Hawaii Governor Josh Green has issued an emergency proclamation aimed at providing immediate relief to condominiums facing significant increases in property insurance premiums. The proclamation follows a national trend of rising insurance costs, with some premiums for condos increasing by as much as 500%. Contributing factors include a surge in catastrophic events and rising repair costs, which have led to a limited market where insurance options are scarce. A task force has been established to investigate long-term solutions, while the current measures aim to stabilize the insurance landscape for condo associations in the near term.
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