NOAA’s Central Pacific Hurricane Center announced on May 22nd that there is a 70% chance of above-normal tropical cyclone activity this hurricane season for the central Pacific. In just about a week, on June 1st Hawai'i’s Hurricane Season will begin and run through November 30th. If you haven’t already prepared, now is the time. Don't... Continue Reading →
Only flood insurance covers flood damage. Without it, your recovery options are limited and costly. Your recovery will depend on your savings, your line of credit or the hope that a federal disaster declaration may make State/Federal disaster-related grants and/or U.S. Small Business Administration low-interest loans available.If you live in a Special Flood Hazard Area... Continue Reading →
The Community Rating System (CRS) is a voluntary incentive program that encourages communities (counties) to go above and beyond the minimum National Flood Insurance Program requirements for floodplain development and activities. Participation in the CRS is rewarded with flood insurance discounts for it’s policy holders. There are 10 CRS classes with class 10 being non... Continue Reading →
Congress must periodically renew the National Flood Insurance Program’s statutory authority to operate. On December 21, 2018, the President signed legislation passed by Congress that extends the National Flood Insurance Program’s (NFIP’s) authorization to May 31, 2019. NFIP re-authorization is an opportunity for Congress to take bold steps to reduce the complexity of the program... 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 →
