Definition : Insurance - Property insurance

I just suffered a major disaster caused by the breakage of the water supply pipe in my neighbour's shower. The water damage significantly affected my apartment and movable property. I had to be relocated for more than a month to the hotel. To make matters worse, I was not insured for this damage. However, I do not know if the defective pipe is in the common portion of the building or in the private portion of my neighbour. Question: Am I entitled to claim from my neighbour or the syndicate the sums I have had to pay so far?   

Un sondage commandé par le Bureau d'assurance du Canada révèle que bien des copropriétaires connaissent mal l'assurance condo. Ils ont pourtant intérêt à en maîtrisee les bases, sous peine de possiblement vivre des surprises colossales. 

Les sinistres qui proviennent d'une unité, au sein d'une copropriété, obligent bien souvent un syndicat à payer la franchise pour faire réparer les dommages occasionnés. Lorsque l'assureur du copropriétaire ne veut pas rembourser cette franchise, un syndicat peut intenter une procédure judiciaire. Cette webradio explique comment s'y prendre.

Almost every insurance policy includes deductibles, the amounts of which vary depending on the risk insured. For example, the deductible for water damage is usually higher than that for fire. The amount of the deductible will be deducted from any compensation paid. Its purpose is to make the insured responsible, by making him take charge of part of the repairs of the damage caused by the disaster.  The advantage for the syndicate is to see its premium reduced. In co-ownerships, deductibles are a factor in the Building insurance, and in the third party liability insurance of the syndicate, directors, meeting officers, co-ownership manager and of the condo manager. 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). 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.

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.