Requires insurers to notify policyholders of premium increases for property insurance policies for condominium, planned community, and cooperative.

This bill mandates that insurers provide written statements to policyholders of condominium, planned community, and cooperative housing corporations in Hawaii if their property insurance premiums increase by a certain percentage upon renewal. The notice must include reasonable explanations and primary factors for the increase, such as water damage claims, wastewater plumbing replacements, and fire safety devices. Insurers must send these notices at least a specified number of days before the policy renewal date and respond to any policyholder inquiries within a set timeframe.

Requires insurers to notify policyholders of premium increases for property insurance policies for condominium, planned community, and cooperative.

This bill mandates that insurers provide written statements to policyholders of condominium, planned community, and cooperative housing corporations in Hawaii if their property insurance premiums increase by a certain percentage upon renewal. The notice must include reasonable explanations and primary factors for the increase, such as water damage claims, wastewater plumbing replacements, and fire safety devices. Insurers must send these notices at least a specified number of days before the policy renewal date and respond to any policyholder inquiries within a set timeframe.