(BIVN) – The Universal Property & Casualty company plans to exit the Hawaiʻi insurance market, where its greatest concentration of policyholders is on Hawai‘i Island.
About 1,500 policies will be affected, the Hawaiʻi Department of Commerce and Consumer Affairs announced on Thursday, after UPC announced its intent to depart the homeowners, condominium, and renters insurance market in the State. Some homeowners have already started receiving non-renewal notices, the department says.
UPC gave notice of its intent to withdraw as required by Hawai‘i state law, “and will withdraw from the market over a 13-month period, with the last policies to be effective August 31, 2024,” the Hawaiʻi DCCA says. “Non-renewal will begin with policies having anniversary dates on or after September 1, 2023.”
The DCCA included this information in its Thursday news release:
The Hawai‘i Insurance Division encourages homeowners to talk to their agent to identify insurance coverage options in their area. If homeowners are unable to obtain Homeowners or Dwelling Fire coverage from a private insurance company, they may qualify for coverage from the Hawaii Property Insurance Association (hpiainfo.com).
The Hawai‘i Insurance Division publishes a range of insurance guides and premium comparison sheets for public review online at cca.hawaii.gov. Consumers can utilize these informational guides to review and compare sample premiums from insurance companies licensed in Hawai‘i.
“We remind consumers to be careful of potential scams. Many scammers prey on a consumer’s fear. Before doing business with an insurance agent or company, consumers should verify that they are an authorized and licensed insurance broker,” said Insurance Commissioner Gordon I. Ito.
Insurance licensee lookup and more information from the Hawaii Insurance Division is available online at cca.hawaii.gov.
The Hawaii Insurance Division is available to assist the public with questions by phone and email at (808) 586-2790 or email@example.com.