Urging The Members Of Hawaii's Congressional Delegation To Introduce Legislation To Expand The National Flood Insurance Program To Include Lava Insurance.
Impact
The potential introduction of lava insurance under the NFIP could significantly impact state laws pertaining to property insurance. By expanding coverage options, residents in high-risk lava zones may gain access to more affordable insurance solutions which could alleviate the financial burden currently imposed by skyrocketing rates from other insurers. This move is particularly pertinent given the recent exit of Universal Property & Casualty from the Hawaiian market, which has left many homeowners in dire need of affordable coverage options.
Summary
HCR73 is a resolution proposed in the State of Hawaii urging Congress to expand the National Flood Insurance Program (NFIP) to include coverage for lava damage. This bill recognizes the unique insurance challenges faced by property owners in areas prone to lava flows, particularly in Puna on Hawaii Island, which is categorized into lava zones 1 and 2. The intent of the resolution is to provide a safety net for these residents, similar to that which flood-prone areas receive under the NFIP, thereby acknowledging the similarities in risk exposure between flooding and lava flow incidents.
Contention
One of the notable points of contention surrounding HCR73 revolves around the financial implications for the NFIP and the federal government. While supporters argue for the necessity of providing additional insurance options for residents affected by lava flows, critics may express concerns about the sustainability and financial viability of expanding the flood insurance program to include such unique risks. The bill's advocates assert that it could prevent severe economic hardships faced by residents after damage from lava flow, while opponents may highlight the potential strain on federal resources that this expansion might entail.
Same As
Urging The Members Of Hawaii's Congressional Delegation To Introduce Legislation To Expand The National Flood Insurance Program To Include Lava Insurance.
Urging The Members Of Hawaii's Congressional Delegation To Introduce Legislation To Expand The National Flood Insurance Program To Include Lava Insurance.
Urging The Members Of Hawaii's Congressional Delegation To Introduce Legislation To Expand The National Flood Insurance Program To Include Lava And Earthquake Insurance.
Urging The Members Of Hawaii's Congressional Delegation To Introduce Legislation To Expand The National Flood Insurance Program To Include Lava And Earthquake Insurance.
Urging The Congress Of The United States To Enact A National Reinsurance Program To Address The Multi-state Insurance Crisis Resulting From Catastrophic Natural Disasters.
Urging The Congress Of The United States To Enact A National Reinsurance Program To Address The Multi-state Insurance Crisis Resulting From Catastrophic Natural Disasters.
Urging Hawaii's Congressional Delegation To Introduce And Support Legislation That Would Repeal The $10,000 Limitation On The Deduction For State And Local Taxes Enacted By The Federal Tax Cuts And Jobs Act Of 2017.
Urging Hawaii's Congressional Delegation To Introduce And Support Legislation That Would Repeal The $10,000 Limitation On The Deduction For State And Local Taxes Enacted By The Federal Tax Cuts And Jobs Act Of 2017.
Requesting The Insurance Commissioner To Convene A Working Group To Assess The Feasibility And Impact Of Requiring Coverage For Commercial Properties And Structures, Including Greenhouses And Shade Houses, Under The Hawaii Property Insurance Association's Plan Of Operation.