S.B. 988 Summary

• Requires condominium associations to purchase and maintain earthquake insurance covering common elements, condominium units, and personal items within units.

• Earthquake insurance must provide coverage for the full cost of insured items and property.

• Amends Hawaii Revised Statutes Section 514B-143(a) to add earthquake insurance as a mandatory insurance requirement alongside existing requirements for property insurance, commercial general liability insurance, and fidelity bonds.

• Takes effect upon approval.