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House committee advances condo insurance change; amendment raises unit-owner deductible and adds resale notice
Summary
A bill addressing condominium property insurance deductibles was amended to require disclosure in resale packages and to raise a minimum deductible from $10,000 to $25,000; legislators said the change responds to insurers denying master policies when deductibles are too low.
ANNAPOLIS — Lawmakers in the Maryland House of Delegates considered and advanced legislation that would change how condominium master insurance deductibles are handled and require disclosure to prospective buyers.
During committee-floor discussion, the floor leader presented an amendment to House Bill 449 that requires notice in resale packages about unit-owner responsibility for property insurance deductibles when damage originates in a unit. The transcript records that the amendment clarifies that the unit owner—not a third party—bears…
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