It is important that you read your declaration of co-ownership to know exactly which insurance policy covers each portion of the building. More than likely, it will impose some additional coverage, for example, sewer back-up endorsement, etc.
The Declaration of co-ownership also contains the:
Constituting Act of co-ownership. It defines the destination of the building, the private and common portions, relative value of each fraction, and stipulates the powers and duties of the board of directors and the general meeting of the co-owners. It also includes the description of the private portions.
Building by-laws, namely the operational and administrative rules of the co-ownership.
Description of the fractions, namely the cadastral designation of the portions.