Hawaii Governor Josh Green recently signed an emergency proclamation to address the sharp rise in property insurance premiums affecting condominiums, which have seen increases of up to 500% in some cases. This follows a national trend of a “hard insurance market,” resulting in fewer coverage options as insurers react to increased disaster risks and rising repair costs. A task force has been formed to explore various solutions, including potential insurance model restructuring, while the proclamation allows state loans to enhance insurance availability for eligible condos. Although these measures are a step towards stabilizing the situation, they are not comprehensive resolutions to the ongoing insurance challenges faced by homeowners.
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