And again Lava zone 2 - Homeowners Insurance (Hilo, Volcano: houses, rating)

[1freespirit]

Aloha,

I know this topic has been discussed before - and I do have homeowners insurance and I am in Lava Zone (2)

Just wondering if Dongbu covers Lava zone 2? The coverage we get in lava zones, 1,2 the premiums are so high compared to other parts of the island plus we are limited to which carriers will even insure.

I know of only 2 insurance carriers, Universal Risk and Loydes of London.
Does anyone know of any others?

I do not see why you could not get insurance from any carrier in any zone and have the policy insert an exception in the policy that states... "does not cover fire due to volcanic eruption or lava"

This way anyone could get insurance and choose to opt out of the coverage part if your house goes up in flames due to Pele" but you still would be covered for a house fire caused by other means.

oh I know why "SO THEY CAN CHARGE PEOPLE IN THESE AREAS OUTRAGEOUS PREMIUMS:

I suppose I would be grateful if our houses went up in flames due to lava destroying them but then again I do not see why any insurance company could not put in a "Exception" clause regarding damage caused by the Volcano and leave the decision to add on the extra coverage to the home owner.

Any rate just checking to see if any other insurance carriers are now also covering Lava zones, 1 or 2.

Plus If you have your home paid for why does homeowners insurance "REQUIRE" that you insure for full "replacment value" shouldn't the amount of insurance you would like to place on your home be up to you? Then its your fault if you only get "x" amount if your home goes up in flames and is a total loss but then that would be up to you.

If I own lets say a 2500 Sq. ft home who says I would want to rebuld a home with the same sq. footage maybe I would want to rebuild only a 1,000 sq foot home. In reality even though your policy/premiums you are paying says you are covered to rebuild at your same sq. footage when and if you ever have to claim and your house is "at full loss" in reality their payout after all their deductions etc you end up not getting any where close to your insured amount anyways. They never pay 100% of your policy under coverage A - "Dwelling" you are lucky to receive 50-80% of your coverage amount as they never pay 100%.

It all seems like such a racket!

[bamasandman]

I am in lava zone 2 in Kalapana. My insurance with HPIA Hawaii Property Insurance Association. I went thru Atlas Insurance in Hilo. My homeowners policy is only $95,000 coverage on my small house. My premium is $1500 annually, high because of lava zone 2 and closest fire department is 15 miles away so puts me in fire protection rating of class 10, no fire dept. Of course fire dept. does not matter with lava but there are other fire hazards that they would be helpful.