Condominiums typically have an overall insurance policy covering the building but it’s nonetheless still important for individual condo owners to look into their own policies. Shared insurance doesn’t cover personal belongings, for example, or other costs that an owner could incur in the case of an emergency.
Insurance is particularly noteworthy when it comes to special assessments, a levy or financial contribution that can be imposed on condo unit owners.
Usually, special assessments and other costs like strata fees are explained and disclosed at the time of purchase. In the case of an emergency though, a special levy can be announced — usually after a strata vote.
This money is collected in instances, for example, where the shared…