Tag: Hawaii

Hawaii residents rush to obtain newly required boat insurance

Logan B.
Boat Insurance Policy - Hawaii Flag

The state now requires a new level of coverage, but boaters say it’s impossible to get The state of Hawaii has announced a new rule it wants boaters in the state to follow regarding their boat insurance coverage, but many people are saying that despite their best attempts, it’s not possible to comply. Coverage is required in order to use any of the state’s harbors However, the new regulation would have boaters purchasing $100,000 in boat insurance coverage for salvaging a vessel that has run aground. This is the case…

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Hawaii County Council asks state for Puna homeowners insurance crisis assistance

Logan B.
Homeowners Insurance - Lava from Kilauea Volcano

The market isn’t yet in a state of crisis, but it is at a high risk and is aiming to avoid arriving there. Homeowners insurance customers on the Big Island of Hawaii’s East Rift Zone are still making progress in their recovery following the unprecedented eruption of the Kilauea volcano five years ago in 2018 but are now facing new challenges in terms of sky-high coverage rates. Insurers have started leaving the home, condo and renters markets in the state. In July, the Hawaii Department of Commerce and Consumer Affairs…

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Hawaii wildfires cause second highest losses to the insurance industry in the state

Nordstrom
Lahaina from the sky

The total covered losses are still climbing on Maui island and will reach the state’s second highest. The total losses the insurance industry is on the hook for due to the Hawaii wildfires on Maui island are expected to reach the second highest in the history of the state, according to modeling cited by a recent Reuters report. The rapidly moving blaze began last week and has devastated the historic resort town of Lahaina. Lahaina has been particularly hard-hit by the blazes. A historic resort town today, it was once…

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Auto insurance legislation targeting ride-share companies has failed in Hawaii

Logan B.
rideshare auto Insurance accident crash

New legislation fails to pass committee New legislation in Hawaii that would require drivers working for transportation network companies like Uber and Lyft to have a higher level of auto insurance coverage has been struck down by the House Consumer Protection and Commerce Committee. The legislation would have introduced more regulation to the transportation network company industry, which is growing quite rapidly throughout the United States. Both Uber and Lyft have been targeted by such legislation before, with lawmakers in some states showing concern over potential insurance gaps. Legislation would…

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State-run health insurance exchanges have crippling financial problems

Marc
Health Insurance Exchange

States running their own exchanges are having trouble funding themselves State-run health insurance exchanges are having difficulty managing high costs and low enrollment numbers. If such challenges persist, some states may decide to relinquish control of their exchanges to the federal government. Hawaii is one of the states that may soon cede control of its exchange. The state launched its own exchange with the aid of $205 million in federal grants, but it has failed to achieve its enrollment goals. Hawaii’s insurance exchange will rely on HealthCare.gov next year Hawaii’s…

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