The bill amends sections of the General Laws in Chapter 34-36.1, known as "Condominium Law," to introduce new provisions regarding the responsibilities of condominium associations and unit owners concerning insurance coverage. It requires associations to maintain property insurance for common elements and units, while also mandating that unit owners maintain insurance for improvements and betterments in their units.

Specifically, the bill establishes that unit owners are responsible for any deductible amounts not covered by the association's insurance policy. It also stipulates that if a unit owner fails to comply with their obligations regarding insurance, they will be responsible for expenses related to their unit after a loss, up to the amount of the association's property insurance deductible applicable to the unit.

Furthermore, the bill mandates that associations provide written notice to unit owners within thirty days of any changes to the deductible amounts applicable to the association's property insurance. This notice must include a statement asserting the unit owners' legal obligation to notify their mortgagee of any changes in the deductible.

The act will take effect upon passage.