Requesting The Hawaii Hurricane Relief Fund And The Insurance Commissioner To Assess The Impacts Of Climate Change On Homeowner's Insurance.
The resolution seeks to gather data on various aspects, including the specific impacts of climate change on the ability of homeowners to secure adequate insurance coverage, as well as the financial burdens that result from climate disasters. It also looks into community acceptance of the Loss Mitigation Grant Program and outlines potential strategies to enhance homeowner protection over the next decade. The information gathered is expected to guide legislative action in future sessions, specifically prior to the Regular Session of 2025.
SCR124 is a Senate Concurrent Resolution from the State of Hawaii aimed at addressing the growing concerns related to climate change and its impact on homeowners' insurance. The resolution requests the Hawaii Hurricane Relief Fund and the Insurance Commissioner to assess how climate change affects the availability and affordability of insurance for homeowners against disaster-related damages. This measure highlights the urgency as climate change increases the frequency and severity of extreme weather events, leading insurers to reconsider their policies in previously low-risk markets like Hawaii.
Concerns have been raised about the increasing trend of insurers withdrawing from markets due to escalating risks associated with climate events. The resolution notes that if market trends continue, Hawaii's homeowners may increasingly find it challenging to obtain necessary coverage for disasters related to climate change, as was observed in other disaster-prone states across the country. This raises significant implications for homeowners' financial stability and recovery efforts in post-disaster scenarios.