(a) The commission may enter into agreements with purchasers of any obligations issued under this subchapter to insure improvements and facilities, the revenue of which is pledged to the payment of the obligations.
(b) The commission may obtain from insurers of good standing:
(1) insurance against loss or damage by fire, water, or flood;
(2) insurance against loss or damage from any hazards customarily insured against by private companies operating similar properties; and
(3) insurance covering the use and occupancy of the property as is customarily carried by private companies.

(c) The cost of the insurance shall be budgeted as maintenance and operation expense and shall be carried for the benefit of the holders of the obligations.