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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21 - 34 of 34 Comments Last updated Aug 17, 2009
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big isle

Pahoa, HI

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#22
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.
Unfortunately, Lady Ninja, you'll find that, historically and currently, many of our state legislators are/were in the insurance "racket"...outside of public utilities, and the insurance industry, which other businesses do you know that are allowed a "fair market" profit return? That's the skinny of it...oh, did you also know that our current congresswoman, M. Hirono, was formerly a schill for the insurance lobby? She sat in the state legislature in charge of Commerce/Consumer Affairs when auto insurance rates rose 50% to 100%...that's, in a nutshell, how this state "works???"
big isle

Pahoa, HI

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#23
Aug 16, 2009
 
Again wrote:
Just another insurance scam with government backing and insurance companies lobbying.
'CORRECT-A-MUNDO!'
give me a break

Kaneohe, HI

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#24
Aug 16, 2009
 

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IF YOU THINK THATS BAD, WAIT UNTIL YOUR HOMEOWNERS AND HURRICANE INSURANCE POLICIES COME UP FOR RENEWAL-------good luck "IF" YOU CAN BUY IT??????????

Still from Kaneohe....
swannie

Ocean View, HI

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#25
Aug 16, 2009
 

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Good luck on getting paid if you file a claim. The insurance companies have platoons of lawyers that can "prove" it was a not a flood.
Lefty

Wahiawa, HI

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#26
Aug 16, 2009
 

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Be patient. After Health Care Reform, followed by Immigration Reform, we can go ahead with Disaster Compensation Reform. Disaster Compensation Reform in this country is BROKEN. Its a fact that thousands of Americans are not covered by hazard insurance. This requires government managed and funded hazard insurance for everyone, including beach dwelling homeless and illegal aliens. We can achieve this by taxing only the wealthiest of Americans (which will, by then, be anyone who has an income from working).
Confused

Kalaheo, HI

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#27
Aug 17, 2009
 
REAL wrote:
<quoted text>
You're right. That's the point. There wouldn't be any financial incentive to underwrite it.
Therefore...??? Not sure where you're going with this. Homes won't be insured, and then...??
Confused

Kalaheo, HI

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#28
Aug 17, 2009
 

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REAL wrote:
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.
The correct term is "100-year flood." No "old" in there. It's the flood magnitude that's expected to be equaled or exceeded once every 100 years.(Note that it's just a probability, though -- a 100-yr flood could occur today, and then again tomorrow. Or any number of times in 100 years. Or not at all.)

You know what the chances are of a "100-year flood" occurring in any 100-year period? Not 100%. It's about 64%.

What the chance of a 100-yr flood happening in any given year? 1%.
john w bienko

Ottawa, Canada

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#29
Aug 17, 2009
 
The builders of new construction projects in Hawai`i are very well aware of the potential occurrence of floods. Notice that the lower 6 floors are reserved for garages and commercial spaces. I was amazed that one corner of a new condo/hotel is solid concrete fortress.
Aloha Oe
Just a GI

West Bend, WI

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#30
Aug 17, 2009
 
wacos202 wrote:
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.
He covered it in the first three paragraphs. Summary: FEMA reevaluated the risk. He then thoughtfully provided a link so we can examine the actual maps.

The part I don't understand is why do they grandfather the lower rates? That means everyone else paying for flood insurance pays more so properties in the riskier areas can pay less than the risk requires.
Sensei J Richard Kirkham

Honolulu, HI

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#31
Aug 17, 2009
 
If the insurance companies were better controlled they wouldn't be able to raise their prices every time they thought they might have pay something out

Rick
http://martialarts808.com/
alice

United States

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#32
Aug 17, 2009
 

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south shore is parched dry hon
Viva la FEMA

Kalaheo, HI

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#33
Aug 17, 2009
 
Just a GI wrote:
<quoted text>
He covered it in the first three paragraphs. Summary: FEMA reevaluated the risk. He then thoughtfully provided a link so we can examine the actual maps.
The part I don't understand is why do they grandfather the lower rates? That means everyone else paying for flood insurance pays more so properties in the riskier areas can pay less than the risk requires.
You last statement is correct, but maybe it's a "fairness" thing. Theoretically, some people may have bought, built, or modified their homes based on an understanding of the flood risk as delineated by the old FEMA map ; if that suddenly changes as a result of a new FEMA study, then that arguably imposes an unforeseen financial burden on them. People in the process of selling a home could also be affected if the new maps changes their flood risk status.
CEO

Honolulu, HI

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#34
Aug 17, 2009
 

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$1.00 for the company.....
$10.00 for me.......
$1.00 for the company....
$10.00 for me.........
REAL

Honolulu, HI

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#35
Aug 17, 2009
 
Confused wrote:
<quoted text>The correct term is "100-year flood." No "old" in there. It's the flood magnitude that's expected to be equaled or exceeded once every 100 years.(Note that it's just a probability, though -- a 100-yr flood could occur today, and then again tomorrow. Or any number of times in 100 years. Or not at all.)
You know what the chances are of a "100-year flood" occurring in any 100-year period? Not 100%. It's about 64%.
What the chance of a 100-yr flood happening in any given year? 1%.
Makes sense to me!

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