04-27-2009, 12:14 PM
Just catching up on this discussion; here are few quick answers to questions I noticed:
You cannot insure land because the replacement value is based to heavily on market forces. Buildings on the other hand are based on what it would cost to rebuild and values are relatively stable, usually only adjusted for inflation.
Just to clarify Lloyds offers better coverage but is cheaper than HPIA only in some circumstances. Lloyds policies include hurricane so if you are not replacing a HPIA policy and a hurricane policy HPIA alone will probably be cheaper if your home is owner occupied. If you have a tenant occupied home Lloyds may be cheaper even with the additional hurricane coverage.
Lloyds policies did not get cheaper. HPIA had a 33% rate hike and then an additional 25% rate hike for tenant occupied homes in Lava zones 1 and two. HPIA polciies outside of lava zones had a rate decrease.
You can cancel a HPIA policy anytime and replace it with Lloyds. You will get a pro rata refund less 10% of unused premium. However, if you have a Zephyr hurricane policy Zephyr will not give any refund so it will probably be best to replace the coverage on the date of the Zephyr renewal. ICAT is another hurricane insurer. They give some refund but they can penalize up to 75% of unused premium if you cancel early and if you had coverage during hurricane season.
Lloyds does not insure homes under construction so stick with HPIA until you get your final inspection. You will need new coverage when construction is complete. Get a Lloyds quote at that time and you may be able have your new premium paid out of the refi closing.
Every situation is unique and this information is general. Ask your agent or send me an email or phone call for information specific to your situation. Also the industry changes constantly so this post may only be accurate for a few months. For example; if you have an HPIA policy in lava zone 1 (Leilani Estates) that is expiring in May you can switch it to Lloyds without the lava exclusion now. Normally Lloyds only offers policies in zone 1 with the lava exclusion. They just started offering this and are writing zone while they figure out their program. I would jump on this if I had a home in Leilani.
Dan De Soto
Mutual Underwriters
All Lines Agent
www.insurancehi.com
Tel: 808-961-3207
Fax: 808-969-1120
275 Ponahawai St., Ste#105
Hilo, HI 96720
You cannot insure land because the replacement value is based to heavily on market forces. Buildings on the other hand are based on what it would cost to rebuild and values are relatively stable, usually only adjusted for inflation.
Just to clarify Lloyds offers better coverage but is cheaper than HPIA only in some circumstances. Lloyds policies include hurricane so if you are not replacing a HPIA policy and a hurricane policy HPIA alone will probably be cheaper if your home is owner occupied. If you have a tenant occupied home Lloyds may be cheaper even with the additional hurricane coverage.
Lloyds policies did not get cheaper. HPIA had a 33% rate hike and then an additional 25% rate hike for tenant occupied homes in Lava zones 1 and two. HPIA polciies outside of lava zones had a rate decrease.
You can cancel a HPIA policy anytime and replace it with Lloyds. You will get a pro rata refund less 10% of unused premium. However, if you have a Zephyr hurricane policy Zephyr will not give any refund so it will probably be best to replace the coverage on the date of the Zephyr renewal. ICAT is another hurricane insurer. They give some refund but they can penalize up to 75% of unused premium if you cancel early and if you had coverage during hurricane season.
Lloyds does not insure homes under construction so stick with HPIA until you get your final inspection. You will need new coverage when construction is complete. Get a Lloyds quote at that time and you may be able have your new premium paid out of the refi closing.
Every situation is unique and this information is general. Ask your agent or send me an email or phone call for information specific to your situation. Also the industry changes constantly so this post may only be accurate for a few months. For example; if you have an HPIA policy in lava zone 1 (Leilani Estates) that is expiring in May you can switch it to Lloyds without the lava exclusion now. Normally Lloyds only offers policies in zone 1 with the lava exclusion. They just started offering this and are writing zone while they figure out their program. I would jump on this if I had a home in Leilani.
Dan De Soto
Mutual Underwriters
All Lines Agent
www.insurancehi.com
Tel: 808-961-3207
Fax: 808-969-1120
275 Ponahawai St., Ste#105
Hilo, HI 96720
Dan De Soto
Mutual Underwriters
Insurance Agent
www.insurancehi.com
dan@mutualunderwriters.com
Tel: 808-961-3207
Fax: 808-969-1120
275 Ponahawai St., Ste#105
Hilo, HI 96720
Mutual Underwriters
Insurance Agent
www.insurancehi.com
dan@mutualunderwriters.com
Tel: 808-961-3207
Fax: 808-969-1120
275 Ponahawai St., Ste#105
Hilo, HI 96720