All risks (comprehensive) insurance policy including, in accordance with the provisions of the Law, minimally property damage insurance and civil liability insurance.
TEXTES DES CONFÉRENCES DU COLLOQUE TENU EN 2020 À MONTRÉAL
TABLE DES MATIÈRES
L’assurance en copropriété divise revisitée Yves Joli-Coeur . . . . . . . . . . . . . . . . . . . 1
Copropriétés par phases selon la méthode des déclarations de copropriété concomitantes : vote et mandat présumé en assemblée de la copropriété initiale
Christine Gagnon . . . . . . . . . . . . . . . . . . . . . . . . .........................................................87
Le vieillissement et la perte d’autonomie en copropriété divise : droits, enjeux et pistes de solutions Maxime Laflamme-Leblond et Karl Michel . . . . .......109
Revue de la jurisprudence récente en droit de la copropriété divise Yves Papineau. . . . . . . . . . 185
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. Remember that the insured must declare to his insurer any circumstance resulting from events within his control, which aggravates the risks stipulated in the insurance policy. This will avoid horror stories on the occasion of a loss.