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Special acts have been enacted for condominium corporations in Ontario. The acts contain a specific outline and provide a definition of “the condominium”.

The Condominium Corporation is formed by members of the condominium unit owners and they are the officers. It is their duty to ensure that all parts of the building conform to the act and that all unit owners abide to such an act.

The common elements are a financial interest to each unit owner, they are part of the corporations responsibility, however, if the Corporation were to fall short on a claim, the unit owner would be liable for a shared assessment of their responsibility, the amount would depend on their percentage of ownership.

For example, if there were 10 units, each owner would be responsible for one tenth of the assessment. Common elements that are shared by unit owners which are parking areas, landscaping and recreational areas. This is why individuals should buy a condominium policy package in order to protect their contents insurance and personal liability insurance, but a condominium insurance policy will also ensure they have coverage for the common elements if need be.

The formula to insuring a condo policy would be to know the value of the entire building and divide it by the number of owners and then assess the amount of coverage you would need on an individual basis.

Unit owners are sometimes under the impression that their Condominium is insured under the corporation which is correct, but, they only extend coverage for original carpet, wall paneling, and other original fixtures.

The unit owner is responsible for any upgrades to the original walls, carpet, and fixtures inside, which are known as condominium unit upgrades. Condo owners need to purchase their own condo insurance policy to ensure that there are no gaps of condo insurance coverage.

Finding cheap condominium insurance is not easy but it can be done by changing one’s mindset somewhat. Treat it as though one were looking for cheap car insurance - get a few different auto insurance quotes to start. You know how to handle the subject of finding cheap car insurance. You start off with auto insurance quotes and move on from there, checking one cheap car insurance policy against the other and calling for more auto insurance quotes as you go along. Finally you have list of all the companies with their insurance quotes and details and you can decide which cheap car insurance policy is best for you.