Condominiums - Property Insurance Deductibles - Unit Owner Responsibility

HB 449 raises the maximum deductible amount a condominium unit owner must pay when damage originates from their unit, increasing the limit from $10,000 to $25,000. This directly affects unit owners whose unit causes damage (e.g., a plumbing leak), requiring them to cover the deductible up to $25,000 before remaining costs become shared common expenses. The bill mandates that condominium boards annually inform owners in writing of their deductible responsibility and the specific amount. It applies to standard residential condominiums and does not change insurance requirements for nonresidential units.