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Hilo, Hawaii News, Sports, & Information Tuesday, July 29, 2014



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Posted: Monday, March 24th, 2014 11:48 AM HST

Hawaii residents face flood insurance increases

By 67AM KPUA News

HONOLULU (AP) Nearly 14,000 federally subsidized flood insurance policies in Hawaii will start to see premium increases as Congress looks to get a federal program out of a $24 billion hole.

Legislation signed by President Barack Obama on Friday means homeowners won't see premiums jump all at once as scheduled under a 2012 overhaul.

But the relief law calls for insurance rates for owner-occupied homes to increase by up to 18 percent annually, while businesses and second homes will see hikes of 25 percent a year.

On Hawaii's island of Oahu, home to the World Cup of Surfing, more than 8,000 policyholders face the hefty premium increases.



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