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

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

2. (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. (1) By purchasing a master policy for property and casualty insurance.
   2. (2) By allowing each co-owner to purchase property and casualty insurance on an individual basis.

3. (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. (1) the land on which the condominium is located;
   2. (2) swimming pools and other recreational facilities; or
   3. (3) any other parts of the condominium existing for common use.

As added by P.L.86-2026, SEC.25.