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Definition : Flooding

Overflow of a natural body of water that often occurs after heavy rains, ice jams or snowmelt. A flood can result in damage to real and movable property.

 WHAT YOU SHOULD KNOW! The minimum contribution of the co-owners to the self-insurance fund does not have to take into account the deductibles for earthquakes and floods, if these protections are part of the insurance contract.

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The Self-Insurance Fund will become mandatory on April 15, 2022 following the adoption of the Bill 141, in 2018, which notably created section 1071.1 of the Civil Code of Québec. It had become necessary due to a substantial increase in insurance deductibles. Most of the time, the amount of these deductibles was formerly negligible, whereas today, it can reach tens, even hundreds of thousands of dollars. Several syndicates of co-owners did not wait, or will not wait until April 15, 2022, in order to constitute a Self-Insurance Fund, according to their management based on logic and pragmatism.  
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