Bill > S1013

This bill amends existing New Jersey law concerning condominiums to prohibit condominium associations from passing the cost of insurance deductibles onto individual unit owners or groups of unit owners. Specifically, it clarifies that "common expenses," which are shared costs among all unit owners, now explicitly include deductibles on insurance coverage. The bill also adds a provision stating that an association cannot charge a unit owner or their tenant for an insurance deductible for repairs to common elements or units unless the damage was intentionally caused by them. This change aims to ensure that unit owners benefit from the risk-pooling nature of association insurance, where premiums are paid by many to cover potential damages, rather than bearing the burden of deductibles individually.

Housing and Urban Affairs

https://www.njleg.state.nj.us/bill-search/2024/S1013