Bill > HB1474

This bill establishes a three-year Insurance Affordability Assistance Pilot Program within the Insurance Division of the 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 meet specific financial hardship criteria. These criteria include having a household income at or below 80% of the area median income, experiencing recent unemployment, having a high debt-to-income ratio, or being on a fixed income. The insurance division will be responsible for creating program rules, working with community organizations to raise awareness, and submitting two reports to the legislature in 2027 and 2028 detailing the program's performance and potential recommendations for continuation. The program is funded with $1,000,000 from the state's general revenues for each of the fiscal years 2025-2026 and 2026-2027, will take effect on July 1, 2025, and will sunset on June 30, 2028.

Business and Industry

https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=HB&billnumber=1474&year=2026