Requesting The Director Of Commerce And Consumer Affairs To Convene A Working Group To Study And Devise Comprehensive Strategies To Restore Accessible Insurance Options To Residents And Commercial Businesses In Lava Zones 1 And 2.
Impact
This resolution addresses a critical issue for communities in these lava zones, where the only remaining insurance provider, the Hawaii Property Insurance Association (HPIA), has significantly raised premium rates to levels that are three to four times higher than those previously offered by UPCIC. Such increases create substantial financial burdens for residents, especially for vulnerable individuals and low-income families, hindering their ability to secure and finance properties in these areas. The working group is tasked with devising comprehensive strategies to assist these residents and businesses in navigating the insurance landscape.
Summary
House Resolution 155 requests the Director of Commerce and Consumer Affairs to convene a working group with the goal of restoring accessible insurance options for residents and commercial businesses located in high-risk areas designated as Lava Zones 1 and 2 on Hawaii island. The resolution highlights the challenges posed by recent volcanic eruptions and the withdrawal of private insurance providers from the market, particularly the Universal Property and Casualty Insurance Company's decision to exit the homeowners and renters insurance market by August 2024, which has affected approximately one thousand policyholders.
Contention
Among the proposed strategies are the evaluation of insurance policy premiums, lowering the costs set by HPIA to include commercial options, and implementing subsidies or financial assistance programs tailored for those living in Lava Zones 1 and 2. The resolution aims to explore feasible solutions, including the establishment of a risk pooling mechanism, which could provide a more sustainable insurance solution for these residents. As the group comprises various stakeholders, including representatives from the local government and the business sector, the outcomes of their findings and recommendations could shape future legislation regarding insurance accessibility and affordability in high-risk volcanic regions.
Same As
Requesting The Director Of Commerce And Consumer Affairs To Convene A Working Group To Study And Devise Comprehensive Strategies To Restore Accessible Insurance Options To Residents And Commercial Businesses In Lava Zones 1 And 2.
Requesting The Director Of Commerce And Consumer Affairs To Convene A Working Group To Study And Devise Comprehensive Strategies To Restore Accessible Insurance Options To Residents And Commercial Businesses In Lava Zones 1 And 2.
Requesting The Director Of Commerce And Consumer Affairs To Convene A Working Group To Study And Devise Comprehensive Strategies To Restore Accessible Insurance Options To Residents And Commercial Businesses In Lava Zones 1 And 2.
Requesting The Director Of Commerce And Consumer Affairs To Convene A Working Group To Study And Devise Comprehensive Strategies To Restore Accessible Insurance Options To Residents And Commercial Businesses In Lava Zones 1 And 2.
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Requesting The Director Of Commerce And Consumer Affairs To Convene A Working Group To Study And Devise Comprehensive Strategies To Restore Accessible Insurance Options To Residents And Commercial Businesses In Lava Zones 1 And 2.
Requesting The Director Of Commerce And Consumer Affairs To Convene A Working Group To Study And Devise Comprehensive Strategies To Restore Accessible Insurance Options To Residents And Commercial Businesses In Lava Zones 1 And 2.
Requesting The Director Of Commerce And Consumer Affairs To Convene A Working Group To Study And Devise Comprehensive Strategies To Restore Accessible Insurance Options To Residents And Commercial Businesses In Lava Zones 1 And 2.