State publishes the prices firms charge for home and auto insurance policies

Annual premiums for similar homeowners insurance policies on Oahu range from as little as $150 at First Security Insurance of Hawaii to $1,500 at Travelers Indemnity Co. and Phoenix Insurance Co., the state Insurance Division reported Wednesday.

Those rates were for homes built in 2005 with double-wall construction and asphalt shingle roofs, and are part of a much longer list released by the state of premiums charged by 38 Hawaii insurers.

The state released the rate comparisons for 2014 homeowner and motor vehicle insurance policies in an effort to encourage consumers to compare costs before purchasing policies.

For an Oahu resident with a clean driving record, annual auto insurance premiums vary from $270 at GEICO to $884 at Farmers Insurance Hawaii, according to the state list. With one speeding conviction, the price ranges from $270 at GEICO to $1,240 at Farmers. Those rates apply to a 2012 four-door Honda Accord sedan.

"We created the guides with the goal of educating consumers about the options they have when it comes to their insurance policies," Insurance Commissioner Gordon Ito said in a statement.

"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."

Home and condominium owners and renters can use the list of sample premiums to compare what their current insurer is charging versus its competitors. The guide also explains what is included in the different types of coverage.

For motor vehicle insurance, the list of 54 insurance carriers includes the breakdown of premiums by island, number of customer complaints, and prices for drivers with clear records versus one speeding conviction.

Last month, the Insurance Division released health insurance rate information to make it easier for consumers and small businesses to compare plans under President Barack Obama’s Affordable Care Act.

This is the first time the state is publishing rate guides for all three major insurance lines, division officials said.

To compare premiums from licensed insurance companies doing business in Hawaii, go to cca.hawaii.gov/ins.