H-1591.1
SUBSTITUTE HOUSE BILL 1516
State of Washington
69th Legislature
2025 Regular Session
By House Consumer Protection & Business (originally sponsored by Representatives Hill, Taylor, Reed, Simmons, Morgan, Ormsby, Farivar, Parshley, Gregerson, Macri, Ramel, Pollet, and Salahuddin)
READ FIRST TIME 02/21/25.
AN ACT Relating to conducting a study of insurance coverage options for permanently affordable homeownership units; creating a new section; and providing an expiration date.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
NEW SECTION. Sec. 1. (1) The office of the insurance commissioner shall conduct a study regarding how projects that develop new permanently affordable homeownership units may utilize different insurance coverage options and approaches to reduce costs related to condominium construction defect liability while maintaining commensurate access to insurance coverage.
(2) The study must be conducted in consultation with: Identified nonprofit organizations and government entities that sponsor permanently affordable homeownership units; authorized insurers of permanently affordable homeownership projects; unauthorized insurers of permanently affordable homeownership projects; representatives of the residential building construction industry; and relevant state associations.