ASSEMBLY HOUSING COMMITTEE

STATEMENT TO

ASSEMBLY, No. 2445

STATE OF NEW JERSEY

DATED:  MAY 5, 2021

      The Assembly Housing Committee reports favorably Assembly Bill No. 2445.

      This bill would prevent condominium associations from assessing insurance deductibles to individual unit owners or groups of unit owners.  Under current law, a condominium association can pass the cost of any deductible arising from a claim under the association's insurance policy to an individual unit owner.  This bill would prevent condominium associations from placing the burden of a deductible on one owner or a group of owners.  The bill would ensure that unit owners realize the full benefit of an association's insurance policy, which is the pooling of risks among a large group of similarly situated individuals.