As a condo owner in Hawaii, I face a critical challenge of skyrocketing insurance rates. This burden strains condominium associations, developer insurance funds, and ultimately, individual homeowners. With only four insurers in the condo market, a limited pool creates unfair price disparities compared to single-family homes. Shockingly, some condo insurance premiums in Hoopili have surged by a staggering 55% or even 67%. Additionally, a prominent Honolulu luxury development, Capitol One, is currently underinsured.

These rising costs make it increasingly difficult for condo owners to afford adequate insurance. We believe the Hawaii Legislature can play a key role in finding a solution.

Our Solution: Membership for Self-Insuring Entities in HIGA

We propose that the Hawaii Legislature allow self-insuring entities, like condominium associations, to become members of the Hawaii Insurance Guaranty Association (HIGA). HIGA, a non-profit established in 1971, protects policyholders if their insurance company becomes insolvent (unable to pay claims). This inclusion would offer several benefits:

• Shared Responsibility: Self-insured entities would contribute to the HIGA fund at the same rate as traditional insurance carriers.
• Financial Stability: Condo owners would receive the same protections, ensuring financial stability in the event of an insurance company failure.
• Strengthened Insurance Sector: HIGA's reserves would be bolstered, strengthening Hawaii's entire insurance landscape.

Join Us in Advocating for Change

We urge you to join our call to action. Sign the petition to advocate for allowing self-insured entities to join HIGA. Sharing this petition with your network will raise awareness and increase our impact on the Hawaii Legislature.

Sign the Petition: change.org/savehawaiicondo2 (you are already on this page)

A Comprehensive Approach: Consider a Second Petition

While joining HIGA is a strong solution, we're also exploring additional options. A separate petition advocates for condo insurance fee deferral. This alternative provides temporary financial relief by allowing homeowners to defer a portion of their premiums over a specified period.

Sign the Second Petition and Learn More: change.org/savehawaiicondo

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.  (Adding a comment helps ensure your name is displayed publicly on the petition) Mahalo nui loa.