Insurance - Unit Owner
Unit owners should carry all-risk insurance coverage that protects them from property loss, personal liability, and a variety of disasters, such as fire, theft, or vandalism. Before purchasing insurance, an owner should review the corporation’s certificate of insurance to ensure that there are no gaps or overlaps in coverage. For example, the corporation’s insurance policy may not cover improvements made to a unit. As well, owners should insure themselves against liability for costs arising from claims for damage to the common property or liabilities arising from claims against the corporation, if possible.