Continuing my state-by-state review of mandatory condominium insurance requirements, this post will look at Indiana—The Hoosier State.
Condominium insurance requirements in Indiana are detailed in the Indiana Code. Section 32-25-8-9 discusses insurance and co-owners, stating in part:
Sec. 9. (a) The co-owners, through the association of co-owners, shall purchase:
1. A master casualty policy, payable as part of the common expenses, affording fire and extended coverage in an amount consonant with the full replacement value of the improvement that in whole or in part comprises the common areas and facilities; and
2. A master liability policy in an amount:
a. Required by the bylaws;
b. Required by the declaration; or
c. Revised from time to time by a decision of the board of directors of the association.
The section also states that the association must maintain a policy covering land or improvements on which the association has or shares ownership or other rights.
The Indiana Code contains no language regarding waiver of subrogation rights, nor does it contain any language prohibiting unit owners from obtaining their own insurance.