HI HB590

Requires property insurers to offer premium discounts to condominium associations that implement risk mitigation upgrades including impact-resistant windows, sprinkler systems, fire-resistant materials, flood barriers, seismic safety improvements, and smart building technologies like leak detection and smoke alarm sensors

Mandates premium discounts for associations that maintain annual planned maintenance programs covering structural inspections, roof maintenance, waterproofing, HVAC, plumbing, and fire safety systems

Caps annual insurance premium increases at 10% for condominiums that have completed or are actively pursuing acceptable scores on building fire and life safety evaluations, unless insurers demonstrate through independently verified data that higher increases are necessary

Requires property insurers to file annual public reports with the insurance commissioner detailing and justifying all condominium premium increases, including actuarial data and catastrophe modeling results used to support rate changes

Establishes penalties of up to $10,000 per violation for insurers imposing unjustified premium increases, with potential license suspension or revocation for five or more violations within ten years; effective July 1, 2025