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Senate committee pauses bill to remove $5,000 condo deductible cap; members signal $25,000 limit and owner notice
Summary
Lawmakers debated SB230, which would eliminate a $5,000 cap on assessable condo deductibles. After extended testimony from condo attorneys and insurers, the sponsor withdrew a do-pass motion and agreed to pursue a committee substitute that would raise the cap to $25,000 and add an owner-notice requirement.
The Georgia Senate Insurance and Labor Committee on Feb. 25 held extended debate on Senate Bill 230, which would remove a statutory $5,000 cap on the deductible an association may assess back to an individual condominium owner after an insurable loss.
Supporters, including condominium attorneys and insurance agents, told the committee the $5,000 cap forces condominium associations to self-insure because commercial carriers now commonly offer master-policy deductibles of $20,000 to $25,000 or higher. Those higher deductibles, witnesses said, have prompted assessments or larger reserve requirements that spread costs across all owners, even those not involved in the loss.
Senator Sean Steele, sponsor of SB230, said the bill would "eliminate the…
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