Continuing my state-by-state review of mandatory condominium insurance requirements, this post will look at The Palmetto State, South Carolina.
The South Carolina Code of Laws addresses condominium requirements in the state of South Carolina. The excerpt relating to insurance for condominiums is short; Section 27-31-240 states,
[T]he council of co-owners shall insure the property against risks, without prejudice to the right of each co-owner to insure his apartment on his own account and for his benefit.
The Code defines a co-owner as,
[A] person, firm, corporation, partnership, association, trust or other legal entity, or any combination thereof, who owns an apartment within the building.
A council of co-owners is defined as,
[A]ll the co-owners as defined in subsection (d) of this section; but a majority. . . shall, except as otherwise provided in this chapter, constitute a quorum for the adoption of decisions.
Although the Code essentially states that a condominium association must obtain property insurance, it does not specify which risks must be insured against. Individual unit owners may, but are not required to, purchase insurance policies for their individual units.
While condominium associations in South Carolina must ensure there is a master insurance policy in place, individual unit owners may want to obtain insurance coverage for themselves, their personal belongings, or any other parts of their units that may not be covered by the master policy.