All risks (comprehensive) insurance policy including, in accordance with the provisions of the Law, minimally property damage insurance and civil liability insurance.
Your co-ownership is exposed to various risks, such as fire, water damage, theft and vandalism. When a loss occurs, the insurance of the co-ownership covers the immovable and the civil liability of the syndicate of co-owners.
The syndicate has the obligation to subscribe this type of insurance. The Law and the vast majority of declarations of co-ownership make it compulsory. The insurance contract describes the guarantees offered, their limits, exclusions, and the amounts of the deductibles.
The insurance premiums are the amount paid by the insured monthly or annually to benefit in the event of a claim from the guarantees in the insurance policy. It is an expense towards the preservation, maintenance and administration of the immovable. Although the syndicate assumes this cost, it is charged back to the co-owners as a portion of their common expenses (condo fees).
Even though some short-term residential rental websites offer insurance for that type of leasing, the fact that you are renting your apartment to tourists, remains essential information to be communicated to both your home insurer and your syndicate insurer. This will avoid horror stories on the occasion of a loss.
Extrait de l'émission Légitime dépense diffusée à Télé-Québec. Assurer un condo peut être plus complexe qu'il n'y parraît au premier abord. Cette vidéo présente les dispositions particulières des différents types d'assurances en copropriété.