Living in a condominium offers the freedom of owning your own space while sharing common areas. However, this freedom also comes with responsibilities. Whether you own a condo, a share in a divided co-ownership, or a unit in a housing cooperative, it’s essential to have insurance suited to your situation.
Even if the law doesn’t mandate it, your declaration of co-ownership might require it. Moreover, failing to insure your property puts your belongings, improvements, and civil liability at risk. Water damage, fire, or an accident involving a guest in your unit can lead to costly consequences. Occupant co-owner insurance helps prevent these incidents from becoming financial nightmares.
The experts at J. Gérard Fortin & Associés are here to guide you toward coverage that truly protects what matters to you. Because a condo is more than just a home: it’s a lifestyle, an investment, and security.
Selecting the appropriate insurance for your condominium depends on your specific situation: are you in a divided co-ownership, an undivided co-ownership, or a housing cooperative? The necessary protections vary in each case, and it’s important to understand what your policy covers and what the syndicate or owner does not cover.
In a divided co-ownership, you own your unit and a share of the common areas. You need to insure your belongings, improvements, and civil liability, while the syndicate insures the entire building.
In an undivided co-ownership, you don’t solely own your unit. You must take out a policy covering your personal property and your share of the whole, based on the housing structure agreed upon with other co-owners.
In a housing cooperative, you have usage rights to a unit but no direct ownership. Therefore, you should take out tenant occupant insurance.
Each form of co-ownership involves different responsibilities and insurance needs. The support of J. Gérard Fortin & Associés experts allows you to navigate these options with confidence and avoid unpleasant surprises.
This type of policy is the most advantageous. It provides coverage for all risks related to the building and its contents (except for the exclusions specified in the contract). The coverage often extends to accidental damages you may cause to your own property.
This type of policy includes two types of coverage. The first applies to the building and covers all risks (except those excluded in the contract). The second covers the contents against a limited number of risks. Naturally, this type of policy is more economical.
This product specifically covers the risks mentioned in the policy, such as fire, vandalism and theft, falling objects, impact from land vehicles, hail, or windstorms. It is essential to read this contract carefully to avoid any unpleasant surprises!
Choosing the right insurance coverage for your condominium can seem daunting at first. Moreover, remember that it’s your responsibility to determine the insurance amounts, as your broker doesn’t have an evaluation mandate. At J. Gérard Fortin & Associés, we’re here to advise you and help you make informed choices.
A building should ideally be insured for its full replacement value. Using a reconstruction cost estimation method, we can help you determine the appropriate amount for the building. It may also be wise to work with a professional appraiser. The replacement cost endorsement provides excellent coverage.
You should consider protecting any outbuildings located on your residential property, such as a detached garage or a shed. The owner-occupied policy typically provides coverage equal to 10% of the main building’s value for all your outbuildings combined. It is important to be vigilant about the amounts listed and you can request to increase them if necessary.
From the insured amount for the building, you automatically receive an additional amount attributable to the contents, which varies from 50% to 70% of the building’s value and is listed under the section for property and belongings not covered by a specific insurance policy.
The coverage for personal property in your home insurance policy includes an amount for belongings of a family member studying away from home, at their place of study. It can also cover personal effects of family members during a stay in a healthcare facility. Additionally, the coverage extends to belongings temporarily away from the insured premises, such as during travel.
Most comprehensive home insurance policies include a replacement cost clause for contents, meaning that damaged or destroyed items, whether clothing or accessories, will be replaced with new items of the same kind and quality.
You should be aware of any specific limitations in your contract regarding contents. If needed, you can purchase additional insurance specifically designated for these items.
If, following a covered loss, your residence becomes uninhabitable, your homeowner’s insurance policy provides amounts to cover additional living expenses during the repair period or until you can return home.
The various contracts offered by our insurers either specify a percentage of the building’s insured value or provide different amounts or contract durations depending on the policy you have purchased. This same coverage also protects against loss of income when your home contains one or more rental units.
This section of your homeowners insurance policy covers your personal liability for bodily injury or property damage that a third party may suffer due to your daily personal activities or the insured premises (homes or land) that you own or use.
The liability coverage limit is the maximum amount you are covered for in the event of a lawsuit against you. Your insurer will handle your legal defense if you are sued.
When deciding on the amount of liability coverage to purchase, consider that this protection applies worldwide. If you travel even occasionally, it is wise to increase your limit to \$2 million and even consider purchasing additional umbrella liability coverage.
If you engage in professional activities, such as being self-employed, you should disclose this and obtain coverage specifically for professional activities.
The co-owners policy covers medical expenses for minor incidents that may occur on your residence premises. This coverage pays for medical costs incurred by or on behalf of a victim of an accident resulting from your private life activities or on the insured premises. It also covers bodily injuries sustained by your domestic employees, such as a babysitter or housekeeper, while performing their duties.
This coverage protects against accidental damage caused to a third party’s property, provided it results from activities related to your private life or on the insured premises.
These descriptions are provided only as a guide. Certain conditions, limitations and exclusions may apply to each of these guarantees, as specified in the forms. Coverage is also subject to change without notice. Please refer to the forms provided by your insurer and to their modifications.
Tenants and co-owners, simplify your claims process by opting for the online inventory of belongings, accessible from your computer, tablet, or phone. This simple and practical tool lets you easily list your belongings and estimate their actual value.
Why keep your inventory up to date ?
You are better prepared in case of loss, theft, or damage.
You greatly simplify the claims process.
You can more accurately assess the value of your assets.
You clearly identify your home insurance needs.
You can then discuss your coverage with your broker if adjustments are needed.
Sign up now and get one year of free service. To take advantage, contact an expert at J. Gérard Fortin & Associates.
To learn more about how to properly complete your inventory: Read our article
Download your inventory form here: Inventory Form
If the situation requires, first contact emergency services (firefighters, police, etc.) to ensure the safety of the premises. Then promptly contact your insurer via their 24-hour emergency hotline. They will open your claim file and ask you questions about the event. Please answer thoroughly.
If the situation requires, first contact emergency services (firefighters, police, etc.) to ensure the safety of the premises. Then quickly contact your insurer via their 24/7 emergency line. They will open your claim file and ask you questions about the incident. Please provide complete answers.
Call 911 immediately to request police assistance. An officer will come to the scene to assess the situation and prepare an incident report. Filing a report with the authorities is mandatory for any insurance claim. This report will serve as essential evidence in processing your claim.
Make sure the premises are safe before taking action. Turn off the electricity and, if necessary, the water supply. Act quickly to minimize damage by allowing emergency work such as pumping or drying. Do not clean without professional advice to preserve the evidence needed for the assessment.
Make sure the premises are safe before taking action. Turn off the electricity to prevent any risk. Act quickly by authorizing emergency work such as tarping the roof or boarding up broken windows. Do not clean without professional advice to preserve the evidence needed for the assessment.
Once you have obtained the police report, promptly contact your insurer via the 24/7 emergency hotline. The insurer will open a claim file and ask you questions about the circumstances of the theft. Provide as precise and complete information as possible to help facilitate the assessment of your claim.
Take detailed photos and videos of the damage, both inside and outside, including flooded areas, leaks, and mold. Keep all invoices for emergency expenses such as pumping, drying, repairs, cleaning, temporary accommodation, and replacement of belongings. These documents will help support your claim.
Take detailed photos and videos of burns, soot, charred areas, and damage caused by smoke or extinguishing water. Keep all invoices related to emergency expenses such as accommodation, essential clothing, specialized cleaning, urgent repairs, and infrastructure work. These documents will help support your claim.
List the stolen items with as much detail as possible: descriptions, estimated values, purchase receipts, or photos if available. This step will help the insurer assess your losses. The adjuster may also request additional documents or visit the site to verify the damages. These documents will help support your claim.
No, in general, damage to common areas is covered by the condominium corporation’s insurance. However, if you are found liable for a damage, your personal liability coverage could be called upon.
Yes. Any renovations or improvements you make to your unit must be declared so they are included in your coverage. Otherwise, in the event of a loss, they may not be reimbursed.
Yes. Even though the law does not require you to have insurance, most financial institutions require you to hold a co-owner occupant insurance policy as a condition for financing your mortgage.