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Insurance Glossary

HPIA

Property

Definition

Hawaii Property Insurance Association - a residual market mechanism that provides property insurance for homes in high-risk lava zones (primarily Zones 1 and 2) that cannot obtain coverage in the voluntary market. HPIA is an association of all property insurers licensed in Hawaii.

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Related Terms

Lava Zone
Hawaii's volcanic hazard classification system ranging from Zone 1 (highest risk) to Zone 9 (lowest risk), based on the frequency and coverage of historic lava flows. Lava zones significantly affect property insurance availability and rates, with properties in Zones 1 and 2 often requiring coverage through the Hawaii Property Insurance Association.
FAIR Plan
Fair Access to Insurance Requirements Plan - state-mandated insurance programs providing property coverage to high-risk properties that cannot obtain insurance in the standard market, available in multiple states including California, Illinois, and Massachusetts.
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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