Condominiums - Mandatory Insurance Coverage

HB 469 requires all owners of residential condominium units (excluding detached units) in Maryland to maintain specific insurance coverage. This includes minimum $500,000 personal liability coverage, $25,000 loss assessment coverage, 12 months of loss-of-use coverage for alternate housing, and dwelling coverage for owner-improvements. The condo council can purchase insurance for non-compliant owners and charge the premium as an assessment, while requiring annual proof of coverage from unit owners. The bill aims to ensure adequate insurance for individual units and shared property risks within residential condominium communities.