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

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. Full Story
First Prev
of 2
Next Last
big isle

Hilo, HI

#22 Aug 16, 2009
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

Hilo, HI

#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

#24 Aug 16, 2009
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

#25 Aug 16, 2009
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

Honolulu, HI

#26 Aug 16, 2009
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

Waimea, HI

#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

Waimea, HI

#28 Aug 17, 2009
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

#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

Slinger, WI

#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

#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

Los Altos, CA

#32 Aug 17, 2009
south shore is parched dry hon
Viva la FEMA

Waimea, HI

#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

#34 Aug 17, 2009
$1.00 for the company.....
$10.00 for me.......
$1.00 for the company....
$10.00 for me.........
REAL

Honolulu, HI

#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!

Tell me when this thread is updated:

Subscribe Now Add to my Tracker
First Prev
of 2
Next Last

Add your comments below

Characters left: 4000

Please note by submitting this form you acknowledge that you have read the Terms of Service and the comment you are posting is in compliance with such terms. Be polite. Inappropriate posts may be removed by the moderator. Send us your feedback.

Kihei Discussions

Title Updated Last By Comments
Kula Music Thread 8 hr Musikologist 1
Hawaii homes not among top 10 (Sep '09) Dec 5 Bmused Artwork 4
Monsanto files suit in effort to block Maui's G... Nov '14 Joe Balls 3
Do you approve of Gilbert Keith-Agaran as State... Aug '14 J. Eagle 1
Pukalani Music Selection (Sep '12) Aug '14 Musikologist 9
Review: Aloha Gold Buyers LLC Aug '14 Marcus Leighman 1
Hawaii governor seeks to prime budget pump (Dec '07) Aug '14 Yellow Cab Driver 13
Kihei Dating
Find my Match
More from around the web

Kihei People Search

Addresses and phone numbers for FREE

Kihei News, Events & Info

Click for news, events and info in Kihei

Personal Finance

Mortgages [ See current mortgage rates ]

NFL Latest News

Updated 6:28 am PST

Bleacher Report 6:28AM
Oakland Raiders vs. Denver Broncos: Complete Week 17 Preview for Denver
NFL 6:43 AM
Tony Sparano: Latavius Murray can be a feature back
NFL 9:19 AM
Jeff Garcia wants to help Niners' Colin Kaepernick
NBC Sports12:24 PM
49ers send Alex Boone to IR, sign Trindon Holliday
ESPN 3:27 PM
Harbaugh stays tight-lipped on 49ers future