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 →
I know, I borrowed that slogan from that famous gecko commercial, but the fact that freeboarding could save you a significant amount of money and prevent flooding and flood related damages to your house is undeniable. First, let’s talk about what freeboarding actually is. Freeboard is the elevation of a building’s lowest floor to 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 →
Chances are we are not prepared - or at least not as much as we could be - for the occurrence of a natural disaster. Knowing the risk, acting quickly and having a plan in mind in case of a disaster can not only prevent a major damage or loss of a property, but many... Continue Reading →
