HI HB885

Establishes a "discounts for risk mitigation program" requiring property insurers to offer discounts on condominium association insurance premiums for specific building improvements and risk reduction actions.

Requires property insurers to provide discounts for upgrades including fire-resistant roofs, enclosed eaves, fire-resistant vents, defensible space clearing, noncombustible materials within five feet of buildings, multipane windows, impact-resistant windows, and structural inspections.

Includes discounts for flood barriers, drainage improvements, sprinkler systems, seismic improvements, and annual maintenance plans for roofs, plumbing, HVAC systems, fire safety systems, and structural integrity.

Directs the insurance commissioner to adopt rules establishing the discount amounts for each qualifying upgrade or action, qualification requirements, and authority to specify additional eligible improvements.

Takes effect July 1, 2025.