Insurance policies carried pursuant to this chapter must provide to the extent reasonably available that:
1. Each unit’s owner is an insured person under the policy with respect to liability arising out of his or her interest in the common elements or membership in the association;
2. The insurer waives its right to subrogation under the policy against any unit’s owner or member of his or her household;
3. No act or omission by any unit’s owner, unless acting within the scope of his or her authority on behalf of the association, voids the policy or is a condition to recovery under the policy; and
4. If, at the time of a loss under the policy, there is other insurance in the name of a unit’s owner covering the same risk covered by the policy, the association’s policy or the hotel unit owners’ policy, as applicable, provides primary insurance.