The Condominium Act requires the Condo Corporation to obtain and maintain insurance on its own behalf and on behalf of the unit owners for damage to both the units and the common elements.  The insurance covers “major perils” such as fire, smoke, windstorm, hail, explosion, water escape etc.

The Condo Corporation’s insurance obligation excludes improvements made to each unit as well as the unit owner’s or tenant’s personal belongings. Each unit owner or tenant should have their own insurance for his or her improvements and upgrades, also known as “betterments” as well as personal belongings.

Owners and residents should be aware that if they are away from their unit for more than 48 hours, such as a vacation or a trip out of town, they should have a friend or family member inspect their apartment for security reasons and insurance coverage.  Each owner should check with his or her insurance company for any other specific requirements.