Bill > SB1590

This bill establishes a three-year Insurance Affordability Assistance Pilot Program within Hawaii's Department of Commerce and Consumer Affairs to help homeowners struggling with significant property insurance premium increases. The program will provide direct financial assistance of up to $5,000 or 50% of the premium increase (whichever is less) to eligible homeowners who can demonstrate a premium increase of at least 25% and financial hardship. Eligibility criteria for financial hardship include household income at or below 80% of the area median income, recent unemployment, high debt-to-income ratio, or fixed income status (such as seniors on Social Security). The insurance division will create program rules, work with community organizations to raise awareness, and submit two reports to the legislature in 2027 and 2028 detailing the program's implementation and outcomes. The state will appropriate $1,000,000 for each of two fiscal years (2025-2026 and 2026-2027) to fund the program, which will officially launch on July 1, 2025, and sunset on June 30, 2028.

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https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=SB&billnumber=1590&year=2026