high of $1,014 (for a masonry home built in 1990).
Dongbu Insurance Co. had the lowest rates for homeowners on Oahu, followed by DTRIC Insurance Co. and Farmers Insurance Hawaii.
USAA General Indemnity Co. had the highest.
"We're hoping that consumers will use this as a tool," said Brent Suyama, spokesman for the state Insurance Division. "Our hope is ... this will help drive costs down in the marketplace. (Consumers) can go around and compare."
Suyama said it's not yet clear how often the lists will be updated.
The state has also issued a Consumer's Guide to Homeowner's Insurance, a reference guide aimed at demystifying home insurance, giving consumers easy-to-read explanations on the different types of coverage.
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