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+--- Thread: State House and County Council Resolutions on LZ1 & LZ2 High Cost of Home Insurance (/showthread.php?tid=23164)
RE: Council Resolution on LZ1 & LZ2 High Cost of Home Insurance - randomq - 09-10-2023
The county has enough money to build a new house and subdivision for everyone in LZ1/2 willing to move? The power to force everyone to move?
I'd support efforts to build more subdivisions on state land, as long as it was revenue neutral for the county (sell the lots at cost), sold in some fair way to individuals or affordable apartments, and didn't benefit any nearby oligarch landowners.
RE: Council Resolution on LZ1 & LZ2 High Cost of Home Insurance - leilanidude - 09-10-2023
(09-10-2023, 01:25 AM)Punatang Wrote:(09-08-2023, 10:44 PM)leilanidude Wrote: The first was the prediction of a wave of foreclosures in Puna in a few months due to Universal customers inability to afford coverage under HPIA
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Generally, when a property owner loses or cancels their property insurance, the lender will assign coverage through one of their subsidiary or affiliated companies and charge the borrower directly for that coverage. Despite this being a "lava zone 1/2" thing, I suspect that will happen. I am not saying that the property owner will like the price, just that it works that way on the mainland and almost all of the mortgage lenders are mainland based so that would be their first response.
So you think there are currently insurers, other than HPIA who will write policies in LZ1 and LZ2. I'm sure lot's of folks would be really interested to know who those subsidiaries and affiliates are. You may have solved the whole problem.
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I don't think you understand what I stated. You can't just call up one of these companies and get coverage. It gets assigned thru one of their own or a subsidiary, who won't care about Lava Zones or hurricane areas, etc. They might not even tell you the name of the insurer (it could be their own in-house coverage). They will simply price your coverage anyway that they feel fit to and you probably won't like the price. The cost will be added to your monthly mortgage payment and if you can't make the new payments, you will get foreclosed on.
RE: Council Resolution on LZ1 & LZ2 High Cost of Home Insurance - Punatang - 09-10-2023
"...you will get forclosed on."
You're right, I did not understand. I thought you were offering a solution to the prospect of a wave of foreclosures being discussed. Mahalo for clarifying.
Does anyone have any input on which subdivisions/areas might benefit from a re-evaluation of lava risk and which ones might be determined to be riskier than the current map allows?
I watched a video of the meeting at the Hawaiian Shores Community Center / Old Stables and really the only thing of interest IMHO in the whole event was when the USGS guy jumped up and interrupted the State Insurance Commissioner, just to make the point that the Lava Zone maps promulgated by the USGS are NOT risk maps. It seemed clear to me that he felt strongly enough to break with polite decorum to exclaim that that map should not be used by insurance companies to assess risk.
RE: Council Resolution on LZ1 & LZ2 High Cost of Home Insurance - terracore - 09-11-2023
According to my realtor/wife, if one needs coverage in LZ2 they can contact this gentleman:
Justin Salgado
Associate Account Executive
Personal Lines – Sales Unit
HI License No. 14603707| Agency License No. 4793033
201 Merchant Street, Suite 1100 Honolulu, Hawaii 96813
Direct Line: (808) 533-8718 | Fax: (808) 550-1152
Email: jsalgado@atlasinsurance.com
Visit us on the web: www.atlasinsurance.com
RE: Council Resolution on LZ1 & LZ2 High Cost of Home Insurance - Durian Fiend - 09-13-2023
(09-10-2023, 08:24 PM)Punatang Wrote: "...you will get forclosed on."Is the Hawai'i lava-flow hazard zone map still accurate?
You're right, I did not understand. I thought you were offering a solution to the prospect of a wave of foreclosures being discussed. Mahalo for clarifying.
Does anyone have any input on which subdivisions/areas might benefit from a re-evaluation of lava risk and which ones might be determined to be riskier than the current map allows?
I watched a video of the meeting at the Hawaiian Shores Community Center / Old Stables and really the only thing of interest IMHO in the whole event was when the USGS guy jumped up and interrupted the State Insurance Commissioner, just to make the point that the Lava Zone maps promulgated by the USGS are NOT risk maps. It seemed clear to me that he felt strongly enough to break with polite decorum to exclaim that that map should not be used by insurance companies to assess risk.
Yes, the Map Showing Lava-Flow Hazards Zones on Hawai'i Island is still accurate. It was most recently revised in 1992.
The map is intended to communicate long-term lava-flow hazards, rather than short-term hazards, which can change daily during periods of eruptive activity.
Hazard assessments are based on the assumption that future eruptions will be similar to those in the past. For the past 200 years, eruptions of Kīlauea and Mauna Loa have occurred at their summits and/or along one of their rift zones—and future eruptions on these volcanoes are likely to occur in the same areas.
https://www.usgs.gov/faqs/hawaii-lava-flow-hazard-zone-map-still-accurate
If insurance companies shouldn't use those maps to assess risk, how else could they?
RE: Council Resolution on LZ1 & LZ2 High Cost of Home Insurance - leilanidude - 09-13-2023
If insurance companies shouldn't use those maps to assess risk, how else could they?
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The map proved quite accurate in the 2018 eruption. It seemed to have nailed Lava Zone 1 perfectly.
RE: Council Resolution on LZ1 & LZ2 High Cost of Home Insurance - dobanion - 09-13-2023
They could get a little more sophisticated. Combining the published lines of steepest descent along with likelihood of rift zone eruptions in various locations.
RE: Council Resolution on LZ1 & LZ2 High Cost of Home Insurance - HereOnThePrimalEdge - 09-13-2023
So you think there are currently insurers, other than HPIA who will write policies in LZ1 and LZ2. I'm sure lot's of folks would be really interested to know who those subsidiaries and affiliates are.
Lloyds of London?
They often insure the otherwise uninsurable, for a price.
RE: Council Resolution on LZ1 & LZ2 High Cost of Home Insurance - MyManao - 09-13-2023
(09-13-2023, 05:56 PM)leilanidude Wrote: If insurance companies shouldn't use those maps to assess risk, how else could they?
Use the map. Wink wink nod nod.
RE: Council Resolution on LZ1 & LZ2 High Cost of Home Insurance - Durian Fiend - 09-13-2023
(09-13-2023, 06:25 PM)dobanion Wrote: They could get a little more sophisticated. Combining the published lines of steepest descent along with likelihood of rift zone eruptions in various locations.In other words, use the maps.