Effective Jan. 1, 2020, condominium corporations will be able to seek recovery of the deductible portion of the corporation’s insurance claim — up to a maximum of $50,000 — from a condo owner for any damage that originates in their suite or private area.
This means if you own a condo, and the condo unit is where a loss arises like a tub overflows, a toilet bowl cracks making it leak or if there is a fire in the kitchen, you could be on the hook for the condos associations insurance deductible to cover damages to other parts of the building.
