Continuing my state-by-state review of mandatory condominium insurance requirements, this post will look at Ohio—the Buckeye State.

Ohio condominium associations should look to the Ohio Revised Code §5311.16 for mandatory condominium insurance requirements.

The particular statute relating to condominium insurance states:

Unless otherwise provided by the declaration or bylaws, the board of directors shall insure all unit owners, their tenants, and all persons lawfully in possession or control of any part of the condominium property for the amount that it determines against liability for personal injury or property damage arising from or relating to the common elements and shall obtain for the benefit of all unit owners, fire and extended coverage insurance on all buildings and structures of the condominium property in an amount not less than eighty per cent of the fair market value. The cost of the insurance is a common expense.

Even though the master policy is required to cover the unit owners, the statute does not state that unit owners are prevented from obtaining their own insurance as well. Unit owners should review the master policy to determine if they would like to purchase additional insurance on their own behalf to further protect themselves in the event of a loss.