Definition : Insurance - Unpaid common expenses insurance (condo fees)

Insurance to cover the co-owners’ failure to pay common expenses (condo fees) when their private portion becomes temporarily uninhabitable following a loss. This guarantee indemnifies the syndicate of co-owners under reserve that the said loss is covered under the insurance policy. It is usually covered under a separate guarantee.

Webradio du 10 février 2021: Copropriétés orphelines d'assurance

Les copropriétés qui perdent leur assureur ne sont plus des cas isolés. Si la plupart d'entre elles parviennent à en trouver un autre pour recadrer le risque, les primes et les franchises n'en demeurent pas moins substantielles.

Capsule vidéo avec Yves Joli-Coeur/Charges communes: répartition et perception

Les charges communes, communément appelées "frais de condo", sont payables par tous les copropriétaires en fonction de la valeur relative de leur fraction.

Common expenses

Before buying the apartment of your dreams, find out about the status of the common expenses associated with it, especially those that may have remained unpaid by the seller. Common expenses, better known as " condo fees", which you will have to pay once you become a homeowner, are an essential component to consider. They correspond to the current expenses that you will have to pay regularly for the operation, the administration of the co-ownership and the maintenance of the common portions. Each co-owner participates and generally pays them at the beginning of each month.

Definition : Insurance - Unpaid common expenses insurance (condo fees)

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