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Committee backs study to explore insurance options that could unlock permanently affordable condos
Summary
Second substitute House Bill 1516 would direct the Office of the Insurance Commissioner to study insurance coverage options and barriers for permanently affordable homeownership units (condominiums, limited-equity co-ops, CLTs); advocates said insurance premiums have stalled nonprofit development and could approach $1 million per project.
Second substitute House Bill 15-16 would require the Office of the Insurance Commissioner (OIC) to study how permanently affordable homeownership projects can use different insurance approaches to reduce construction-defect liability costs while maintaining consumer protections.
John Kim, committee staff, said the bill directs the OIC to consult with stakeholders, to use findings from past studies, and to contract with actuaries or consultants as needed. The OIC must provide a report to the legislature by December…
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