Central Pacific Hurricane Season has started, so it’s policy review time

Central Pacific Hurricane Season - Approaching storm

Insurance companies in Hawaii are reminding homeowners to ensure they’re covered. The Central Pacific Hurricane Season has begun, and Hawaii insurers are reminding homeowners to make sure they have adequate insurance coverage. The state insurance commissioner has also reminded owners and renters to review their policies. Reviewing a policy at least once per year to ensure that coverages and exclusions are appropriate for covering a homeowners property and possessions is highly recommended. Hawaii Insurance Commissioner Colin Hayashida has reminded state residents of the importance of this annual practice, particularly as…

Read More

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…

Read More

Hawaii’s hurricane fund in jeopardy of being drained

Hawaii may lose their state hurricane fund in an attempt to balance a 232 million dollar deficit. The fiscal year ends in three months and state officials are scrambling to find a way to balance the budget.  One approach that is being considered is to use part of, or all, of the 117 million dollars sitting in the hurricane relief fund. The state fund was started after the 1992 disaster from hurricane Iniki, which caused most insurers to stop writing policy coverage for hurricanes and related damage.  It took 10…

Read More