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'Many' isle hurricane insurers able to cover maximum loss

By June Watanabe

POSTED: 01:30 a.m. HST, Jul 16, 2014

~~<p><strong>Question: </strong>With hurricane season underway, the TV news channels have run several specials on preparedness, reminding us to stock up on essentials. But, as I pay my annual insurance premium each year, I wonder: Does the insurance commissioner feel without a doubt that the insurance companies licensed here in Hawaii have sufficient funds to handle a disaster on Oahu as well as the neighbor islands? Also, what is the current policy regarding the state hurricane fund? I recall I paid into that fund, but am not sure what is left and who benefits should a hurricane hit the islands again.</p>
<p><strong>Answer:</strong> There currently are 21 insurers either writing stand-alone hurricane coverage or issuing homeowners policies that include hurricane coverage, said state Insurance Commissioner Gordon Ito.</p>
~~

Question: With hurricane season underway, the TV news channels have run several specials on preparedness, reminding us to stock up on essentials. But, as I pay my annual insurance premium each year, I wonder: Does the insurance commissioner feel without a doubt that the insurance companies licensed here in Hawaii have sufficient funds to handle a disaster on Oahu as well as the neighbor islands? Also, what is the current policy regarding the state hurricane fund? I recall I paid into that fund, but am not sure what is left and who benefits should a hurricane hit the islands again.

Answer: There currently are 21 insurers either writing stand-alone hurricane coverage or issuing homeowners policies that include hurricane coverage, said state Insurance Commissioner Gordon Ito. Login for more...



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