HB590 Summary

• Requires property insurers to offer discounts on condominium association insurance premiums for adopting risk mitigation upgrades including impact-resistant windows, flood barriers, fire-resistant materials, sprinkler systems, defensible space, and seismic improvements.

• Mandates insurers offer discounts for planned maintenance improvements such as annual structural inspections, roof maintenance, sealing and waterproofing, HVAC maintenance, plumbing maintenance, and fire safety system maintenance.

• Requires insurers to offer discounts for smart building technologies including leak detection sensors, wind and seismic sensors, smart smoke alarms, automated sprinkler systems, energy management systems, security systems, and building health monitoring systems.

• Limits property insurance premium increases to 10% annually for condominiums that have completed or are actively pursuing fire and life safety evaluations; insurers must justify increases above 10% with independently verified data on external factors or market-wide claims experience.

• Requires property insurers to file annual reports with the insurance commissioner detailing all condominium premium increases with actuarial data and modeling justifications; violations subject to fines up to $10,000 per violation and potential license suspension or revocation after five violations in ten years.

• Effective July 1, 2025.