ECONOMICAL
SIMPLE
How to find your way around with condominium insurance
The private portion of each unit of the condominium must be insured by the person who occupies it and must be the subject of a different contract than the one contracted by the syndicate of the condominium which covers the common portions such as the structure of the building, the walls, the elevators, the corridors, etc. The costs of insuring the common elements are covered by the monthly fees paid by each co-owner each month and which are used for the management of the building and its maintenance.
Condo insurance for individual co-owners (private portion) covers:
- The content (movable property)
- General civil liability for damage caused to third parties, whether bodily injury or property damage
- Leasehold improvements (paid for by the co-owner or made by the former co-owner)
The condo syndicate’s insurance covers:
- The common areas (elevator, roof, corridors, heating system, central air conditioning, balconies, etc.)
- Private portions (wall and interior structure)
- The general civil liability of the syndicate (the administrators of the co-ownership)
In the event of a claim, these 2 contracts can come into play.
In another idea, it is essential for the person who wishes to acquire a co-ownership to check the declaration of co-ownership before acquiring a co-ownership to obtain all the details concerning the administration of the co-ownership as well as the monthly fees paid to the syndicate of the co-ownership, these fees must be used for the maintenance of the building and the premises (swimming pool, lawn, snow removal etc….) In addition, this document contains what is or is not allowed in condominiums, i.e.: prohibition or not of animals, prohibition of the use of a barbecue stove, etc.
Condo insurance in Quebec
How much does condo insurance cost?
Different factors can influence the insurance premium of your unit, factors such as: the proximity of the fire hydrant, the fire station, the type of heating, the type of construction, the number of units, the neighborhood where it is located, etc. Your insurance company needs this information to establish your condo insurance cost and it is important that you answer the questions you will be asked accurately.
Type of Condominium Insurance Coverage
The protections are similar to those of a single-family residence. The “Specified Risks” formula protects your content against certain risks identified in the policy such as fire, lightning, vandalism and theft etc. and another part that covers your civil liability.
The second is a so-called “All risks except certain exclusions” formula that covers your content as well as your civil liability. This second condo formula, known as “All perils except”, will necessarily cost more, but you will get much better protection than the specified risk formula. The amount of liability insurance is normally standard at $1,000,000, but for a few extra dollars, you could increase it to $2,000,000.
Shop for your condo insurance!
Talk to your certified damage insurance broker or agent, they will be able to advise you.
Comment choisir la bonne couverture d’assurance condo ?
Insurance premiums in Quebec are calculated based on several factors, including the type of vehicle, the use of the vehicle, where you live, your driving history, as well as your age and gender.
