What is the condominium association required to do regarding property insurance?

The requirement for a condominium association regarding property insurance is to maintain a blanket policy that protects the entire structure. This type of insurance is crucial for rising risks associated with the collective property, such as the building itself, common areas, and shared facilities. The association is tasked with ensuring that the property is adequately protected to provide coverage for potential damages that may occur, protecting both the association's and the individual owners' investments.

This blanket policy often covers the physical structure and the common areas (like hallways, elevators, and recreational facilities) that are used by all residents, rather than individual units, which are typically insured by individual owners. By managing a collective insurance policy, the condominium association helps to streamline coverage and reduce the financial burden on individual owners, who may find it more challenging to manage their policies separately.

In contrast, the other options present misunderstandings of the responsibilities of the condominium association. The association does not simply rely on individual owners for their insurance needs; instead, a comprehensive approach is necessary to safeguard the community as a whole.