Maryland HB469 mandates insurance coverage for residential condominium units, including personal property, loss of use, and liability.

Maryland HB469 requires unit owners in residential condominiums to maintain insurance policies covering personal property, loss of use, personal liability, and loss assessment. The policy must also cover the council's property insurance deductible and dwelling or building property. If a unit owner fails to maintain the required insurance, the council of unit owners can acquire a policy on their behalf and charge the premium as an assessment. The act applies to condominiums composed entirely of residential units, excluding detached units.

Maryland HB469 mandates insurance coverage for residential condominium units, including personal property, loss of use, and liability.

Maryland HB469 requires unit owners in residential condominiums to maintain insurance policies covering personal property, loss of use, personal liability, and loss assessment. The policy must also cover the council's property insurance deductible and dwelling or building property. If a unit owner fails to maintain the required insurance, the council of unit owners can acquire a policy on their behalf and charge the premium as an assessment. The act applies to condominiums composed entirely of residential units, excluding detached units.