In accordance with the Condominium Act, YCC#34 has an engineering study conducted on a regular basis to determine the expected timing and cost of repairs to the corporation’s common elements, along with the expected level of funding required to the Reserve Fund to finance these expenditures over a period of 30 years.
The Reserve Fund Study provides an estimate of how much money the Corporation is going to need for major repairs and replacements, and when it will be needed.
YCC#34 obtains insurance for property loss to the condominium buildings and common elements as well as public liability insurance. An insurance certificate is provided by the insurance broker stating the perils insured and the policy limits and deductibles.
Please speak to an insurance broker to determine your own insurance needs as the YCC#34 insurance is intended only to cover areas that are the responsibility of the corporation. For example:
- YCC#34’s insurance for property loss only covers the repair and replacement of homes to the standard as defined in the ‘Standard Unit Definition’ and does not cover improvements. (as well any deductible would be a common expense recoverable from all home owners).
- YCC#34’s public liability insurance only applies to areas that are YCC#34’s responsibility, such as common areas. Any exposure inside the home is not covered by the YCC#34’s policy and remains the responsibility of the home owner and/or renter.
- YCC#34’s insurance does not cover the loss of the contents of your home, such as furniture, electronics, clothing, and other personal effects. You require your own insurance to cover this loss.