Existing law requires a unit-owners' association of a common-interest community to maintain certain types of insurance, including property insurance. (NRS 116.3113) Under existing law, property insurance policies are required to include the units, which means the physical portion of the common-interest community that is designated for separate ownership or occupancy, when a building contains units that are divided by horizontal or vertical boundaries. (NRS 116.093, 116.3113) This bill eliminates the requirement to include the units divided by vertical boundaries in such insurance policies and authorizes an association to choose whether to include the units in such insurance policies.

Statutes affected:
As Introduced: 116.3113
BDR: 116.3113