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Insurance Glossary

HHRF

Property

Definition

Hawaii Hurricane Relief Fund - a state program that provides hurricane insurance coverage for condominium associations (AOAOs) that have been denied coverage by at least two private insurers. The fund was created to address the hurricane insurance availability crisis in Hawaii.

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Related Terms

Wind Pool
A residual market mechanism (also called Wind and Hail Underwriting Association) that provides wind and hail coverage for coastal properties unable to obtain coverage in the voluntary market. Common in hurricane-prone states like South Carolina, North Carolina, Texas, and Louisiana.
Actual Cash Value
The repayment value for indemnification due to loss or damage of property; in most cases it is replacement cost minus depreciation.
Depreciation
The decrease in value of property over time due to wear, tear, age, or obsolescence.
Replacement Cost
The cost to replace damaged or destroyed property with new property of similar kind and quality, without deduction for depreciation.
Homeowners Insurance
Insurance coverage that protects your home and personal property against damage, theft, and liability claims.
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