Experts: Catastrophes driving up condo insurance rates nationwide
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- Опубликовано: 5 мар 2024
- A ripple effect across the country is showing up in the condo fees for nearly 200,000 Hawaii residents.
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This is ridiculous!!! My 150 unit, condo association just got hit with a 565% increase from last year. Our premium was $133,000 last year and this year it's $770,000!!! This is extortion!!! We would have to assess every unit $4,300 this year. No owner has budgeted for this type of increase!
The law, HRS §514-B MAKES INSURANCE MANDATORY FOR CONDOS ( NOT HOA WHICH ARE DETACHED HOMES) THAT'S WHY THEY CAN GOUGE THOSE WITH LESS!
TELL YOU LOCAL REP TO DO SOMETHING
I just heard that I'm looking at a $300 a month extra bill for Hurricane Insurance here in Honolulu? Are you guys nuts? When was the last time a hurricane came through here and doesn't that seem a bit unreasonable?
they should just take the fees and put them into a reserve account that collects interest and use that money to pay for any hurricane damage this insurance crap is out of hand.
@@RoninLeonimThat’s essentially what insurance premiums are. Think of your car insurance. Maybe $1200 per year. After 20 years of driving, you’ve paid in $24k and gotten nothing. Then, you accidentally cause an accident and cause somebody to have a $100,000 hospital bill. Your insurance payments spread the risk and make that payment affordable. No car owner or condo owner could ever save enough to cover their own damages.
@@OhNoNotAgain42no that's a myth. That's not how insurance WORKS OR IS OR EVER WAS. STOP LETTING THEM BULLSHIT YOU.
@@RoninLeonimthat's what your condo AOUO board of directors and property management is supposed to have been doing essentially with the reserves. They likely would have taken cash from you and others over the years and squirrelled it away in CD and bonds. Then if they hadn't outright stolen it, they would have likely kicked it back, squandered it thru property management scumbags, or reinvested it so many times ppl likely paid in and never got anything out of it before being priced out. INVESTIGATE YOUR BOARD!
ALWAYS KEEP IN MIND THAT THE MASTER PLAN INSURANCE WILL NEVER REACH THE GENERAL MEMBERSHIP! THE BOARD WILL HAVE THE POWER TO CALL THE WHOLE THING A LOSS AND FOREGO ANY ATTEMPT TO REBUILD MEANING YOU WILL BE STUCK WITH NOTHING BUT YOUR HO6 POLICY AND THEY WILL REQUIRE YOUR DEDUCTIBLE AND WILL UNDERCUT YOU. THESE TELEVISED EXCUSES ARE LIES.
Insurance is the original and longest running scam.
The state of Hawaii must intervene to limit condo insurance increases. Otherwise no one will be able to afford
Condos/Apartments and there will be too many vacant buildings in the future!!
And we'll have BLUE TENTS all over the island.
Thank our worthless politicians.
BS just an excuse greed everywhere