Establishes a fund to subsidize insurance premiums for low-income homeowners in lava zones 1 and 2 in Hawaii.

The bill establishes a lava zone insurance fund to subsidize the cost of insurance premiums for low-income homeowners in lava zones 1 and 2. The fund will receive appropriations, gifts, fees, and penalties. It will subsidize premiums for eligible homeowners, defined as those not owning investment properties and meeting low-income criteria set by the U.S. Department of Housing and Urban Development. The fund will be managed by the Department of Commerce and Consumer Affairs, with rules established for its administration. The bill also appropriates funds for fiscal years 2025-2026 and 2026-2027.

Establishes a fund to subsidize insurance premiums for low-income homeowners in lava zones 1 and 2 in Hawaii.

The bill establishes a lava zone insurance fund to subsidize the cost of insurance premiums for low-income homeowners in lava zones 1 and 2. The fund will receive appropriations, gifts, fees, and penalties. It will subsidize premiums for eligible homeowners, defined as those not owning investment properties and meeting low-income criteria set by the U.S. Department of Housing and Urban Development. The fund will be managed by the Department of Commerce and Consumer Affairs, with rules established for its administration. The bill also appropriates funds for fiscal years 2025-2026 and 2026-2027.