Insurance covering the total or partial loss of the insured property by a covered and not excluded risk (e.g. Accidents, fire, theft etc.).
Almost every insurance policy includes deductibles, in varying amounts according to the insured risk (e.g. fire and water damage). In co-ownerships, deductibles are a factor in the Building insurance, and in the third party liability insurance of the syndicate, directors, general meeting officers, co-ownership manager (gérant) and of the condo manager (gestionnaire). Regarding co-owner’s insurance, generally each home insurance policy contains one or more deductibles for various amounts according with the nature of the loss.
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).
The Law and the overwhelming majority of declarations of co-ownership require that syndicates of co-owners insure their building. This may seem surprising at first glance as the syndicate does not own the private portions nor the common portions. However, its main object is to ensure the preservation and the longevity of the building and to manage and administer it diligently following rules of the trade. This is why the legislator has given to the syndicate an insurable interest and has made it compulsory that it subscribe building insurance.
This insurance covers the movable property and personal belongings in your private portion. To determine its value, one must make an inventory and carry out an evaluation. Invoices will be an invaluable tool for this exercise and crucial to make the right calculations. These must always refer to the replacement value of the movable effects, even if they are used and / or were acquired several years ago.
For valuable items such as carpets, paintings, jewelry and antiques, it would be prudent to take pictures and have them evaluated by an expert. Once the value of all your movable property established, one shall declare the amount to the insurer. This value will be used to establish the amounts allowed towards the indemnities in the event of a loss.