Hawaii News Now at 10:00 PM (Rebroadcast) from 01:16 to 01:21 in US/Hawaii - Insurance News | InsuranceNewsNet

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March 6, 2024 Newswires
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Hawaii News Now at 10:00 PM (Rebroadcast) from 01:16 to 01:21 in US/Hawaii

NBC 13 (Honolulu, HI)

and stop joint damage. And in PsA, can leave skin clear or almost clear. RINVOQ can lower your ability to fight infections, including TB. Serious infections and blood clots, some fatal; cancers, including lymphoma and skin; heart attack, stroke, and GI tears occurred. People 50 and older with a heart disease risk factor have an increased risk of death. Serious allergic reactions can occur. Tell your doctor if you are or may become pregnant. Done settling? Ask your rheumatologist for RINVOQ. And take back what's yours. AbbVie could help you save. insurance increase? "the industry itself is a challenging mode right now lawmakers make key decisions on aloha stadium..

recreational marijuana..

and the future of a UH leader..

i also don't think its that simple i do think i was targeted Super Tuesday primaries..

signal an historic rematch in the race for president. Missed opportunities on Maui...

lead to millions of dollars in lost tax revenue. jen New at 10..

a ripple effect across the country..

is showing up in the condo fees for nearly 200-thousand Hawaii residents. Experts say catastrophes..

are driving up their insurance rates. Our Jolanie Martinez is here to tell us how the state is trying to help..

Jolanie. All over the country...

rising insurance premiums have a direct impact on the fees paid by owners to condo associations. So far, there's no easy solution. "we're seeing insurance premiums rising 50 to 100%." Richard Emery works with condo associations throughout the state. The state says there are nearly 2-thousand..

and nearly 200- thousand individual units. And most if not all of them..

are paying more..

"Then you look at the cost of property insurance, which is the biggest cost they have, where we saw premiums of $160,000 a year for a 400 unit project. And those premiums went to $300,000 a year." "So everyone is hurting because no one in condo land has budgeted for these horrible increases. And it really is creating a problem for the owners in Hawaii." Insurance Agent Sue Savio says the problem is that natural disasters have forced companies to raise their rates...

to cover giant payouts. Savio says in the U-S alone --

there were 28 catastrophes last year. Experts estimate the property losses in Lahaina alone..

total about 3-billion dollars. "whether it's an earthquake in Japan, whether it's a fire in Lahiana or snowstorms or fire storms on the mainland, these reinsurers are paying out. And when America has the majority of these claims, obviously the rates in America are going up to pay for these claims." House Speaker Scott Saiki says lawmakers are advancing a bill to expand the hurricane relief fund to include condos AND possibly create an alternative pool to insure condos. Experts say there are at least 400 buildings under-insured..

because residents just can't afford it. "This insurance pool would be available as a last resort to buildings that are not fully insured. So effectively provide some kind of a gap GAP insurance for these, for these buildings." "it worries me, but I think the legislature this year is making some positive efforts to try to rectify the problem, or mitigate the high cost." Meantime..

condo associations are urged to get multiple bids when shopping for insurance..

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