SENATOR KEOHOKALOLE APPLAUDS SIGNING OF BILL STRENGTHENING HAWAI‘I’S PROPERTY INSURANCE MARKET
- Hawaiʻi State Senate
- Jul 7
- 2 min read
HONOLULU – Senator Jarrett Keohokalole (District 24 - Kāne‘ohe, Kailua) today celebrated the signing of Senate Bill 1044, a major step forward in stabilizing Hawai‘i’s property insurance market amid growing risks from hurricanes and climate change. Now known as Act 296 after being signed by Governor Josh Green this morning, the legislation takes effect immediately and aims to improve access to affordable insurance coverage for homeowners and condominium associations statewide.
“This bill provides a lifeline to families burdened by soaring insurance costs, offering them a clear path forward after being shut out by the market. This legislation is the result of two years of focused work by partners across sectors – banking, insurance, real estate, and regulators,” said Senator Keohokalole, who chairs the Senate Commerce and Consumer Protection (CPN) Committee.
“I thank the Governor for bringing these stakeholders together to find practical, responsible solutions for kamaʻāina. This legislation offers much-needed relief, particularly for seniors on fixed incomes who have faced the greatest challenges in today’s insurance market.”
CPN Vice-Chair Carol Fukunaga added, “I know that condo owners in urban Honolulu will be very appreciative for state assistance to help protect their homes.”
Key provisions of the new law include:
Reactivation of the Hawai‘i Hurricane Relief Fund (HHRF) to help stabilize hurricane-related insurance claims
Expanding the role of the Hawai‘i Property Insurance Association (HPIA) to collaborate with private insurers to offer broader and more competitive coverage
Targeted support for condominium associations and unit owners, who have faced rising costs and limited options
A mandate for the Insurance Commissioner to lead a long-term study on sustainable solutions for the property insurance market
State funding to support the startup and operational needs of both HHRF and HPIA
Senator Keohokalole emphasized that implementation will be phased, and that building partnerships with private insurers will take time.
To learn more about the HHRF, including application materials, FAQs, and related resources, visit https://cca.hawaii.gov/ins/hhrf.