Allows condominium associations to finance insurance premiums and other expenses through borrowing and assessments.

This bill addresses the financial challenges faced by condominium associations due to rising insurance premiums and catastrophic weather events. It allows associations to borrow funds or reallocate replacement reserves to cover insurance deductibles, premiums, and other common expenses. The association must notify unit owners of the borrowing or reallocation, including a schedule for restoring funds if necessary. The bill also permits associations to impose assessments on unit owners to cover these expenses.

Allows condominium associations to finance insurance premiums and other expenses through borrowing and assessments.

This bill addresses the financial challenges faced by condominium associations due to rising insurance premiums and catastrophic weather events. It allows associations to borrow funds or reallocate replacement reserves to cover insurance deductibles, premiums, and other common expenses. The association must notify unit owners of the borrowing or reallocation, including a schedule for restoring funds if necessary. The bill also permits associations to impose assessments on unit owners to cover these expenses.