As a resident of Hawaii, I've personally experienced the growing financial concerns stemming from the limited number of condo insurance providers in our region. With only four insurers serving the condo market, an unfavorable price gap exists between single-family homes and condos. In Hoopili, many condo insurance premiums have risen by a staggering 55% and even 67%. Additionally, a luxury condo development in Honolulu like Capitol One, which I admire, is currently underinsured. This disparity not only stifles the real estate market but also significantly impacts the living conditions of ordinary residents.

In seeking effective solutions, deferring condo insurance fees emerges as a viable option. This deferral would be similar to the COVID loan deferral program, where the fees wouldn't be due until you sell the home, refinance, or when your loan matures as a balloon payment. By implementing this deferral, we can prevent this issue from exacerbating the existing economic divide, maintain the viability of the condo market, and protect residents from financial burdens.

There is precedent for this action. The COVID Loan Deferral program successfully provided monetary relief during a difficult time. Condo owners in Hawaii deserve similar consideration. We urge the Hawaiian Government and the insurance regulatory boards to review this proposal immediately and take steps to establish fairness in the housing market.

Join Us in Advocating for Change: Sign and Share This Petition!

We urge you to join us in this call to action. Please sign this petition to advocate for condo insurance fee deferral. Sharing this petition with your network will raise awareness and increase our impact on the Hawaii Legislature.

Sign the Petition: change.org/savehawaiicondo (you are already on this page)

A Comprehensive Approach - Consider Signing a Second Petition

While condo insurance fee deferral is a strong solution, we're also exploring additional options, such as allowing self-insuring entities to become members of the Hawaii Insurance Guaranty Association (HIGA).

Sign the Second Petition and to learn more at: change.org/savehawaiicondo2

By signing both petitions, you demonstrate your support for a comprehensive approach to tackling the issue of rising condo insurance costs. This will send a powerful message to the Hawaii Legislature and increase the chances of a successful outcome. (Note that adding a comment helps ensure your name is displayed publicly on the petition) Mahalo nui loa.