Latest news with #JerryBump
Yahoo
09-04-2025
- Business
- Yahoo
$170 Million Hawaii Hurricane Relief Fund hopes to help associations with insurance shortfalls by June 1
HONOLULU (KHON2) — Officials are now meeting weekly to try and get the Hawaii Hurricane Relief Fund up and running to try and get help to condo owners this summer. The state's insurance commissioner says there is some positive news about the market. 'We've been working very expeditiously to get a policy put in place soon,' said Jerry Bump, acting state insurance commissioner. 'Right now, the target date is June 1. There's still a lot that has to be done to be able to reach that target date.' Crummy conditions plague Oahu park, garden The $170 million dollar Hawaii Hurricane Relief Fund is being re-started to cover any insurance coverage shortfall for associations. The state's acting insurance commissioner says it still has to find an operator, and the board is still finalizing guidelines on who will get help first. But he says the good news is that the insurance market seems to be softening. 'We would say that the peak of the market was last July, maybe through September,' Bump said. 'And then the renewals that were coming in in January and now April, we've seen significant drops, but not to the to the point where it was in 2023.' Download the free KHON2 app for iOS or Android to stay informed on the latest news However for single family homes, a new study says Hawaii is going to see one of the sharpest increases, percentage wise, estimated to go up by 17-percent. 'Hawaii is more than double the national average in terms of the expected increase homeowners are likely to see, and that's based on multiple factors,' said Matt Brannon, an Insurify data journalist. Those factors include potential for natural disasters. And of course, because re-insurance rates or insurance for insurance companies has gone up since the Lahaina say shop around for the best rates. Ask your insurer if there are any discounts or incentives for upgrading your home, and consider bundling coverage. 'Beyond that, you could also consider raising your deductible,' Brannon said. 'So when you raise your deductible, it does typically mean lower monthly premiums. However, you will have to front more of the upfront cost.' And hope for the best. 'Obviously we just we hope for a good, you know, hurricane season,' Bump said. 'We don't have any major disasters and hopefully that's also on a global basis.' Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
08-02-2025
- Business
- Yahoo
How does Hawaii plan to battle rising insurance rates?
HONOLULU (KHON2) — Insurance companies nationwide are hiking rates to keep up with escalating risks for more frequent, fierce climate-driven disasters like hurricanes and met with Hawaii's Acting Insurance Commissioner, Jerry Bump, to see how bad it is in the islands. 'It really varies from carrier to carrier. Some have been more proactive with rate increases on a smaller scale. From 10 to 15 percent per year,' said Bump. Hawaii Supreme Court hears arguments over Lahaina wildfire victims' global settlement As rates grow, coverage shrinks from some providers — none of whom have pulled out of the Hawaii market completely nor cut off whole neighborhoods like what happened to many in Palisades, Calif. just before January's disaster. 'So there may be individuals who get nonrenewal notices because the carrier hasn't pulled out of the market. It's still writing in other areas, but maybe it's limiting the type of structure it wants to write or avoid areas that are in flood zones.' The Insurance Division's Online Premium Comparison Guides may be complicated to decipher, but they show consumers how much prices can vary between dozens of regulated carriers for the same coverage. It's meant to help homeowners, condo owners and even renters shop around. 'We're looking very closely at rate filings, scrutinizing those working with insurers to hopefully minimize those rate increases that they're filing for,' Bump added. Deal reached: How will the $4B Lahaina Global Settlement be split for fire victims? But a whole bunch of coverage happens outside the state's kuleana, especially condo associations, which are layers of coverage that regulators cannot control. 'They turn to what we call the surplus lines market, and they are able to still find coverage, but it's at rates that might be much higher than what we traditionally have seen.' Governor Josh Green tasked the Hawaii Hurricane Relief Fund's board with setting up a state-based alternative. 'We're in an emergency, but we're not moving like there's an emergency,' said Senator Jarrett Keohokalole, Committee on Commerce and Consumer Protection. KHON2 has asked the commissioner if he can push the board and its contractor to hurry it up. Check out more news from around Hawaii 'They have laid out a timeline where they want to get policies out to the market by summer.' We will continue to follow up on ways for the state to facilitate and for consumers to find more affordable and attainable coverage to get out of this insurance emergency. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
06-02-2025
- Climate
- Yahoo
Does homeowners, renters policies cover flooding?
HONOLULU (KHON2) — Homeowners and renters islandwide are urged to review their insurance policies following a severe storm in late January. Download the free KHON2 app for iOS or Android to stay informed on the latest news January's 'potent' low-pressure system brought heavy rains, thunderstorms and gusty winds to the Hawaiian islands, with some residents experiencing flooding in their homes. Hawaii residents: Follow these storm preparedness tips As the wet season continues, officials from the Department of Commerce and Consumer Affairs encourage all homeowners to go over their policies and deductibles. DCCA officials issued the reminder to bring awareness to those who don't realize most standard homeowners, condo unit owners and renters insurance policies do not cover flood damage. 'One of the main things that happens in a wet season like this is we have flooding. And we just wanted consumers to understand that flooding is generally not covered in homeowners policy,' said Sam Thompson, DCAA. Homeowners who want to add flood insurance to their policy must purchase it separately from the National Flood Insurance Program. Insurance can also be 'endorsed onto the policy to supplement a policyholder's homeowners insurance.' Don't wait until it's too late though, as NFIP policies have a 30-day waiting period before they can fully go into effect. 'With the recent local forecasts including possible flooding and strong winds, we are reminded that natural disasters can be unpredictable, and flooding can happen anytime and anywhere,' said acting Insurance Commissioner Jerry Bump. Those who would like to shop around and compare flood insurance policies can utilize the Hawaii Insurance Division Premium Comparison guides. Learn more about the National Flood Insurance Program through its website or talk with your insurance agent for more information. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
