SB804: Relating To Insurance For Hawaii Condominium Properties.
Legislative Summary
Requires property insurers to offer discounts on a condominium association's annual insurance premium if the association adopts specific risk mitigation upgrades or develops comprehensive disaster response plans. Requires property insurers of condominiums to base premium increases on actuarial justifications that reflect actual risk reduction resulting from upgraded fire safety improvements installed in conjunction with a building fire and life safety evaluation. Requires property insurers of condominiums to justify premium increases above ten per cent. Requires property insurers of condominiums to publicly report premium increases each year. Effective 7/1/2050. (SD2)
Demographic Impact
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