If you're buying a condo or strata property make sure you have all the proper insurance in place. Most people know about contents insurance to cover their possessions but you also need to protect yourself against liability. Remember, you are responsible for any damages arising by you or from within your unit. So if your dishwasher or washing machine overflows and floods your unit along with all the units below you and causes $80,000 in damage, the insurance company will pay for the repairs but guess what? They are going to come after you for the $80K and if you don't have the money they will sue you and put a lien on your property. This is serious situation that can be eliminated very easily with the proper insurance policy. I have several good insurance brokers I recommend to my clients. Make sure you are fully covered; if you're not sure call your insurance company right away.