Many states require condominium associations to maintain property insurance for the common areas of the building but leave it up to the unit owners whether they want to insure their individual units or personal belongings. Oklahoma, however, is different and does not require the association to obtain insurance for the property.
The Oklahoma Statutes §60-526 states:
The unit owners may, upon resolution of a majority, insure the property against risks, without prejudice to the right of each unit owner to insure his unit on his own account and for his own benefit. The premiums for such insurance on the property shall be deemed common expenses except with respect to the units exempted by the declarant pursuant to subsection (b) of Section 512 of this title in which event the insurance premiums on such units shall be paid by the declarant as provided in subsection (b) of Section 52 of this title. The declarant and the council of unit owners may agree by separate contract to insure the unconstructed buildings and/or units under the same master policy of insurance as the council of unit owners may have obtained for the property, as their respective interest may appear, in which event the portion of the premiums charged for insuring said unconstructed buildings and/or unconstructed units shall be borne by the declarant.
While Oklahoma does not require condominium associations to maintain property insurance, it does prohibit them from interfering with unit owners’ rights to purchase their own insurance. Insurance is always a good idea, and both associations and unit owners should consider purchasing property insurance to protect themselves in the event of a loss.