IC 27-7-18.7-5: Options for co-owners of a condominium to obtain property and casualty insurance coverage; continuing obligation of co-owners to provide coverage

Sec. 5. (a) This section applies to a condominium in which all of the condominium units:

(1) were designed and built for occupancy by not more than two (2) separate families; and

(2) contain not more than two (2) separate living quarters.

(b) Notwithstanding IC 32-25-8-9, the co-owners of a condominium described in subsection (a) may obtain property and casualty insurance coverage for the condominium units through one (1) of the following methods:

(1) By purchasing a master policy for property and casualty insurance.

(2) By allowing each co-owner to purchase property and casualty insurance on an individual basis.

(c) This section may not be construed to relieve the co-owners from any obligation under IC 32-25-8-9 to provide insurance coverage under a master policy for:

(1) the land on which the condominium is located;

(2) swimming pools and other recreational facilities; or

(3) any other parts of the condominium existing for common use.