Establishes a lava zone insurance fund to subsidize insurance premiums for 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 homeowners in lava zones 1 and 2 in Hawaii. The fund will receive appropriations from the general fund and will be used to subsidize insurance premiums for eligible homeowners, defined as those who do not own a real estate investment property, are part of a low-income household, and reside in lava zones 1 and 2. The fund will also receive gifts, donations, grants, and proceeds from fees, penalties, and fines.
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