HAWAII PROPERTY INSURANCE ASSOCTION RATE INCREASE

[ika]

I live in lava zone 1 and have HPIA insurance,they are going to increase their rates 35% for 2010.when i first moved here in 2005 i paid $1112 for $250000 worth of insurance this year 2010 i will pay $2406 for the same $250000 worth of insurance .i never filled a claim and never heard of any houses burning down due to the lava,so why almost 55% increase over the last 5 years .the Hawaii state commissioners office of insurance told me that the commissioner approved it because hpia had to buy reinsurance and basicly got the run around on how to find out how much their reinsurance went up to justify the increase of 35%.so i called senator KOKUBUN & house rep HANOHANO office and was blown away by how little they new about HPIA INSURANCE.this insurance was was put thru the state legislation and has a member from each islands senator's or house rep's who helps over see it or on the board not sure .but they new very little about it . i can only hope any body else who feel like i do would call them and find out why have our rates gone up over 55% in 5 years .HANOHANO OFFICE #808-586-6530, KOKUBURN'S OFFICE #808-586-6760.FOOD FOR THOUGHT ...are you over insuring your house ? do you need hurricane insurance ? i was told i needed hurricane insurance to get my loan at a price of $1400 a year ,only to find out my lender just wanted wind & hail insurance witch is included in my HPIA INSURANCE.HPIA AND Business Insurance my agent HAS HAD ME AT A $250000 REPLACEMENT VALUE on my house but when i asked them why so high? because my house was appraised by the bank @ $205000,they told me they could not replace it for less then $250000 .i filed a complaint with the insurance commissioner and low and be hold i was right and hpia refunded me $1273 for the past 5 years for the over valued insurance they told me they could not drop,buyer beware call you're agent & bank and ask questions you might be paying to much and carrying insurance you do not need .lets help PUNA'S residents keep our houses and keep our insurance fairly priced .MAHALO SEAN KING

[ika]

here are some phone #'s for complaints D.C.C.A INSURANCE DEPT 808-5862790 AND THE HAWAII STATE INSURANCE COMMISSIONERS OFFICE808-586-2790

[ric]

I don't think the increases are isolated to Hawaii. Our rates for our mainland properties have about doubled in the past 5-6 years. But the overselling of other coverages is bothersome.

[EightFingers]

Is it possible to skip lava inundation insurance (Basically you're self-insured) and just keep the other coverages (fire, storm, etc.)?

[Bob Orts]

I don't think Hawaii mandates insurance by individuals on their property like they do certain auto insurance. But the insurance can be mandated by a lender or someone else that has a vested interest in your property. If someone else requires it, their terms and conditions apply. If they want lava insurance by an insurance company, that's their call.

[EightFingers]

Bob, your right, I was assuming the house was paid up or paid for in cash. I heard LZ1 is very difficult to get financing in.

[Dan De Soto]

The HPIA rate increases were confined to Lava zone 1 and 2. HPIA policies in higher zones actually saw a rate decrease.

There are new programs for lava zone 2 saving most $500 - $1500 / year but lava zone 1 is still expensive. We are searching for ways to save our lava zone 1 customers $ but no clear winners yet.

Dan De Soto
Mutual Underwriters
Insurance Agent
www.insurancehi.com
dan@mutualunderwriters.com
Tel: 808-961-3207
Fax: 808-969-1120
275 Ponahawai St., Ste#105
Hilo, HI 96720