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