Ruderman’s homeowners insurance bill passed! Act 032, 2015
Homeowners insurance will continue to be available even in lava threat emergencies.
During the lava threat, insurers were denying homeowners insurance to most of the Puna district. Senator Ruderman’s bill requires insurance to be issues in 95% of cases even during a declared state of emergency. This bill allowed real estate sales to normalize, and property values returned to previous levels. This bill passed and was signed into law in April, 2015.
Property Insurance; Hawaii Property Insurance Association; Policies; Non-renewal; Lava Zone; State of Emergency; Moratorium.
SB589 SD2 HD2 RELATING TO INSURANCE.
Specifies the total percentage of property insurance policies that an insurer may non-renew in a lava zone during a state of emergency due to lava flow in that lava zone, with specific exceptions. Specifies that if residential property insurance is unavailable due to a moratorium on insurance policies in a lava zone during a state of emergency due to lava flow, the Hawaii Property Insurance Association shall remove its moratorium; requires the Hawaii Property Insurance Association to offer new policies and provide a maximum waiting period of six months for the policy coverage to take effect after the moratorium is removed. (SB589 HD2) (S)
5/7/2015- Act 032, 5/5/2015 (Gov. Msg. No. 1132). RUDERMAN, Baker, Gabbard, Inouye PBS, CPC.