Continuing my state-by-state review of mandatory condominium insurance requirements, this post will look at Iowa—The Hawkeye State.
Most states have codes or statutes requiring condominium associations to maintain property insurance on the premises to a specified extent. Iowa, however, does not have such a requirement.
The Iowa Code, Chapter 449B, addresses horizontal/condominium property requirements and guidelines. The chapter, however, does not mention property or liability insurance or any related requirements that the condominium association is required to meet.
Condominium unit owners and those looking to purchase condominium units in Iowa should be aware that condominium associations are not required by statute to maintain property or liability insurance. It is always best to review the association’s governing documents (such as Bylaws) to see if the instruments outline required coverages and allocate responsibilities between unit owners and the association.
Owners and prospective owners should inquire as to whether their condominium association maintains insurance despite not being required to by statute, and they should also consider purchasing their own insurance regardless of whether the association has its own.
Homeowner’s property insurance can provide the sole coverage for one’s unit and personal property, or it can provide supplemental insurance to cover whatever the condominium association’s insurance does not cover.