An action for compensation for damage to which this Part applies may only be brought:
(a) within 1 year after the day on which the damage occurred; or
(b) if, when the damage occurred, the person bringing the action did not know that it had occurred--within 1 year after the day on which the person:
(i) became aware of the damage; or
(ii) would have become aware of the damage, if the person had exercised due diligence.