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The insurance provided by the syndicate of co-owners does not cover everything; that is the case regarding the deductibles and the exclusions. Also, it's possible that certain types of risks such as earthquakes and their consequences are not automatically covered by the insurance policy. So, in order to benefit from better coverage, it's possible to add protections called "optional and complementary warranties" to the insurance contract. ...
Most declarations of co-ownership compel you, as a co-owner, to take out and maintain in force civil liability insurance and insurance for your movable property and the improvements to your private portion. But beyond these often mandatory insurance coverage, you can also purchase optional complementary insurance. Be aware that this insurance product does not cover all risks. Here are some scenarios under which complementary insurance coverage could be of great assistance....
A co-owner may be liable to the syndicate, the other co-owners and the occupants of the immovable. As stated in Article 1457 of the Civil Code of Québec, every person has a duty not to harm others. As a co-owner, you must be careful and abide to the appropriate rules of conduct in accordance with the context and circumstances. Otherwise, you engage your civil liability and are required to remedy (financially third parties for moral or property damage and personal injury. This…...
Household property insurance protects your belongings and personal effects against risks such as theft, fire, and water damage. It covers all your personal items: electronic devices (televisions, laptops, game consoles), clothing and accessories (jewelry, watches, glasses), appliances (refrigerators, washing machines), furniture (beds, sofas, tables), entertainment items (books, games, sports equipment), and consumables (food, medicine, wine). This insurance guarantees compensation in case of a disaster, providing financial protection to replace or repair your damaged or stolen…...
The insurance of the syndicate covers the common portions of the building as well as your private portion. In the event of a loss, it is not intended to compensate you for improvements made to your private portion. It is therefore your responsibility to ensure that these improvements are covered by individual insurance and at their proper value. For example, if renovations were done with materials of higher quality than the original ones, this value will…...
A syndicate is likely to incur civil liability towards co-owners but also third party members; this liability can be illustrated by the financial contribution of the co-owners because in the event of a judgment condemning the syndicate to pay a sum of money, this judgment will be enforceable against him and each person who was a co-owner at the time the cause of action arose. This is why the law obliges every syndicate of co-owners to take…...
The law obliges syndicates of co-owners to insure their immovable; the majority of declarations of co-ownerships also have such requirement. This can be explained by the syndicate's main objective which consists to ensure the preservation of the immovable and its longevity; this is why the legislator has given to the syndicate an insurable interest and has made it compulsory that it concludes insurance for the building. In addition, this legal requirement aims to protect all co-owners against significant financial losses in case of disasters…...
Water damages represent the main cause of loss in co-ownerships (condominiums); this is why it's essential to conclude an insurance contract in order to be covered against future water leaks. It's important to note that the syndicate has an insurable interest in the entire immovable including the private portions; he must negotiate insurances providing a reasonable deductible against the usual risks covering the entire building excluding improvements made to a private portion by a co-owner when they can be identified in relation…...
The main causes of water damages include flooding, sewer backups, poor maintenance as well as broken pipes and leaky plumbing fixtures. Construction defects and faulty design such as defects in the tightness, a poor design of the drainage networks and a counterspend of the balconies can also be the cause of water damages. Since water damages affect common portions as well as private portions, they are one of the most difficult losses to manage. Additionally, the aftermath of water damage, including mold…...
