Insuring Your Condo: Exploring Insurance And Subrogation In Condominium Ownership

Insurance policies protect our various interests such as our homes, vehicles, and personal property where there is potential damage, loss, and/or liability. Insurance policies vary and are available to purchase at different prices and different levels of coverage. Insurance is often a necessary condition for acquiring a variety of things, such as owning a vehicle or obtaining a mortgage.

In the context of a condominium and pursuant to Ontario's Condominium Act, individual unit owners are subject to the rules of their condominium's declaration and bylaws, which together make up the governing documents.¹

How are condominiums operated and organized?

Essentially, all condominiums have a corporation number which creates the condominium corporation. The condominium corporation is a legal entity. A condominium corporation will designate a Board of Directors to make major decisions, such as what renovations should be made to common elements and managing the flow of