Prohibits condominium associations from assessing insurance deductibles to individual unit owners or groups of unit owners.
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Progress
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- Introduced
- Passed Senate
- Passed General Assembly
- To Governor
- Became Law
Overview
This bill prohibits condominium associations in New Jersey from assessing insurance deductibles to individual unit owners or groups of unit owners. Currently, associations can pass the cost of deductibles from insurance claims onto individual owners. This legislation aims to ensure that unit owners receive the full benefit of the association’s insurance coverage by preventing the allocation of deductibles to specific owners. It seeks to create a more equitable distribution of insurance costs within the condominium community.
Bill text
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