HONOLULU (HawaiiNewsNow) – A potential hurricane in Hawaii would do no favors to already rising insurance rates.
Some building owners have seen up to 500% increases in their maintenance fees over the past year, and residents are already experiencing dramatic spikes in their fees.
Insurance experts held a public meeting on Tuesday night in Hawaii Kai to address the issue.
Community members sounded off, accusing insurance companies of using disasters like the Maui Wildfires as an excuse to hike costs.
“I don’t think they’re losing money; I think they’re making plenty money and are using this as an opportunity to be more profitable,” said a resident.
“That’s our Lahaina fire that put us on the map after not being on it for almost 33 years. We don’t want to be on this map ever again. When we get on the map, we are now front and center, and the reinsurers who were charging the rest of America premium increases for all the 27 catastrophes they covered in 19. And 2023. Finally said, oops, we forgot about Hawaii; we haven’t been charging them a fair rate. Our rates have been 30 to 40% less than the mainland for years now,” President of Insurance Associates Sue Savio said.
House Speaker Scott Saiki says there are talks of reviving Hawaii’s hurricane relief fund to offset recovery costs.
Right now, condo boards can take advantage of new government financing and solar energy programs that were just signed into law in May.
Gov. Josh Green says he may call a special session to address the issue.
PREVIOUS COVERAGE:
Copyright 2024 Hawaii News Now. All rights reserved.
Source link
