HomeMy WebLinkAboutCOM 0397.007 2022-2024 P/GOEAC
R .276.25
CAMM. J 1
L
From: Lance Decker
Sent: Sunday, August 13, 2023 6:49 PM u
To: Council Testimony �= >
Subject: Resolution Number 223-23 — .w
Dear Hawaii County Council: _
I LA..
am sending you my strong support of Resolution 223-23 concerning Hawaii property insurance in lava zones 1 and 2.
Property owners in these areas are, or soon will be subject to dramatic increases in their home owner's insurance during
a time where inflationary increases are already taxing family budgets.
With Universal Property Insurance leaving Hawaii State in the next 12 months,the affected residents who also have
home mortgages will likely be required to come up with a full year one time payment of over$4,500 while at the same
time have their monthly mortgage based escrow amount increased by$500 per month. This could expose some home
owners to foreclosure during a time when there is an inadequate supply of housing making a bad situation even worse.
Why is it Insurance Companies will not offer policies in LZ-1& 2? Is it because they make more profit underwriting HPIA
risk insurance?The HPIA rules need to be restructured in my opinion.
The property insurance problem is not just isolated to Hawaii Island as climate change has lead to similar issues in the
island chain and throughout the United States. One can only speculate what the insurance industry will do after the
Maui disaster cost are in.They may elect to do the same as Universal and stop writing all Hawaii policies like they did in
California and Florida.
This resolution is a great step toward securing innovative solutions by a combination of local,state and federal officials
and it is hoped that these creative solutions can be enacted in a very timely manner to avoid any significant impacts on
home ownership. What is accomplished for Lava Zones 1 and 2 may impact future insurance policy for the whole state.
I therefore strongly support and encourage Hawaii County Council to pass the subject resolution.
Sincerely,
Lance Decker
15-205 Puni Lapa St W.
Pahoa, HI. 96778
/b61
Comm. No. 1 1
Ref. To: . PIS /
1 Ref. Date AUG 1 5 2023