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Committee supports amended substitute to raise condo deductible cap to $25,000, adds owner‑notification requirement
Summary
Lawmakers heard testimony from Community Associations Institute volunteers and amended a condominium bill to replace a $5,000 master‑policy deductible cap with $25,000 and require associations to notify unit owners of material changes; proponents said the change would make master policies affordable and reduce surprise special assessments.
The Senate Insurance and Labor Committee heard Senate Bill 230 (LC550489), a measure to change the statutory cap on condominium master‑policy deductibles. The sponsor said the current $5,000 per‑unit cap, set in 2013, prevents associations from buying full replacement‑cost insurance at reasonable prices.
Julie Howard, an attorney who volunteered on behalf of the Community Associations Institute, told the committee that the bill’s purpose is ‘‘to help associations find affordable insurance, which benefits every owner in the condominium’’ and argued that raising or removing the…
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