Connecticut House Bill HB06613

Connecticut 2011 Regular Session

• Introduced: 3/17/11
• Refer: 3/17/11

Caption

An Act Concerning Insurance Requirements Under The Common Interest Ownership Act.

Impact

One of the primary impacts of HB 06613 includes the modification of property insurance obligations for associations managing common interest properties. This could significantly influence how these communities operate, especially with respect to maintaining insurance policies that are financially viable and aligned with the needs of their residents. By removing specific insurance requirements, the bill may create a more flexible environment for community associations, which could lead to cost savings for both the associations and unit owners.

Summary

House Bill 06613, titled 'An Act Concerning Insurance Requirements Under The Common Interest Ownership Act,' aims to amend and clarify insurance requirements for common interest communities in the state. The bill proposes the repeal of certain insurance mandates established in previous legislation, focusing particularly on the obligations concerning properties established before January 1, 1984. The legislation also seeks to provide technical adjustments to the existing laws, potentially easing the insurance burden on older communities.

Contention

The points of contention surrounding HB 06613 may revolve around the implications of reducing insurance mandates. While proponents argue that the bill provides essential relief to older communities that may struggle with compliance costs, opponents might raise concerns about the potential risks these communities face if they decide to forego specific insurance coverage. The balance between ensuring adequate protection for unit owners and fostering financial sustainability will likely be an ongoing debate as the bill progresses through the legislative process.