Standard Unit By-laws: What do they Mean?

Explains the concept of Standard Unit By-laws in condominium corporations and their implications for both the corporation and individual unit owners. A Standard Unit By-law defines the standard components of a unit that are insured by the corporation's insurer and outlines exclusions that become improvements insured by the unit owner's insurer. The article highlights the benefits of a well-written Standard Unit By-law for both parties. For the corporation, it leads to clearer insurance coverage, reduced insurable risk, lower repair costs, and potential insurance premium reductions. For unit owners, it prevents excessive replacement costs and possible improvements in insurance rates and deductibles. The article emphasizes that a properly crafted Standard Unit By-law is designed to distribute insurance coverage responsibilities fairly between the corporation and unit owners, ultimately benefiting all parties involved.