Clarifies how condominium insurance deductibles and unpaid losses are divided between associations and unit owners, requires owners to insure units.

This bill amends the Rhode Island General Laws to clarify how insurance deductibles and unpaid losses are divided between condominium associations and unit owners. It specifies that if the loss is solely to the common elements, the deductible and any remaining unpaid amount after the association's policy payment is a common expense. If the loss is solely to one unit, the deductible and any remaining unpaid amount is the unit owner's responsibility. If the loss is to one or more units and the common elements, the deductible is apportioned between the unit(s) and the association.

Clarifies how condominium insurance deductibles and unpaid losses are divided between associations and unit owners, requires owners to insure units.

This bill amends the Rhode Island General Laws to clarify how insurance deductibles and unpaid losses are divided between condominium associations and unit owners. It specifies that if the loss is solely to the common elements, the deductible and any remaining unpaid amount after the association's policy payment is a common expense. If the loss is solely to one unit, the deductible and any remaining unpaid amount is the unit owner's responsibility. If the loss is to one or more units and the common elements, the deductible is apportioned between the unit(s) and the association.