In most cases, the cost of insurance for condos is included in the monthly maintenance fee. The management company will purchase adequate insurance to cover the entire complex. Each owner will then pay a pro-rated portion based on the size of their unit.
If it were up to each owner to purchase coverage for their unit, some might not do so. This would create a problem should there be a fire or damage to the structure.
The cost to insure the contents of their unit is left up to the owner. They should contact an insurance company to purchase coverage for their possessions. These are not covered in the policy they pay for in the monthly maintenance fees.
Check out our Durham Region Homes For Sale real estate company.
HomesByOwner of Durham Region
Toll Free - 866.964.FSBO (3726)
Sell Your Home. Keep The Commission.
Insurance is also a requirement made by the Lender to secure the value of their security ( on your mortgage)
There are also liability issues that could stem from damage caused from your unit to others ie water leaks
http://www.youtube.com/watch?v=aVPgUjjAbaM
Http://DavidPylyp.com