Hawaii Governor Green signs bill to stabilize property insurance market
By Mia MacGregor
July 11 - (The Insurer) - Hawaii Governor Josh Green has signed Senate Bill 1044 (Act 296) into law aiming to stabilize the state’s property insurance market amid rising premiums and limited coverage options, exacerbated by environmental disasters.
Act 296 reactivates the Hawaii Hurricane Relief Fund to provide coverage not present in the private market, focusing on condominium and townhouse associations of apartment owners (AOAOs).
Additionally, the bill enhances the Hawaii Property Insurance Association's ability to provide additional coverage options, establishes a Condominium Loan Program and mandates a study for sustainable market strategies.
Eligibility for HHRF coverage requires AOAO denial by two insurers and buildings valued over $10 million. Coverage is limited to excess hurricane insurance above $10 million, with separate primary insurance required.
“This bill is a lifeline for thousands of Hawaii residents crushed by soaring insurance costs — and finally gives them somewhere to turn,” said Senate Commerce and Consumer Protection Committee Chair Jarrett Keohokalole.
“The condominium community will now benefit from much-needed premium relief. As we have already seen in some of the initial submissions, properties of all sizes have seen upwards of 70% savings on their hurricane insurance,” added Alex McLaury, commercial insurance agent at ACW Group.
Related Articles
Netflix After the Warner Deal: What Investors Should Know
TradingKey - For quite some time now, Netflix (NFLX) has been regarded as the premier subscription-based streaming service in the world, with a well-established history of growth through creative use of pricing power, developing hit programming, and relying very little on outside sources for licensi
Warsh’s Fed Era Signals a Death Knell for QE, Jolting the $30 Trillion Treasury Market
With Warsh’s nomination, his past proposals for governing the Federal Reserve are being brought to the forefront. A central issue is the formulation of a new "1951 Accord" to restructure the relationship between the Fed and the Treasury. Analysts suggest such a move could impact the $30 trillion Tre
Amazon Stock Predictions for 2026 to 2030: Will They Exceed Expectations and Achieve Major Long-Term Goals?
TradingKey - As we head into 2026, many investors are questioning where Amazon (AMZN) fits into the technology world.
A Crash After a Surge: Why Silver Lost 40% in a Week?
TradingKey - Spot silver (XAGUSD) prices continue to decline. Silver plunged 20% on Thursday, breaking below $71 per ounce, with the sell-off intensifying on Friday as prices fell further below $64. Compared to the all-time high set on January 29, silver prices have retraced more than 40%, wiping out nearly all gains accumulated over the previous month.
