Establishes a three-year pilot program to help homeowners in Hawaii facing unexpected property insurance premium increases.

The bill creates a temporary insurance affordability assistance pilot program to aid homeowners in Hawaii dealing with significant increases in property insurance premiums. Eligible homeowners must demonstrate financial hardship, such as low income, recent unemployment, or high debt-to-income ratios. The program offers financial assistance grants up to $5,000 per household or 50% of the premium increase, whichever is less. The Department of Commerce and Consumer Affairs will manage the program, establish rules, and collaborate with community organizations to ensure awareness and access.

Establishes a three-year pilot program to help homeowners in Hawaii facing unexpected property insurance premium increases.

The bill creates a temporary insurance affordability assistance pilot program to aid homeowners in Hawaii dealing with significant increases in property insurance premiums. Eligible homeowners must demonstrate financial hardship, such as low income, recent unemployment, or high debt-to-income ratios. The program offers financial assistance grants up to $5,000 per household or 50% of the premium increase, whichever is less. The Department of Commerce and Consumer Affairs will manage the program, establish rules, and collaborate with community organizations to ensure awareness and access.