The cost of homeowners insurance has been rising in Hawaii, which less than a year ago was struck by devastating fires that caused millions in damages for thousands of residents.On August 8, fueled by dry conditions and strong winds from passing Hurricane Dora, wildfires erupted, swiftly engulfing the historic town of Lahaina and surrounding areas. The deadliest fire in the country in a century claimed 101 lives on Maui. It was the deadliest U.S.
In 2022, according to data from the Insurance Information Institute , the average cost of homeowners insurance went up to $1,355. A year later, it jumped to $1,445. At the same time, it remained below the national average of $1,500 in 2022 and $1,650 in 2023.According to S&P Global, the average approved rate increase for Hawaii policyholders was 5.4 percent in 2022 and 5.6 in 2023.
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