Hawaii residents face flood insurance increases - Hawaii News Now - KGMB and KHNL

Hawaii residents face flood insurance increases

By CATHY BUSSEWITZ
Associated Press

HONOLULU (AP) - Nearly 14,000 federally subsidized flood insurance policies in Hawaii will start to see premium increases as Congress looks to get a federal program out of a $24 billion hole.

Legislation signed by President Barack Obama on Friday means homeowners won't see premiums jump all at once as scheduled under a 2012 overhaul.

But the relief law calls for insurance rates for owner-occupied homes to increase by up to 18 percent annually, while businesses and second homes will see hikes of 25 percent a year.

On Hawaii's island of Oahu, home to the World Cup of Surfing, more than 8,000 policyholders face the hefty premium increases.

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