Hawaii SB804 regulates insurance premiums for condominium properties, offering discounts for risk mitigation upgrades.
Hawaii SB804 aims to regulate insurance premiums for condominium properties by offering discounts for risk mitigation upgrades. The bill requires property insurers to provide discounts for associations that adopt disaster-resiliency upgrades, planned maintenance improvements, and smart building technologies. Insurers must also offer discounts for associations that develop comprehensive disaster response plans. The bill limits premium increases to 10% unless justified by external factors.
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