70-23-612. Insurance of building -- premiums as common expenses. (1) The manager as trustee for the unit owners shall, if required by the declaration, by the bylaws, or by a majority of the unit owners, insure the building against loss or damage by fire and other hazards as required, without prejudice to the right of each unit owner to insure the owner's own unit for the owner's own benefit.

(2) The premiums for insurance on the building are common expenses.