Condoinsurance coverage isn’t always easy to understand. Want to make sure you’re adequately covered? Assurancia Guertin & Cie has summarized the most important information you need to know!
What cover is required?
To adequately protect yourself against the financial losses that could be caused by a loss in your condominium building, you need two types of insurance coverage:
- Condohome insurance is highly recommended, since it’s the best way to secure your investment in your condo unit.
- Insurance for syndicates of co-ownership is required by law. In fact, the syndicate is required to take out insurance coverage corresponding to the replacement value of the building. This obligation is not only incumbent on the syndicate’s administrators, but on all co-owners. So get involved and have your say in the decisions that are made!
What insurance covers what?
1. Your condominium insurance should cover :
- improvements made to your unit since it was built;
- your belongings (furniture and personal effects);
- your civil liability (any damage to property or injury to others for which you may be held responsible);
- portions of the building or your unit that would normally be covered by the syndicate’s insurance (e.g., walls, floors, cabinets, etc.), if the syndicate was not insured or was underinsured.
2. The condominium corporation’s insurance should cover the building itself, for its replacement value, including :
- portions of the building included in each private unit, such as floors or walls;
- common areas (such as the gym, corridors, garage, roof, etc.);
- the unit’s original fittings, such as cabinets and countertops;
- property belonging to the syndicate (i.e. all co-owners);
- syndicate civil liability (mandatory coverage that protects co-owners from having to assume the financial consequences of a lawsuit, should the syndicate be held liable for property damage or personal injury);
- the civil liability of the syndicate’s directors.
Your insurance broker is there to help you with loss prevention. Don’t hesitate to contact us!