New circumstances which increases the risks or which create new risks. These circumstances render false or obsolete the information given to the insurer at the time of the subscription of the insurance policy.
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 additional premium is a premium that is added to the existing premium. It results from a worsening of the risk or from the assumption of a new risk. This additional premium may be imposed during the course of a contract or upon its renewal. Risks are analyzed according to scales that are specific to each insurer. Ultimately, the syndicate will pay this additional premium, which will be charged to all of the co-owners through the common expenses (condo fees) or, at times, some of them.
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.