HONOLULU – The Department of Commerce and Consumer Affairs’ Insurance Division reminds the public that with the onset of hurricane season, which began June 1, now is a good time to review your insurance policies to ensure your home, condominium and business is covered in the case of a hurricane-related loss.
Basic home insurance does not cover hurricane damage. Homeowners typically must purchase hurricane insurance separately. Also, not all wind damage is covered by hurricane insurance. The Central Pacific Hurricane Center of the National Weather Service must declare a wind-related event to be a hurricane for this coverage to become available. Banks usually require hurricane insurance as a mortgage condition.
Hurricane policies will cover water damage resulting from wind-related impairment of the home’s exterior. One example would be if hurricane debris punctures the roof and rain water flows into your living room. Other types of water damage (i.e., storm surge, cascading water or rising streams) are not covered by hurricane or homeowners insurance. Flood insurance provides coverage for these other exposures.
“The last hurricane that hit Hawaii was Hurricane Iniki in 1992, and Kauai took the brunt of the damage,” said Insurance Commissioner Gordon Ito. “Hurricane Iniki caused almost $2 billion in damages, which is about $3 billion in today’s dollars. It can take just one major storm to cause severe property damage, and we urge you to be prepared.”
Please consider reviewing your policy and discussing the following topics with your insurance producer (also known as an insurance agent):
· Did your producer list your home as single wall, double wall, or masonry?
· Do you have hurricane straps or clips on your home?
· Does your insurer provide premium credits for such mitigating devices and did your producer check for this?
· How much is my home insured for? Is it covered for replacement value or actual cash value?
All of these things can dramatically affect how much you pay for hurricane insurance.
Residents are encouraged to shop around for your coverage. The Insurance Division’s premium publication for consumers is a “quick reference guide” that assists consumers in shopping for homeowners’ and hurricane insurance. The premium publication is available at: https://hawaii.gov/dcca/home_rates/home-insurance-rate-comparison.html
Additionally, after a loss consumers and businesses may have difficulty submitting a claim for losses because of a lack of proof of assets owned. When reviewing your policies, it is also a good time to take an inventory of your possessions. Take photos of belongings such as jewelry, electronics, appliances, sports equipment and even art work and decorations. Gather any receipts and serial numbers as well. Keep this information in a secure area so you can access them for claim purposes. Make sure these assets are covered under your policy.
To assist in the inventory process, you could download the National Association of Insurance Commissioners app myHOME Scr.APP.book for iPhone or Android for assistance in cataloging belongings. To learn more about the app, visit: https://www.insureuonline.org/home_inventory_page.htm
The Hawaii Insurance Division oversees the state’s insurance industry, issues licenses, examines the fiscal condition of Hawaii-based companies, reviews rate and policy filings, and investigates insurance-related complaints.
Submitted by the Insurance Division, DCCA
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Biggest scam for the rest of those that reside on the other islands in Hawaii… a Hurricane has hit the islands three times in the last 100 years, and I believe it's only been Kauai. The rest of the times they were only storms, which is covered under normal Home Owners Insurance! But the majority of banks used Fannie Mae/Mac to fund the loans and those "trustworthy" companies use government "agencies" that think that Hawaii is prone to Hurricanes just like Florida is. That's the same as stating Las Vegas needs to have Earthquake coverage because it borders California and they've both experienced earthquakes! Hawaii was added as an after though/exception to the agencies discoveries because it didn't fit the mold in how it was originally written.
Ask DCCA HAWAII if a homeowner with a mortgage can choose not to buy hurricane insurance if the owner mitigates by putting up his own storm shutters. Guam , known for its super typhoons and it occurs at least every 3-5 years and strong typhoons in between; The banks does not require typhoon insurance if the owner can protect his home with typhoon shutters which I did. I did not have to pay at all. FEMA did not require typhoon insurance but they required homes to be built that can withstand 200+ mile hour winds.
I think this should be put on the politicians or FEMA's table. I know this for sure because all the homeowners with mortgage have this choice. Do I have to bring this up? Maybe, Senator Shatz can help
I;'m from Europe and I've never experienced a hurricane, but those things look scary as hell! I don't understand why people keep rebuilding right in the way of the hurricane, though… because it seems to me that the same states are being hit every year, with the same cities actually
I used to ask myself the same thing, but then I realised that people have families and their whole lives there. It's not easy to make such a decision. A big help for these families are insurance companies
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The Insurance Division’s premium publication for consumers is a “quick reference guide” that assists consumers in shopping for homeowners’ and hurricane insurance.
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