Condominiums - Property Insurance Deductibles - Unit Owner Responsibility

SB 332 increases the maximum deductible amount a unit owner must pay when damage originates from their unit, raising the cap from $10,000 to $25,000 under Maryland's condominium insurance law (Section 11-114(g)(3)(iii)). It directly affects unit owners (who may now owe up to $25,000 for damage they cause), condominium councils (required to provide annual written notices of this responsibility), and sellers (who must include the notice in resale contracts). Key mechanisms include mandating annual written notices to unit owners about their deductible responsibility and requiring resale agreements to include this notice. The bill does not change insurance coverage but clarifies financial responsibility for repairs when damage stems from a specific unit.