(1) Every deputy sheriff appointed as provided by law shall possess all the powers of his or her principal and may perform any of the duties required by law to be performed by the sheriff.
(2) Deputy sheriffs are authorized to make arrests for misdemeanor offenses and felony offenses and exercise all other powers as deputy sheriffs while in the course of their employment for planned community property owners' associations or suburban improvement districts.
(3) Every deputy sheriff so appointed shall possess the minimum qualifications as provided by law.
(4) Planned community property owners' associations shall purchase and maintain liability insurance to protect deputy sheriffs employed by such associations. Liability insurance coverage shall be in a principal amount of no less than fifty thousand dollars ($50,000) for each deputy sheriff employed by the association.