AB324
AN ACT relating to housing; revising provisions related to property insurance that common-interest communities are required to maintain; and providing other matters properly relating thereto. Close title AN ACT relating to housing; revising provisions related to property insurance that common-interest communities are required to maintain; and providing other matters properly relating thereto.
Introduction Date
Monday, March 3, 2025
Primary Sponsor
View 1 Primary Sponsors Close Primary Sponsors Assemblymembe
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AN ACT relating to housing; revising provisions related to property insurance that common-interest communities are requi
Existing law requires a unit-owners' association of a common-interest community to maintain certain types of insurance, including property insurance. (NRS 116.3113) Under existing law, property insurance policies are required to include the units, which means the physical portion of the common-interest community that is designated for separate ownership or occupancy, when a building contains units that are divided by horizontal or vertical boundaries. (NRS 116.093, 116.3113) This bill eliminates the requirement to include the units divided by vertical boundaries in such insurance policies and authorizes an association to choose whether to include the units in such insurance policies. Close digest Existing law requires a unit-owners' association of a common-interest community to maintain certain types of insurance, including property insurance. (NRS 116.3113) Under existing law, property insurance policies are required to include the units, which means the physical portion of the common-interest community that is designated for separate ownership or occupancy, when a building contains units that are divided by horizontal or vertical boundaries. (NRS 116.093, 116.3113) This bill eliminates the requirement to include the units divided by vertical boundaries in such insurance policies and authorizes an association to choose whether to include the units in such insurance policies.
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