I. An owner shall not offer or sell insurance under this section unless:
(a) The owner provides to the renter written notice that:
(1) Summarizes the material terms of insurance coverage offered to renters, including the identity of the insurer, premium amount, benefits, exclusions, and conditions.
(2) Discloses that the policies offered by the owner may provide a duplication of coverage already provided by a renter's homeowner's insurance policy, residential renter's insurance policy, vehicle insurance policy, watercraft insurance policy, or other source of property insurance coverage and that no liability coverage is provided by the insurance coverage. This disclosure shall be displayed prominently in 12-point type or capital letters and shall read as follows: