MD HB1541

Requires residential condominium unit owners to maintain insurance policies with minimum coverage including $500,000 personal liability, $25,000 loss assessment, and at least 12 months of alternate housing coverage

Mandates dwelling/building property coverage of at least $25,000 or the amount needed to repair alterations, additions, and upgrades made by the unit owner

Requires coverage for the council of unit owners' property insurance deductible or a portion thereof under existing condominium law

Unit owners must provide proof of insurance to the council of unit owners annually and upon request

Authorizes the council to purchase insurance on behalf of non-compliant unit owners and charge the premium as an assessment; effective October 1, 2025