MD SB747

Requires owners of attached residential condominium units to maintain insurance policies with minimum coverage including: $500,000 personal liability, $25,000 loss assessment, at least 12 months loss of use coverage, and dwelling coverage of at least $25,000 or the amount needed to cover alterations and upgrades

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

Condominium bylaws may require coverage amounts exceeding the statutory minimums

If a unit owner fails to maintain required insurance, the council of unit owners may purchase a policy on their behalf and charge the premium as an assessment to that owner

Takes effect October 1, 2026