07-28-2023, 11:58 AM
From today's Tribune:
"Insurance company that covers about 1,000 Big Isle customers is exiting the market"
A mainland-based insurance provider is pulling out of the Hawaii market, leaving residents in Lava Zones 1 and 2 in a tough spot.
Universal Property and Casualty Insurance Co. of Florida announced earlier this month that it intends to withdraw from the state homeowners, condominium and renters insurance market, giving notice to about 1,500 home- and condo owners statewide that their policies will terminate by Aug. 31, 2024.
"My broker said the only other insurance available to me is state insurance,” said Hawaiian Beaches resident Kent Christianson, referring to the Hawaii Property Insurance Association, which provides basic property insurance to those unable to receive conventional coverage.
Christianson said the premiums for his current coverage through UPC is about $1,700 per year. But equivalent coverage through the HPIA would cost about $7,000 or more, which he said is completely unmanageable."
"Insurance company that covers about 1,000 Big Isle customers is exiting the market"
A mainland-based insurance provider is pulling out of the Hawaii market, leaving residents in Lava Zones 1 and 2 in a tough spot.
Universal Property and Casualty Insurance Co. of Florida announced earlier this month that it intends to withdraw from the state homeowners, condominium and renters insurance market, giving notice to about 1,500 home- and condo owners statewide that their policies will terminate by Aug. 31, 2024.
"My broker said the only other insurance available to me is state insurance,” said Hawaiian Beaches resident Kent Christianson, referring to the Hawaii Property Insurance Association, which provides basic property insurance to those unable to receive conventional coverage.
Christianson said the premiums for his current coverage through UPC is about $1,700 per year. But equivalent coverage through the HPIA would cost about $7,000 or more, which he said is completely unmanageable."