HONOLULU (KHON2) — Insurance premiums skyrocketed in 2024 because of 28 natural disasters around the country last year and the $95 billion paid out in premiums. State lawmakers said they’re trying to help, but relief is still a while away.
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Hurricane Milton hit Florida so hard, we’ll feel it thousands of miles away here in Hawaii.
“We don’t know how that’s going to affect us, but in the past, when things have hit Florida, they’ve affected us here maybe only five percent, six percent, 7seven percent,” said Sue Savio, insurance agent. “So we saw some rate increases, but not anywhere near as bad as when we had our own catastrophe.”
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Insurance agent Sue Savio explained insurance companies spread their risk across the country. So just like the rest of the country paid for the Lahaina wildfires in their increased insurance premiums, we should expect to pay for damage done by Milton and Helene.