The earthquake that occurred on September 1, 2024, with an estimated magnitude of 4.6 and an epicenter in Pierreville, has starkly reminded us of the importance of adequate insurance coverage for condominiums in the event of earthquakes. This event, felt from Quebec City to Montreal, highlighted the vulnerability of condominiums to seismic risks, a danger often underestimated. Although the damage was limited this time, it underscores the need for better preparedness for future seismic incidents. It is essential to consider these risks to protect the investments of condominium owners.
Earthquake insurance: past to present
The great San Francisco earthquake of 1906 marked a significant moment in the history of insurance. This devastating event, which ravaged the city, highlighted the importance of clearly defining insurance coverage in the event of natural disasters. At that time, although fires caused by earthquakes were partially covered, most insurance policies included exclusions for ground movement, leaving many victims partially compensated. Today, such a situation emphasizes the need for condominium associations to adopt a proactive approach to risk management.
Why Is earthquake insurance coverage essential for co-ownerships?
Earthquakes, even of low intensity, can cause significant damage to building structures. Insurance policies for condominiums generally do not cover such damages unless specific protection is purchased. In Quebec, although earthquakes are less frequent than on the west coast, the province remains the second most seismically active zone in Canada after British Columbia.
It is therefore essential for condominium associations to ensure that their policies include coverage against earthquakes. This protection, although costly, is indispensable to avoid prohibitive costs in the event of a major disaster.
Conclusion
The earthquake of September 1, 2024, serves as a reminder that, even though earthquakes are rare in Quebec, they represent a real risk for condominiums. Condominium associations must remain vigilant and ensure that their buildings are well protected against these seismic risks. Proactive management and appropriate insurance coverage are essential for the financial security of condominium owners.
Stay informed: Regularly consult Condolegal.com for expert advice on risk management in co-ownersips and to ensure that your syndicate is well-prepared to face any eventualities
