| 1 | 1 | | 86R8998 PMO-F |
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| 2 | 2 | | By: Johnson S.B. No. 807 |
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| 3 | 3 | | |
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| 4 | 4 | | |
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| 5 | 5 | | A BILL TO BE ENTITLED |
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| 6 | 6 | | AN ACT |
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| 7 | 7 | | relating to property insurance coverage for and the appraisal of |
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| 8 | 8 | | certain condominium properties. |
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| 9 | 9 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 10 | 10 | | SECTION 1. Section 82.111, Property Code, is amended by |
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| 11 | 11 | | adding Subsections (b-1) and (b-2) to read as follows: |
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| 12 | 12 | | (b-1) The association shall annually deliver to the unit |
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| 13 | 13 | | owners in the manner determined appropriate by the board: |
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| 14 | 14 | | (1) a written summary of the material terms of the |
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| 15 | 15 | | property insurance coverage, if any, maintained under Subsection |
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| 16 | 16 | | (b) or (c) with respect to property described by Subsection (b), |
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| 17 | 17 | | including the amount of coverage; and |
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| 18 | 18 | | (2) a comparison of the property insurance coverage to |
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| 19 | 19 | | property coverage required by any applicable provisions of this |
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| 20 | 20 | | section. |
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| 21 | 21 | | (b-2) Every 36 months the association shall retain an |
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| 22 | 22 | | independent appraiser to appraise and prepare an appraisal report |
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| 23 | 23 | | regarding property the association may insure or is required to |
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| 24 | 24 | | insure under Subsection (b) or (c). As soon as practicable after |
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| 25 | 25 | | the association receives the appraisal report, the association |
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| 26 | 26 | | shall deliver the report to the unit owners in a manner determined |
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| 27 | 27 | | appropriate by the board. |
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| 28 | 28 | | SECTION 2. Not later than January 1, 2020, a condominium |
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| 29 | 29 | | association shall deliver to the unit owners the initial summary |
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| 30 | 30 | | and comparison required by Section 82.111(b-1), Property Code, as |
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| 31 | 31 | | added by this Act, and the initial appraisal report required by |
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| 32 | 32 | | Section 82.111(b-2), Property Code, as added by this Act. |
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| 33 | 33 | | SECTION 3. This Act takes effect September 1, 2019. |
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