Definition : Insurance - Loss

After a water damage, the ultimate goal of the syndicate and its co-owners: to find themselves in the same situation as they were in before the disaster took place. Due to its legal structure, the rehabilitation of common and private portions can be particularly complex in a divided co-ownership. Therefore, it should be taken care of by a qualified entrepreneur in the field. Situations vary from claim to claim, depending on the parts of the building affected, the extent of the damage and the source of the water, which may be clean or contaminated. This stage usually consists of four phases: 1) Emergency work, 2) Damage assessment 3) Compensation 4) Rehabilitation work.

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). However, in recent years, there has been an increase in the amount of insurance premiums for most syndicates of co-owners. Two main factors are at issue: the general ageing of this stock of collective dwellings and the increase in claims caused by the failure to carry out maintenancework  on the building.  But the complexity of the insurance system also has its share of responsibility.