HI SB804

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

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

Requires 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.

Caps property insurance premium increases at 10 percent annually for condominiums that have received or are actively pursuing acceptable scores on building fire and life safety evaluations, unless insurers demonstrate through independent data that higher increases are necessary due to external factors.

Requires property insurers to file annual reports with the insurance commissioner detailing and justifying all premium increases with actuarial data and modeling techniques; establishes penalties of up to $10,000 per violation and potential license suspension for repeated violations.