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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

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.

 

The New Jersey legislature created the Condominium Act to set out guidelines that condominiums must follow. Title 46 of the New Jersey Statutes addresses property specifically, and section 46:8B-14 addresses the responsibilities of the condominium association.

Continue Reading Is Your New Jersey Condominium in Compliance with the Law? Mandatory New Jersey Insurance Requirements