(a) An insurance policy for owner-occupied residential property insurance issued or renewed in this state shall disclose, as applicable, on the policy declaration page or notice of renewal of the policy all deductibles included under the policy in a clear and conspicuous manner so that the insured can identify any applicable deductibles under the policy or renewal.
(b) An insurance policy for owner-occupied residential property insurance issued or renewed in this state that contains separate deductible levels by peril shall display these deductible amounts together with the policy's all other peril deductible, if applicable, on the policy declaration page or notice of renewal of the policy.