WHAT YOU SHOULD KNOW !
requires every syndicate of co-owners to have the reconstruction value of the immovable assessed, at least every 5 years, for insurance purposes by a professional designated by regulation of the Government. To this end, section 3 of the Regulation to establish various measures in matters of divided co-ownership insurance
states that only a chartered appraiser, a member in good standing of the Ordre des évaluateurs agréés du Québec, may be responsible for assessing the amount of property insurance to be taken out by the syndicate of co-owners.
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.
The insurance of the syndicate covers the common portions of the immovable, as well as your private portion. In the event of a loss, it will not cover you for the improvements made to your private portion. It is your responsibility, therefore, to ensure that these improvements are adequately, by the means of an individual insurance. This is generally the case, if renovations have been carried out with material of a higher quality than the original one. Your insurance policy must cover the value of the improvements you have made yourself, as well as those made by previous co-owners.