The Condominium Corporation obtains insurance for the common elements and units.
This means your basic unit is covered to the original unit standard. The Corporation will not insure any improvements and betterments. It is recommended that you obtain insurance to cover the contents within your unit, including any improvements and betterments, additional living expenses and obtain liability insurance.
In some Bare Land Corporations, the owners are solely responsible for insuring the structures on the bare land units.
Unit owners can be held responsible for part of the cost of damage arising in the individual units, such as insurance deductibles, by way of negligence, error or omission. Unit owners may wish to have their Broker review the Certificate of Insurance provided by the Corporation to obtain coverage for all corporation deductibles. Please review corporation deductibles annually as they may change.
