HI SB804

Requires property insurers to offer premium discounts to condominium associations that install disaster-resiliency upgrades (impact-resistant windows, flood barriers, sprinkler systems, fire-resistant materials, seismic improvements), implement planned maintenance programs, or adopt smart building technologies like leak detection and monitoring systems

Mandates premium discounts for condominium associations that develop comprehensive disaster response plans to minimize losses during emergencies

Caps annual property insurance premium increases at 10% for condominium projects that have received or are actively pursuing acceptable scores on building fire and life safety evaluations, unless insurers demonstrate with verified data that higher increases are necessary

Requires property insurers to file annual public reports with the Insurance Commissioner detailing and justifying all premium increases, including actuarial data and catastrophe modeling used

Authorizes penalties of up to $10,000 per violation for insurers imposing unjustified premium increases, with possible license suspension or revocation for five or more violations within ten years; effective July 1, 2050