This bill amends the "Condominium Law" by introducing new provisions regarding insurance responsibilities for unit owners and associations. It requires condominium associations to provide written notice to unit owners within thirty (30) days of any change in the deductible of the association's property insurance policy. The notice must include the amount of the deductible and a statement asserting the unit owners' legal obligation to notify their mortgagee of the change.

Additionally, the bill clarifies that unit owners are responsible for maintaining insurance for improvements made to their units and for any losses covered by the association's property insurance policy but not payable due to the application of the deductible. It establishes that if a unit owner fails to comply with these obligations, they will be responsible for expenses related to their unit after a loss, up to the amount of the deductible.

The bill emphasizes the importance of communication between the association and unit owners regarding insurance matters, ensuring that unit owners are aware of their obligations and coverage. This act will take effect upon passage.