Condominiums - Unit Owner Responsibility for Damage or Destruction and Mandatory Insurance Coverage

Summary

If enacted, this bill would require condominium unit owners in Maryland to obtain a condominium unit owner insurance policy (or substantially similar property insurance) covering certain portions of the unit, and require the council of unit owners to annually inform unit owners of their insurance responsibilities. The bill also specifies that unit owners are responsible for the cost of repair or replacement of certain portions of the condominium under specified circumstances, shifting some financial responsibility from the association to individual owners.