As property insurance rates continue to rise, many condo owners are finding it difficult or impossible to keep up with the costs. As a result, the Honolulu City Council is considering a resolution asking the state Legislature to pass policies next session that would address the issue.
Councilmember Val Okimoto introduced the measure after hearing from a constituent whose monthly premium increased by about $1,200.
"These types of increases are really financially crippling to many families — at the time on the heels of a holiday season, with some constituents reporting that some foreclosure notices have already been sent out," Okimoto said.
"The purpose was really to urge the state Legislature to aggressively pursue relief for these families. We talk constantly about the departure of our local families and this really is just another way that we need to make sure, 'What can we do to keep our local families here.'"
The resolution passed unanimously out of committee. Next, it will be heard by the full council.
Gov. Josh Green issued an emergency proclamation to stabilize the insurance market in August.
The proclamation allows the state to loan up to $60 million in general funds to the Hawaiʻi Hurricane Relief Fund and the Hawaiʻi Property Insurance Association to issue policies.
The Hurricane Relief Fund Board of Directors met twice this month to discuss its implementation and what relief could be offered.
