House Bill 458 doubles each condo unit’s maximum deductible under association insurance policies from $2,500 to $5,000.
The bill’s sponsor, Rep. Alex Atwood, R-Brunswick, said it is needed to reflect the current market for insurance which sells few policies with deductibles as low as $2,500, leaving the associations taking on the added expense themselves. It also allows associations to buy policies with lower deductibles if they find them and choose to.
“I think it should be left up to each individual how much insurance they want and what kind of deductible they want,” said Atwood.
Now the bill heads to the Senate for consideration.