As we reported last week, the much promoted Town Hall meeting for Ala Wai Flood Risk Management Project was held this past Tuesday, March 19th. The Hawai'i Department of Land and Natural Resources and the City and County of Honolulu Department of Design and Construction, in partnership with the United States Army Corps of Engineers,... Continue Reading →
Why do insurance companies classify certain types of risk as uninsurable? And why do insurance regulators prohibit insurers from setting premiums that reflect risk, particularly in locales that repeatedly suffer losses from natural disasters? The short answer is that insurance today is misunderstood and hence is not effectively meeting its most important objectives—to inform those... Continue Reading →
The answer is “YES”. Every property in Hawai'i has a flood zone designation. It may not be in a high-risk flood zone (A or V zones) that would require mandatory flood insurance purchase as a condition of a federally regulated loan, but it doesn’t mean that flooding is not possible. In fact, 20% flood insurance... Continue Reading →
In a Kokua Line article by Christine Donnelly which appeared in the Star Advertiser on December 2, 2016 titled “Flood Insurance Safeguards Common Areas of High-Rises”, a reader asked: “ Why is flood insurance needed in high-rise condo units? My residence is on the 30th floor of a condominium inHonolulu. This condo is in a... Continue Reading →
Oftentimes a potential buyer is looking for that certain something special when shopping for a new home or investment property. As a buyer, it is important to fully understand the financial obligation of such a huge commitment. Sometimes that commitment includes a buyer’s acceptance of the property’s increased risk from certain naturaldisasters such as being... Continue Reading →
It is a question that is being asked by many experts in the field, flood insurance policy holders, federal and state employees that are directly affiliated with FEMA and NFIP. It is nothing new. Sadly, the potential for lapse has become increasingly common, with six short-term extensions of the program and two brief lapses... Continue Reading →
Flood can happen anytime and anywhere. And they can happen fast. So whether you live near the water or not, you should always be ready. BE PREPARED BEFORE THE FLOOD Copy your most important documents (mortgage papers, deed, passport, bank information.) Keep copies in your home and store originals in a secure place outside the... Continue Reading →
