The Department of Commerce and Consumer Affairs' Insurance Division is now providing Hawaii's 2014 homeowner and motor vehicle premiums comparison guides through its website.
Consumers will be able to review and compare sample premiums from insurance companies licensed in Hawaii. This marks the first year that the Insurance Division is publishing rate guides for three types of major annual insurance purchases -- health, homeowner and motor vehicle policies – new resources facilitated by Abercrombie Administration efforts to modernize and transform state technology infrastructure.
"We created the guides with the goal of educating consumers about the options they have when it comes to their insurance policies," said Insurance Commissioner Gordon Ito. "We want to make sure that the people of Hawaii have the correct amount of coverage, and are not over- or underpaying. We ask that all home and motor vehicle owners review their policies on an annual basis, and visit our website to browse the options."
Homeowners, condominium owners and renters can use the list of sample premium rates as a guide to see what their company is charging compared to its competitors. The guide also provides explanations about the different types of coverage, and the basics of what homeowner’s insurance includes.
Motor vehicle owners can use the guide to compare sample premium rates specifically for a 2012 Honda Accord, LX, four-door sedan from licensed insurance companies. Although rates for other vehicles may not be the same, the Insurance Division encourages consumers to use the guide to consider their options when shopping for policies. The list shows the breakdown of premiums by island, and drivers with clear records or one speeding conviction.
The Insurance Division also released its Health Insurance Premium Guides for individuals and small businesses in December 2013. These guides are meant to be a tool that will show premiums offered by Hawaii Medical Services Association, or HMSA, and Kaiser Hawaii on and off the Hawaii Health Connector if a 2014 Affordable Care Act plan is purchased.
For information and to access the guides, please visit the following websites:
•Homeowner, Condominium and Renters Premium Comparison Guide - http://cca.hawaii.gov/ins/consumer/homeowners/home-insurance-premium-comparison/
•Motor Vehicle Premium Comparison Guide - http://cca.hawaii.gov/ins/consumer/mv_premiums/
•Health Insurance Premium Comparison Guide - http://cca.hawaii.gov/ins/health-insurance-premium-comparison/