Storage area in strata building

I live in a block of 32 units – 2/3 are rented. We have a small storage area in the basement and a by-law stating that only resident owners can use. 

Because of abuse of space and rectification works, this area was cleared and needs to be set up for storage, eg shelving

We have been told that this area cannot be insured and would now be illegal for such use. We know that insurance does not cover anything left in this common area and any flammable liquids are banned. Are there any other limitations to such storage for our building?