‘It Will Get Better,’ Insurance, Fees for Hawaii Condo Owners Continue to Rise
Condo owners in Hawaii are grappling with significantly higher insurance premiums, with some facing increases of more than double the previous rates. This spike in costs has been exacerbated by recent natural disasters nationwide, including the devastating Lahaina fires. In addition to insurance hikes, owners are dealing with rising maintenance fees. To tackle these issues, the Hawaii Economic Association convened on Thursday to discuss potential solutions. The consensus was that while risks need to be mitigated, improvements will take time. Experts also cautioned that due to climate change, insurance premiums are unlikely to revert to the levels seen three or four years ago.