Hawaii residents encouraged to double check their homeowners insurance policies

Hawaii Homeowners Insurance

Hurricane season is not over yet and powerful storms may be on their way to Hawaii State officials in Hawaii are encouraging homeowners to ensure that their properties are protected against natural disasters. The 2014 Pacific hurricane season is set to end on November 30, and there is still plenty of time for powerful storms to form and make landfall in the state. Severe weather is expected to hit Hawaii in the coming weeks and months and homes that do not have adequate protection could find themselves vulnerable to financial…

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Hawaiian Insurance Commissioner calls for home insurers to submit new, reduced rates

A recent inquiry into the rates of homeowner’s insurance in Hawaii has led the state’s Insurance Commissioner, Gordon I. Ito, to call for drastic actions. The state’s Insurance Department ruled that the current rates for homeowner’s insurance are far too excessive. The department used data supplied by the National Association of Insurance Commissioners to form a benchmark against which Hawaii’s rates were tested. Now, Ito is calling for insurers to submit new rate filings for review. Ito first issued a memorandum for insurers to send their justifications for their rate…

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Homeowners insurers in Hawaii ordered to submit new filing for rates

Gordon I. Ito, Insurance Commissioner of Hawaii has ordered all of the homeowner insurers in that state to file new rates following a review by the Insurance Division which determined that the current rates being charged to policyholders were “excessive” when they were compared to data from the National Association of Insurance Commissioners (NAIC). On June 8, 2011, a memorandum was issued by Insurance Commissioner Ito, stating that homeowner insurers are required to have their rate filings reviewed by the Insurance Division for their approval. According to Ito, following a…

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