Hawaii HB1201 establishes tax credits for insurers providing full property coverage to condominiums, incentivizing insurers to offer comprehensive.
Hawaii HB1201 aims to address the issue of condominium associations opting for less than full coverage due to increased hurricane insurance rates. The bill establishes tax credits for insurers that provide full property coverage, including windstorm, hurricane, hail, flood, fire, and localized perils, to condominium owners and associations. Insurers can claim a tax credit equal to twenty percent of the insurance premium for policies providing full coverage. Additionally, insurers incorporated in Hawaii can claim an extra ten percent tax credit.
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