Roughly 1,500 polices will be affected by Universal Property & Casualty’s departure from the homeowners, condominium and renters insurance market in Hawaii, according to a state news release Thursday.
The Department of Commerce and Consumer Affairs says the carrier has given notice of their intent to withdraw over a 13-month period ending Aug. 31, 2024. Non-renewal will begin with policies with anniversary dates on or after Sept. 1, 2023, according to the release.
Some homeowners have already started receiving their non-renewal notices, with the greatest concentration on Hawaii island.
The state Insurance Division urged homeowners to talk to their agent to find alternative insurance coverage. If homeowners are unable to obtain homeowners or dwelling fire coverage from a private insurance company, the release says, they may qualify for coverage from the Hawaii Property Insurance Association.
“We remind consumers to be careful of potential scams,” Insurance Commissioner Gordon Ito said in the release. “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.”
Insurance licensee lookup and more information is available with the Hawaii Insurance Division.
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Alice J. Roden started working for Trending Insurance News at the end of 2021. Alice grew up in Salt Lake City, UT. A writer with a vast insurance industry background Alice has help with several of the biggest insurance companies. Before joining Trending Insurance News, Alice briefly worked as a freelance journalist for several radio stations. She covers home, renters and other property insurance stories.