Hawaii HB255 mandates insurers to notify policyholders of premium increases and provide explanations for such increases.

Hawaii HB255 requires insurers to provide written premium change notices to policyholders, specifically those who are condominium, planned community, or cooperative housing corporations, if the premium increase is 5% or more. The notice must be sent at least 30 days before the effective date of the renewed policy. Insurers must include reasonable explanations for the premium increase, such as structural conditions of the insured property, water damage claims, wastewater plumbing replacements, fire safety devices, directors' and officers' liability claims, reinsurance costs, and catastrophic.

Hawaii HB255 mandates insurers to notify policyholders of premium increases and provide explanations for such increases.

Hawaii HB255 requires insurers to provide written premium change notices to policyholders, specifically those who are condominium, planned community, or cooperative housing corporations, if the premium increase is 5% or more. The notice must be sent at least 30 days before the effective date of the renewed policy. Insurers must include reasonable explanations for the premium increase, such as structural conditions of the insured property, water damage claims, wastewater plumbing replacements, fire safety devices, directors' and officers' liability claims, reinsurance costs, and catastrophic.