Cheap Flood Insurance In Hawaii

If you followed the news at all during the late summer months of 2014, you might remember that Hawaiian islands were in the path of not one, but TWO tropical systems that were predicted to bring high winds and heavy rains for days on end. Of course, if you live on any of the islands, you experienced that first hand! In the end, one storm brushed the state and the other went to sea without a direct hit, but both caused some minor flooding. While direct hits from tropical storms are not extremely common in the Aloha State, flooding from offshore storms and heavy rains is. This is why flood insurance coverage is an important asset for any property owner on the Islands and perhaps why you may be looking for cheap flood insurance in Hawaii.

If you have spent any length of time research home and business insurance policies, you will notice that certain events are not covered. Wind damage is often not covered, nor is damage from wildfires or earthquakes. Flood damage is also among the natural events not covered by a traditional insurance policy. Without specific flood insurance coverage, you would be left to pay for the repair of any flood-related damages out-of-pocket or with loans. For many people this would be a financial hardship, and for others, outright financial disaster.

The first step to finding cheap flood insurance in Hawaii is to consider each of your provider options. For many years, the only provider on the market was the National Flood Insurance Program (NFIP). The NFIP is funded through the government, and is purchased through state, local, and national agencies that are licensed to provide NFIP policies. More recently, the National Catastrophe Flood Insurance Program (NCIP) has entered the market. The NCIP is privately underwritten and is also offered by certain licensed partner agencies. Each program offers different types and amounts of coverage and bases their premiums on different pricing models, so be sure to carefully examine each one.

As a property owner in Hawaii, you may be able to lower your premiums and have cheap flood insurance if you build new structures with certain flood mitigation features or make certain modifications to an existing structure. For instance, if you are building a new home or office, elevating the structure with stilts to a height that sits higher than the flood level, your premium levels may be reduced. For existing buildings, you might be able to save money on your premium by installing flood vents at the base of the building to allow floodwaters to flow underneath the building rather than build to higher, damage-inducing levels.

Living on an island, you probably realize that flooding is an inevitable part of life. However, just because flooding is inevitable, that does not mean that paying top dollar for a flood insurance policy is inevitable as well. With some research and perhaps some changes to your property’s structure, you will be able to find cheap flood insurance in Hawaii!

All information is general in nature and is intended to provide guidance only. It is up to you to request specific coverage options, the agency and agent do not bear this responsibility. Always read the policy if there is a questions about coverage or a claim. If any information herein should conflict with your actual policy’s specific language, the policy language will be controlling.

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