Bill > H5587

This bill modifies the Rhode Island Condominium Law (specifically Section 34-36.1-3.13) to expand the sources of insurance regulation for condominium associations by adding bylaws as a potential reference point alongside existing declarations. The bill clarifies and expands insurance requirements for condominium associations, ensuring that unit owners are adequately protected. Key provisions include maintaining property and liability insurance covering common elements, specifying insurance policy details such as waiving subrogation rights and establishing primary insurance coverage, and outlining procedures for handling insurance proceeds in case of damage or destruction. The bill also adds a new requirement that if a unit owner requests information about damage to their unit, the condominium association must provide a written copy of damage appraisals within 14 calendar days. The legislation aims to provide more comprehensive insurance protections and transparency for condominium unit owners, giving associations and owners clearer guidelines about insurance coverage, claims, and recovery processes. The bill will take effect immediately upon passage.

Business and Industry, Housing and Urban Affairs

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