Hawaii’s insurance commissioner has approved another insurer to come into the Hawaii market offering flood insurance.
The new insurer, internet-based Insurecat, will provide “coverage for something as obscure as lava flow, so if there were another eruption, this type of coverage would provide for that as well,” says Bryson Poulton of Insurecat.com.
The natural catastrophe insurance program provides the financial backing through Lloyd’s of London.
The insurance commissioner told KHON-TV that his office also has a couple of other companies interested in entering Hawaii’s market. So there may be more to come.
In either a hurricane or tsunami, much of the damage is from flooding.
Additionally, flooding is the danger from even more common disasters, such as the inundation from Manoa Stream during heavy rains last November.
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