HI HB885

Establishes the "Discounts for Risk Mitigations Program" requiring property insurers to offer premium discounts to condominium associations that make upgrades to reduce risk profiles

Qualifying risk mitigation measures include fire-resistant improvements (fire-resistant roofs, vents, enclosed eaves, noncombustible materials within 5 feet of buildings), creating defensible space, and clearing vegetation and combustible materials

Additional qualifying upgrades include flood barriers, drainage improvements, sprinkler systems, seismic improvements, and impact-resistant or multipane windows

Associations implementing annual maintenance plans for structural inspections, roofing, sealing/waterproofing, HVAC, plumbing, and fire/safety systems also qualify for discounts

Requires the Insurance Commissioner to adopt rules specifying discount amounts for each mitigation measure and any additional qualifying actions; effective July 1, 2025