Flood insurance for south shore home, business owners may soar ...

Full story: Honolulu Star-Bulletin

Many Oahu homeowners and businesses along the south shore from Kaena Point to Koko Head face the potential of paying more than 350 percent in additional flood insurance premiums, under revised federal risk maps.

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Realist

Waianae, HI

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#1
Aug 16, 2009
 

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Sky falling downa...sky falinh down. investa yo childra...save economony...yo life yo life incleasa 7000% now!!!!!!!!!!

One week offah onlyyyyyy!!!!!!!!

BONG!!!!!!!!!!
john w bienko

Ottawa, Canada

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#2
Aug 16, 2009
 

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Hawaiians may wish to undertake a Critical Analysis of the proposal for sky-rocket increases in flood insurance. There is more to this than meets the eye. Aloha
swannie

Ocean View, HI

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#3
Aug 16, 2009
 

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Try getting insurance in a "Lava Inundation Zone".
Yes We Cant

Gloucester, VA

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#4
Aug 16, 2009
 

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I remember when my Hurricane Insurance went sky high, now this. Lucky my place is not in a flood zone, but watch out when I moved to the mainland that was a driving factor in the purchase of my new home, out of a flood zone, flood insurance is really expensive.
StateTaxPayer

AOL

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#5
Aug 16, 2009
 

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Wasn't this Bush's plan to make insurance companies obscenely rich? It's all phony.
huh

Honolulu, HI

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#6
Aug 16, 2009
 

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StateTaxPayer wrote:
Wasn't this Bush's plan to make insurance companies obscenely rich? It's all phony.
who is Bush?
Again

Hilo, HI

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#7
Aug 16, 2009
 

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Just another insurance scam with government backing and insurance companies lobbying.
Kuleana

Waianae, HI

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#8
Aug 16, 2009
 

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We're going to need insurance coverage FOR OUR INSURANCE!
Tony Raso

Honolulu, HI

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#9
Aug 16, 2009
 

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You cannot ever save 640 percent. If you save 100 percent, it is free.
Grinchie

United States

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#10
Aug 16, 2009
 

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The joys of Government or financial institution mandated Insurance or af kind. It's all good, just ask AIG, because it helped them bet money they didn't have on Credit Default Swaps.

On the other hand, if you own your property free and clear, you can avoid shoveling money to the Insurance cabal and just take your chances like the rest of the world does. Just don't count on selling the property any sooner. So there it sits, waiting for a buyer that see's the carryiong costs as too high, and you get to pay taxes on it until another buyer comes along that can afford this stuff.

Of course, Americans are so mired in Debt as being normal, they buy ther myth that Insurance is a necessary thing.

The truly wealthy do not carry insurance. They are self insured, because they took all the premiums the little people have paid over the years and invested them to make their fortunes.
waimea jim

United States

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#11
Aug 16, 2009
 

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Just think of increases when they increase the rates due to global warming. All those areas plus the Ewa Plain will become flood innundation zones. It will be impossible to get insurance in those areas.
It's gonna be one big crapshoot, should I buy the insurance now, when I can afford it, or should I just move to Mililani.
The International Airport will be in Wahiawa so it'll be just a short drive to get off the island.
I have to find a way to get my Congressmen to fund lengthening the runway at Kamuela airport to take widebody aircraft and improve the terminal.
Grinchie

United States

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#12
Aug 16, 2009
 

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swannie wrote:
Try getting insurance in a "Lava Inundation Zone".
Don't need insurnace as long as you don't build a monstrous McMansion there.
Guess

Kalaheo, HI

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#13
Aug 16, 2009
 

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Tony Raso wrote:
You cannot ever save 640 percent. If you save 100 percent, it is free.
Public school, right?
Lady Ninja

Honolulu, HI

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#15
Aug 16, 2009
 

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With the cost of everything else skyrocketing, this will have a huge impact on homeowners.

Can't the state help and do something?

Living on fixed income is no picnic, but certainly it does not keep up with inflation at the going rate, I will be lucky to live in the streets of Kahala shortly.
Grinchie

United States

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#16
Aug 16, 2009
 

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Lady Ninja wrote:
With the cost of everything else skyrocketing, this will have a huge impact on homeowners.
Can't the state help and do something?
Living on fixed income is no picnic, but certainly it does not keep up with inflation at the going rate, I will be lucky to live in the streets of Kahala shortly.
I'm not trying to be mean, but if it came down to it, why wouldn't you choose to live on the beach, or arrange to live on a nice farm field with the permission of the farmer?

I can think of many better places to live than on the Streets of Kahala
Stop Whining

Lahaina, HI

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#17
Aug 16, 2009
 

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Lady Ninja wrote:
With the cost of everything else skyrocketing, this will have a huge impact on homeowners.
Can't the state help and do something?
Living on fixed income is no picnic, but certainly it does not keep up with inflation at the going rate, I will be lucky to live in the streets of Kahala shortly.
The state has enough problems with "helping". That's why there's no money. You want want help? So do those that you want furloughed or laid off. Deal with it. Like you say in your posts.
REAL

Honolulu, HI

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#18
Aug 16, 2009
 

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Seems to me that is all suspiciously based on the theory of any 100-hundred year old event which is similarily popularized by the 100-year old Tsunami, 100-year old asteroid hit, 100-year old earthquake, 100-year old volcano, 100-year old super hurricane, otherwise known as An-Act-Of-God.

Why blame God is another matter but never mind that.

So, if all these calamities are based on the certainty that insurance companies can calculate a dollar assessment that the odds won't occur within and beyond a 100-year old time frame thereby ensuring a steady steam of cash for at least a generation, the hundred-year-old act of God, is the perfect cash cow for the insurance companies (who will in turn buy hotels and other investment properties)!

Solution? Demand that Congress to cease this facade and immediatey prorate an annual $5000 flood insurance premium over the duration of 100-years =$50 per year.

Nothing wrong with that if the premise is that a full-blown blow out won't happen in a hundred years or more.
Just a GI

West Bend, WI

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#19
Aug 16, 2009
 

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"Solution? Demand that Congress to cease this facade and immediatey prorate an annual $5000 flood insurance premium over the duration of 100-years =$50 per year."

If an insurance company expects to have a $500,000 payout once in a hundred years, what is their incentive to carry the risk for less than $5,000/year in premium?
wacos202

Kailua, HI

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#20
Aug 16, 2009
 

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Ok, Gary, do you think you could tell us why insurance rates are skyrocketing! Your story is totally devoid of any info. on this matter which seems to be the critical point in the story.
REAL

Honolulu, HI

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#21
Aug 16, 2009
 
Just a GI wrote:
"Solution? Demand that Congress to cease this facade and immediatey prorate an annual $5000 flood insurance premium over the duration of 100-years =$50 per year."
If an insurance company expects to have a $500,000 payout once in a hundred years, what is their incentive to carry the risk for less than $5,000/year in premium?
You're right. That's the point. There wouldn't be any financial incentive to underwrite it.

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