Ontario condo corporations are required to maintain insurance for damage to suites and common areas. Common areas may include parking area, lobby, party room, exercise room or swimming pool. Equipment and furniture included in these areas is also to be insured.
Insurance coverage extends to individual suites not including upgrades.
Insurance typically includes a deductible, perhaps $10,000 per year or more, that is treated as a common expense and paid as part of condo fees.
Publication Date: March 2017