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Add all honey, maple syrup, coconut oil, and water to the top of a double boiler. Bring to a simmer over medium-low heat.
Continue to simmer, stirring frequently. As the mixture cooks, you'll notice that it first darkens in color, and begins to “pull away” from the sides of the pan. You will likely see an increase in the volume of bubbling right before this point. Soon after, the caramel will start to lighten in color a bit, and that's when your sauce is just about done. Cooking the caramel takes some time - usually at least 20 minutes. Caramel can be cooked more quickly in a saucepan directly on a burner, but it's a bit easier to burn it, so I suggest using the double boiler.
Heat the caramel till it reaches 230 degrees on a candy thermometer, or the mixture thickens if you cool a bit on a spoon. You can also check for done-ness using the "cold water test": using a spoon, pour a drop of the mixture into a glass of cold water. Mixture should mostly stay together and form a soft clump in the water (you're shooting for just shy of the "soft ball" stage, for a nice thick caramel sauce).
Remove caramel from the heat, and let it rest for a few minutes before serving warm.
Unused caramel can be stored tightly covered in the refrigerator. Warm gently in a double-boiler to reheat.