Condominium Associations

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.
Continue Reading Is Your Oklahoma Condominium In Compliance With The Law? Mandatory Oklahoma Insurance Requirements

Many state statutes and condominium bylaws require the purchase of reasonably available property insurance which covers all direct physical risks of loss on an extended and replacement cost basis. One issue I have heard associations and their insurance agents ask: “Is flood insurance reasonably available” so that it has to be insured.

This question was

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