The Hawaii Insurance Division published a memorandum asking insurers to extend certain deadlines to policyholders who were impacted by the 2023 wildfires.
Many property insurance policies have a timeframe within which policyholders must complete building and personal property repairs or replacement to receive their full replacement cost benefits. Many policyholders are unable to do so due to reasons beyond their control.
The Insurance Commissioner is encouraging all insurers providing residential and commercial property insurance in areas affected by the wildfires to voluntarily extend the deadlines for policyholders to qualify for full replacement cost coverage.
Timeframes vary by insurer. Policyholders should contact their insurers to find out if additional time can be granted.
The memorandum can be found here.
Ray Sugrim
Ray Sugrim is an Insurance Editor with FC&S Expert Coverage Interpretation, a division of National Underwriter Company and Arc Network. Ray is responsible for helping develop and edit content for subscribers. Ray is a St John’s University graduate with a degree in Risk Management & Insurance and is a CPCU candidate.