Does insurance for a condo unit carry importance?

You and your condominium association should have insurance because some of these requirements vary according to the province. It is included in the policy offered by the condo corporation to charge condo fee whereas a portion of which is responsible for the insurance cost including common areas, furniture, any house equipment, boiler or HVAC or vehicle that is the property of Condo Corporation, personal liability relating to body injury or condo property damage occurred due to the renovations made by Condo corporation, claims made against directors and officers insurance, perils according to the condo authority documents.

It is a rule that the condo corporation should give a copy of the condo corporation’s insurance policy and a copy of the certificate of insurance.

The owners of the unit should insure appliances, furniture and jewellery and those items that are stored in locker. The unit owner should insure the other property contents such as any betterment made to the unit.

It is feasible for the unit owners to get an owner’s package insurance policy. You should always consult your insurer whether all details are actually covered.


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