It’s not always easy to understand condo insurance coverages. Do you want to make sure you’re adequately covered? Assurances Groupe Vézina has summarized all the important information you need to know on the subject.
Which coverages are required?
To help protect you against financial losses that may be caused by a loss in your condominium, two insurance coverages are required:
- Home insurance for condominium owners is highly recommended, because it’s the best option to protect the investments you’ve made in your condo.
- Condominium syndicate insurance is required by law. In fact, the syndicate must obtain an insurance coverage with an amount corresponding to the building’s replacement value. This responsibility does not lie solely with the syndicate’s directors, but all condo owners. You should therefore attend the condo owners’ meetings to have your say in all decisions that are made.
Which insurance covers what?
- Your home insurance for condominium owners should cover:
- Improvements you made to your unit
- Your personal property (furniture and personal property)
- Your civil liability (any damage to property or injuries you may have caused to others for which you could be held liable)
- Parts of the building or your unit that should normally be covered by syndicate’s insurance (i.e. walls, floors, cabinets, etc.), if the syndicate is not insured or not adequately insured
- Condominium syndicate insurance should cover:
- The building itself, for the replacement value, including:
- Parts of the building included in each private unit, such as floors or walls
- Common areas (gyms, hallways, garages, roofs, etc.)
- Original fixtures in units, such as cabinets and counters
- Property belonging to the syndicate (i.e. to all condo owners)
- The syndicate’s civil liability (with this mandatory coverage, condo owners avoid any financial impact resulting from a lawsuit in the event of damage caused to property or injury caused to another person for which the syndicate could be liable)
- The civil liability of the syndicate’s directors
