The bill amends the "Condominium Law" in Chapter 34-36.1 to clarify the applicability and insurance requirements for condominiums in the state. It introduces new language under section 34-36.1-1.02, stating that the chapter applies to all condominiums created after July 1, 1982, while allowing those established before that date to voluntarily adopt its provisions. The amendments also clarify that certain sections apply retroactively to events occurring after July 1, 1982, without invalidating existing provisions for older condominiums. A new section, 34-36.1-3.13, outlines the insurance obligations of condominium associations, including requirements for property and liability insurance, and specifies that unit owners must be covered as insured persons under the association's policy.

Key provisions include the requirement for unit owners to maintain insurance that covers improvements made to their units and any losses exceeding the association's deductible. If a unit owner fails to comply with their insurance obligations, they will be responsible for expenses related to their unit after a loss, up to the amount of the association's deductible. The bill mandates that condominium associations provide written notice to unit owners about any changes to the deductible within thirty days and inform them of their obligation to notify their mortgagees of these changes. The act aims to ensure clarity in governance and insurance responsibilities while protecting unit owners' interests, and it will take effect upon passage.