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AL SB397
Bill
Status
4/21/2015
Primary Sponsor
Robert Ward
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AI Summary
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Requires owners of condominiums or attached housing to maintain property insurance covering all risks of direct physical loss, with total coverage of not less than 150 percent of the actual cash value of the property.
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Insurance deductibles must not exceed an amount that would reduce total coverage below 150 percent of the actual cash value at the time of purchase.
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Requires owners of condominiums or attached housing to maintain liability insurance, including medical payments coverage, for all occurrences involving death, bodily injury, and property damage related to common elements.
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Effective date of January 1, 2016.
Legislative Description
Condominiums and attached housing, property insurance at 150 percent of actual value required and liability insurance covering common areas, required
Insurance
Last Action
Read for the first time and referred to the Senate committee on Judiciary
4/21/2015