Washington HB1516 mandates a study on insurance coverage options for permanently affordable homeownership units.

Washington HB1515 requires the office of the insurance commissioner to study how projects developing new permanently affordable homeownership units can use different insurance coverage options to reduce costs related to condominium construction defect liability. The study must analyze resale restrictions, rights of first refusal, and the role of insurers. It must also recommend how current or new insurance products can lower costs for units subject to ground leases, deed restrictions, or affordability covenants. The study expires on December 31, 2025.

Washington HB1516 mandates a study on insurance coverage options for permanently affordable homeownership units.

Washington HB1515 requires the office of the insurance commissioner to study how projects developing new permanently affordable homeownership units can use different insurance coverage options to reduce costs related to condominium construction defect liability. The study must analyze resale restrictions, rights of first refusal, and the role of insurers. It must also recommend how current or new insurance products can lower costs for units subject to ground leases, deed restrictions, or affordability covenants. The study expires on December 31, 2025.