Strata Management Licensing Practice Exam · Question
Which type of insurance is typically the responsibility of a strata corporation in Canada?
Strata corporations are statutorily required to obtain and maintain insurance for the common property, common assets, and the buildings comprising the strata pl
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Question: Which type of insurance is typically the responsibility of a strata corporation in Canada?
Answer options:
- Insurance for the personal belongings within individual strata units. ✅ Insurance for the building's common property and common assets.
- Insurance for loss of rental income for individual strata owners.
- Liability insurance for individual strata lot owners.
Correct answer: Insurance for the building's common property and common assets.
Explanation: Strata corporations are statutorily required to obtain and maintain insurance for the common property, common assets, and the buildings comprising the strata plan, covering perils like fire and liability.
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