Hawaii taxpayers on the hook for insuring private property? What is this, communist China? ;)?
There is a storm a-brewin' though when states try to low-ball the actual actuaries' assessed costs for providing insurance or the recognition that some properties are increasingly uninsurable. It might help to consider how this has played out for other states like Florida that is dealing with mounting insurance costs and insurers fleeing the state due to the impacts of climate change.
https://www.bloomberg.com/opinion/articl...ce-problem
"At a time when climate change is making storms more severe and frequent, the amount of residential real estate parked in harm’s way is only increasing. Each time a storm levels part of the state, developers sweep in to redevelop the land into even pricier homes, some of which are protected by Citizens [state insurer] at below-market rates. Lawmakers’ attempt to expand Citizens’ footprint to cover more expensive homes will deepen the moral hazard problem, and the reluctance among private insurers to participate in the market."
There is a storm a-brewin' though when states try to low-ball the actual actuaries' assessed costs for providing insurance or the recognition that some properties are increasingly uninsurable. It might help to consider how this has played out for other states like Florida that is dealing with mounting insurance costs and insurers fleeing the state due to the impacts of climate change.
https://www.bloomberg.com/opinion/articl...ce-problem
"At a time when climate change is making storms more severe and frequent, the amount of residential real estate parked in harm’s way is only increasing. Each time a storm levels part of the state, developers sweep in to redevelop the land into even pricier homes, some of which are protected by Citizens [state insurer] at below-market rates. Lawmakers’ attempt to expand Citizens’ footprint to cover more expensive homes will deepen the moral hazard problem, and the reluctance among private insurers to participate in the market."