SB1590

Establishes a three-year pilot program to provide financial assistance to homeowners facing unexpected increases in property insurance premiums.

The bill establishes a three-year insurance affordability assistance pilot program to help homeowners in Hawaii facing unexpected increases in property insurance premiums. The program provides financial relief through a state-administered fund, offering grants of up to $5,000 per household or up to 50% of the premium increase, whichever is less. Eligible homeowners must demonstrate a 25% increase in premiums and financial hardship, including low income, recent unemployment, high debt, or fixed income status.