State House and County Council Resolutions on LZ1 & LZ2 High Cost of Home Insurance

[leilanidude]

We got a final demand for insurance from our lender who have notified us they will be placing insurance on our home at $300/mo. rate.

This is exactly what I said would happen, back on page 2 and "punatang" insisted I was incorrect.

[terracore]

Here's a new one I've never heard before:

https://www.msn.com/en-us/money/insurance/this-is-an-invasion-of-privacy-insurance-companies-do-random-inspections-to-raise-rates/ar-AA1kAC7f?cvid=35770b423c40440e9a6633e8f9f10422&ei=4

Some of the insurance companies are tormenting their policyholders with home inspections and reinspections:

"Reports from policyholders underscore a perplexing pattern. Citizens Insurance Company is reaching out to individuals, instructing them to undergo home inspections, even if they’ve recently had one. The surprise element inherent in these calls is leaving many without a choice, as the company is enforcing the inspections with a seemingly unyielding resolve.

Marylou Simon, a policyholder under the Citizens umbrella, recently found herself at the receiving end of an unexpected call from the insurance giant. Despite diligently explaining that she had undergone a comprehensive inspection just six months prior, her plea seemed to fall on deaf ears. The insistence on another inspection is emblematic of a broader strategy being implemented by Citizens."

This reminds me when our teenage daughter left for college and we dropped her from our car insurance.  She bought a car on Oahu and got her own insurance policy for it.  The insurance company called me every several weeks or so for a "random survey" which was ridiculously easy to spot as them trying to "catch" us letting our daughter borrow our car without being on the policy.  The second time they called I said listen, I know what you're doing...  She can't borrow our car because she lives on a different island.  She has her own car and she has her own policy THROUGH YOUR COMPANY.  The guy tried to "reassure" me that wasn't the point of the call and that he was based on Oahu in the military and understood how islands worked.  Nevertheless, the calls continued for almost a year.  The last time I got a call I was a little less friendly and told them to make a note in their system to check HER policy first before accusing us of having an uncovered driver in the household.  He "reassured" me that wasn't the purpose of the call.  But they never called again.

I have a suspicious nature so I immediately see red flags. What information are these inspectors logging? Who do they share it with? How can the data be used? Considering how the government has been conspiring with technology companies to circumvent the first amendment, are they now going after the fourth?

[Punatang]

We got a final demand for insurance from our lender who have notified us they will be placing insurance on our home at $300/mo. rate.

This is exactly what I said would happen, back on page 2 and "punatang" insisted I was incorrect.

Dude I'm sorry you misunderstood. I did not challenge the notion that all lenders will make sure that borrowers maintain adequate insurance and will procure insurance for a borrower should a borrower fail to do so themselves. It's a given. Everyone knows this. It's boilerplate mortgage language.

I was however, and still am dubious that anyone out there other than HPIA is underwriting policies for homes in LZ1 and LZ2.  Nothing has been said here to disuade me from that belief. Please forgive any lack of clarity in my post. The fact is that I hope you are right and other options manifest themselves. So far, unfortunately, I see no evidence of that.

[leilanidude]

We got a final demand for insurance from our lender who have notified us they will be placing insurance on our home at $300/mo. rate.

Rob - That price does not seem unreasonable for your house. Have tried to get a quote from HPIA for comparison?

[terracore]

Whether it's unreasonable or not depends on what it covers.

[HereOnThePrimalEdge]

depends on what it covers.

I just read an article about insurance in Florida.  They interviewed a man whose policy premium increased 500%. He had no recent claims because damages from last years hurricane were not covered under his policy.  His quote:

“I don’t have insurance, I have an insurance bill.”

[terracore]

depends on what it covers.

I just read an article about insurance in Florida.  They interviewed a man whose policy premium increased 500%. He had no recent claims because damages from last years hurricane were not covered under his policy.  His quote:

“I don’t have insurance, I have an insurance bill.”

The lines between banking and insurance are beginning to fade.  Some people will only be able to get coverage from their lender, in which case there are no lines.

[MyManao]

Some people will only be able to get coverage from their lender..

As limited an option as that might be, those in that situation might find it a better option than not being able to get any at all.

I'm rooting for the 'free market place' to do what others have been unable to do.. limit the growth in hazardous areas.. or if developed have plans in place to deal with the eventual inundation..

I understand the history.. the why and how we got here.. I just think we should envision a future were our volcanic eruptions are free to be awe inspiring rather than disasters.. to that end last year CB published this article..

https://www.civilbeat.org/2022/12/how-do...volcanoes/

[Obie]

"They interviewed a man whose policy premium increased 500%."

I have a friend living in Florida. His insurance company inspected his house and even though he kept his bar tile roof in excellent condition they told him he would have to get it replaced.
It cost him $30,000 to have the roof replaced.

A friend of mine here had insurance that has assigned by his lender. In 2018 the insurance protected the lender's interest and my friend ended up owing thousands because he had wrapped the closing costs into the loan. He was still making a mortgage payment on a house that was destroyed until he got his county buy out money this year.

[terracore]

"They interviewed a man whose policy premium increased 500%."

I have a friend living in Florida. His insurance company inspected his house and even though he kept his bar tile roof in excellent condition they told him he would have to get it replaced.
It cost him $30,000 to have the roof replaced.

A friend of mine here had insurance that has assigned by his lender. In 2018 the insurance protected the lender's interest and my friend ended up owing thousands because he had wrapped the closing costs into the loan. He was still making a mortgage payment on a house that was destroyed until he got his county buy out money this year.

That sucks.

I wonder if any of the companies only cover things beyond the lenders interest.  My lender requires us to have hurricane insurance, but my agent explained it doesn't have to be from the same company my regular homeowners insurance is with. People are used to "bundling" insurance products to save money but that isn't always the case.  My original homeowners insurance was going to be too expensive with the hurricane rider, but I found out I could buy the hurricane portion elsewhere and the two together would be a lot cheaper.  I wound up going with Dongbu because it came with hurricane insurance.