Condo water damage is never fun. The way it should go that the condo corporation is responsible to do the repair work (other than any improvement or betterments you made to the unit). The insurance certificate given to you when you bought the unit would determine if they pay for it up front or it goes through the corporation's insurance.
Then depending on the by-laws, that will determine if they can assess you in full, up to their insurance deductible, or not at all (doubtful). From there you normally can make a claim to your own insurance, minus your deductible. However if the cause is deterioration, you will most likely not have insurance coverage.
But condo water losses rarely go as they should, so best of luck to you. Hopefully they can get the condo act updated soon, soo many issues between boards, unit owners, insurance.
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