Hawaii HB285 establishes tax credits for insurers providing full property coverage to condominium owners and associations.

Hawaii HB285 aims to address the issue of condominium associations opting for less than full coverage due to recent rate increases for hurricane insurance policies. This 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. The tax credit is equal to twenty percent of the insurance premium for all insurers and an additional ten percent for insurers incorporated in the state.

Hawaii HB285 establishes tax credits for insurers providing full property coverage to condominium owners and associations.

Hawaii HB285 aims to address the issue of condominium associations opting for less than full coverage due to recent rate increases for hurricane insurance policies. This 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. The tax credit is equal to twenty percent of the insurance premium for all insurers and an additional ten percent for insurers incorporated in the state.