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What About Insurance

Both the owner and the condominium corporation are required to have insurance but the requirements will differ. The corporation may need to be responsible for the common areas and units; the corporation's property, personal liability concerning claims for bodily injury and property damage occurring on condominium property or is the cause of the condominium corporation; boilers and other equipment; directors and officers insurance; and all perils that are recorded in the condominium governing documents. The unit owner could be responsible in insuring their personal property such as appliances, jewelry, and items stored in lockers; improvements made to the unit, depending on the provincial legislation; and personal liability.

The corporation may be responsible for insuring:

  • Common areas and units
  • The corporation's property, such as furniture, equipment, vehicles, etc.
  • Personal liability-against claims for bodily injury and/or property damage occurring on the condominium property or caused by some act or omission of the condominium corporation
  • Boilers and equipment (for example, elevators, HVAC systems, etc.)
  • Directors and Officers insurance-to respond to claims made personally against a director or officer of the condominium
  • All perils as per the condominium governing documents

The unit owner may be responsible for insuring:

  • Personal property contents such as appliances, furniture and jewellery, and items stored in lockers
  • Improvements and betterments made to the unit (for example, finishing a basement, installing new cabinets). Check your provincial legislation to find out if insurance for improvements is your responsibility
  • Personal liability

Article Source: www.kingstonliving.ca

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