01-19-2024, 04:17 AM
(01-17-2024, 11:13 PM)terracore Wrote: Reportedly people in HPP (LZ3) are being notified by DB (formerly Dongbu) their policies will not be renewed. "Because of the Maui fires".
I spoke with a reputable Hilo DB (formerly Dongbu) agent today and got the facts on this situation. They are "pulling back" from the Hawaii market by not renewing any policies on homes valued under $400,000. This was described as related to the Lahaina fire and not to lava zone designations. The practical effect, however, is that the great majority of homes on this island under that price point will be in Puna and Kau. So while they may not be redlining any particular subdivisions or lava hazard zones, the practical effect is the very similar.
The good news, at least for folks in HPP (my specific point of reference) is that there are still several companies issuing policies. Of course, the bad news is that it will cost considerably more. The Frau and I have been told by eager real estate agents that our home is worth more than the cutoff, but DB's formula says otherwise. So we are looking for new coverage. Fortunately, we are good until mid-April, so we have time. Others are scrambling to get coverage by February.