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Do You Have the Right Homeowner's Insurance?



Hi everyone! Welcome back to our video blog!

Today, we wanted to talk to you about the importance of having the right Homeowner’s Insurance and what it will cost. We have Bradley Maruyama from Allstate Insurance with us to answer some questions about how homeowner’s insurance works!

When you buy a home you need to keep your homeowner’s insurance in mind for your monthly budget. We asked Bradley a few questions! 

What can a homeowner expect to pay for a 2,000 square foot single family home in Hawaii? 

When you are looking for a home, it’s very important to find out how old the home is because the premium will be based on the year the home was built. Homes built in 1982 and prior will most likely be a single-wall constructed home, which will drive costs up with your homeowner’s and hurricane insurance. So, the average cost per year would be $1,800-$2,400 for a home that is built prior to 1982.

If your home is built after 1982, it will most likely be double-wall constructed and have hurricane clips. This will make your homeowner’s and hurricane insurance from $1,200-$1,400 a year. 

What exactly does the insurance cover, Bradley? 

Liability coverage will cover anything you are responsible for in a lawsuit up to $300,000. An example of this is if your dog escapes and bites someone, your Allstate Homeowner’s insurance will cover it.

It also covers personal property. What is considered personal property? If you turn your house upside down, anything that falls out would be considered personal property: television, couches, washing machine, etc.

The insurance will also cover ‘loss of use.’ If your house burns down and you do not have a place to live, you might wonder where you will stay, how will you pay for it? Rent Loss Insurance gives you money to rent a condo or a hotel while your home is being rebuilt for up to 12 months!

Most importantly, is the actual structure of your home. If the house burns down, we need to make sure we replace it exactly. 

Moment of truth Bradley, what does that actually mean? 

I always consider insurance a piece of paper until it’s actually redeemed. What do I mean by that? It’s the agent who brings value to the policy: when there’s a loss, a theft or an accident. How does your agent step up? Do they make you feel comfortable? Our agency takes pride in stepping up at your moment of hardship.

I have my home insured with Bradley and if the moment of truth should occur, I know I am in good hands. 

You can get in touch with Bradley at (808) 591-8016 or bradleymaruyama@allstate.com 

So remember to listen to the Team Lally Real Estate Show, home of the Guaranteed Sold Program or We’ll Buy it, every Saturday at 11a.m. on KHVH AM830.

Thanks and aloha!