MD SB463

Increases the maximum property insurance deductible a condominium unit owner must pay from $10,000 to $20,000 when damage originates from their unit

Any deductible amount exceeding $20,000 becomes a common expense shared by all unit owners

Councils of unit owners must continue to inform each unit owner annually in writing of their deductible responsibility and the deductible amount

Applies to all property and casualty insurance policies issued, delivered, or renewed to condominium councils on or after October 1, 2025