09-10-2023, 07:12 PM
(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.