The following question was submitted through our Contact Form and we thought it was important information to share.

Q: Is there a specific reference somewhere that states that all Condo unit owners must have some sort of minimum insurance coverage for their unit?

A: The simple answer is no - there is no requirement. But there are very good reasons why a condo owner should choose to get personal insurance:

• If there is a fire, earthquake, flood or other disaster, the strata corporation holds insurance to protect the building but your personal property within your home is not covered under the strata corporation insurance in the event of loss, therefore it is a very good idea to purchase contents insurance
• Another reason a condo owner would want insurance is to protect their liability in the case of damage to another unit as a result of their negligence
• Lastly it is wise to get insurance to cover upgrades that have been done to the home, for instance if you replaced the original carpet with hardwood and there was a flood shortly after that was not your fault, the strata’s insurance would replace your carpet not the more expensive hardwood