As a co-owner, you may face a multitude of risks for which it is in your best interest to be insured. You have the legal obligation, just like the syndicate of co-owners, to take out at least liability insurance, which covers unintentional damage caused to others. In addition to this mandatory coverage, it is recommended to take out supplementary insurance. For example, the insurance covering improvements made to a private portion protects the additions made to that unit. It is also wise to consider insurance for personal belongings and additional living expenses in the event of a disaster.
For a detailed overview of the various essential insurance coverages for a co-owner, refer to the following sub-sections that address each type of protection.
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