Insurance covering the total or partial loss of the insured property by a covered and not excluded risk (e.g. Accidents, fire, theft etc.).
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).
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.