Bill > AB324

This bill modifies Nevada law regarding property insurance requirements for common-interest communities (which are typically homeowners associations or condominium associations). Currently, when a building contains units divided by horizontal or vertical boundaries, property insurance policies must include coverage for those units. The bill eliminates the mandatory requirement for units divided by vertical boundaries, giving unit-owners' associations the option to choose whether to include such units in their property insurance policies. This change provides more flexibility for associations in managing their insurance coverage, potentially allowing them to reduce insurance costs or customize their policies based on their specific needs. The bill maintains existing requirements for other types of insurance, including commercial general liability, crime insurance, and directors and officers insurance, which associations must still maintain to protect the community and its leadership. By giving associations more discretion in unit insurance coverage, the bill aims to provide more administrative flexibility while still ensuring fundamental insurance protections for common-interest communities.

Justice

https://www.leg.state.nv.us/App/NELIS/REL/83rd2025/Bill/12416/Overview