Ownership of a condominium unit in Quebec comes with certain requirements pertaining to insurance. Find out more from our selected FAQS below.
How does condo insurance work in Quebec province?
Starting in October 2020, all condo unit owners are required by Quebec law to have civil liability insurance as part of an individual homeowner’s insurance policy. This is designed to pay for damage caused to another person or personal property.
What is content insurance and what does it cover in a condo?
Contents insurance is part of the homeowner’s insurance policy which pays for damage to the contents of your unit. It can cover you for damage if the Condominium Corporation policy is not sufficient.
What is the right amount of coverage for a condominium insurance?
Your policy must take into account the value of your personal belongings, improvements you have made to your unit (they are not covered by the condominium corporation policy), additional living expenses, etc. A good way to establish the amount you need for coverage is to list down everything you own in your unit, especially high-value items.
What are additional living expenses covered in a condo insurance policy?
In case your unit gets damaged and cannot be occupied temporarily, your insurance will cover additional living expenses such as renting a temporary residence, mortgage payment, and other miscellaneous expenses.
What questions will insurers ask to get a condo insurance quote?
Insurers will want to know the year of construction of the building, the condo heating system, the total value of your belongings, the age of the roof, and the fire alarm system.
Is water damage covered by homeowners’ insurance for a condo?
A majority of insurance claims from condo owners is for water damage. Standard home insurance may cover some types of water damage but not all. For instance, damage due to sudden leaks may be covered. It is best to speak to the insurer to find out if you need to have an add-one to your policy for water damage.
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