Via Island News:
“HONOLULU (Island News) — Rising condo and property insurance rates remain a continuing issue in Hawaii.
Previous disasters, including the Maui wildfires have escalated insurance prices and many renters are reportedly facing significantly higher costs.
As rates go up, some people are not getting renewed – 100% coverage is needed.
The Hawaii Hurricane Relief fund Board of Directors and members met this month to discuss ways to potentially help provide relief – through well over $100 million in the ‘HHRF fund’.
Hawaii State Insurance Commissioner Gordon Ito said, “In the wisdom of the administration and the legislature through all these years, they’ve actually set aside $171 million in the event that Hawaii needs to reactivate the HHRF, potentially tapping into the $171 million – that’s something the board will have to consider”.
Insurance Associates President Sue Savio stated, “Lahaina brought Hawaii front and center because the mainland had been experiencing huge rate increases and we haven’t – then all of a sudden Lahaina hit and they said, oh my, you are part of America and we’re going to charge you more for your rates.”
“I think the biggest concern for all of us is how is the Hawaii Hurricane Relief Fund going to help us? I just don’t know how often and how much and who it can help – will it be smaller condos, larger condos, would it offer us partial hurricane coverage enough to fill up the gap so we’re not paying as much for maybe the last couple layers of it?”, added Savio.
Many are hoping to see funding approval quickly advance.
Heading toward the one year anniversary of the Maui wildfires, Savio emphasized, “There’s a lot of ifs – another hurricane or fire to hit Hawaii would be devastating, that’s why I think possibly the legislature, Hawaii Hurricane Relief Fund doing something now is important.”
The Hawaii Hurricane Relief Fund Board is set to meet again the first week of August.”
Visit my website www.FindMauiProperty.com to search the Maui MLS and Find Helpful Resources.
