HPIA Moratorium Lifted for Puna District
HONOLULU – June 10, 2015 – (RealEstateRama) — The state’s Insurance Division is advising Big Island residents that the Hawaii Property Insurance Association (HPIA) is now accepting all new business applications and coverage increase requests.
“This is an opportunity to safeguard against unexpected property damage,” said Hawaii Insurance Commissioner Gordon Ito. “We want to thank our lawmakers for taking steps to pass legislation to lift the moratorium.”
Act 32, which was signed into law on May 5, 2015, requires HPIA to lift any moratorium on the issuance of residential property insurance within lava zones declared to be under a lava flow-related state of emergency by the Mayor of the County of Hawaii. Support for lifting the moratorium in Puna via Act 32 can be attributed to the efforts of area legislators Sen. Russell Ruderman and Rep. Joy San Buenaventura, as well as the work of the chairs of the consumer protection committees in both the Senate and House, Sen. Rosalyn Baker and Rep. Angus McKelvey.
Commissioner Ito urges Big Island residents to be prepared and to seize this opportunity, before another lava flow or other natural disaster takes place. The lifting of the moratorium is an opportunity to access property insurance, which was previously restricted due to the Puna lava flow. Consumers are encouraged to contact their insurance agent for more information.
The Insurance Division created a lava information brochure and a homeowners premium comparison chart, which may be viewed at: cca.hawaii.gov/ins.
The Insurance Division oversees Hawaii’s insurance industry, issues licenses, examines the fiscal condition of Hawaii-based companies, reviews rate and policy filings, and investigates insurance related complaints.
For more information about the Insurance Division, visit cca.hawaii.gov/ins or call (808) 586-2790.
