{"id":2383,"date":"2025-08-16T16:52:18","date_gmt":"2025-08-16T16:52:18","guid":{"rendered":"https:\/\/www.langelierassurances.com\/im-renting-out-my-condo-do-i-need-to-notify-my-insurer\/"},"modified":"2025-08-16T16:52:18","modified_gmt":"2025-08-16T16:52:18","slug":"im-renting-out-my-condo-do-i-need-to-notify-my-insurer","status":"publish","type":"post","link":"https:\/\/www.langelierassurances.com\/en\/im-renting-out-my-condo-do-i-need-to-notify-my-insurer\/","title":{"rendered":"I’m renting out my condo. Do I need to notify my insurer?"},"content":{"rendered":"

RENTING OUT YOUR CONDO: WHAT YOU NEED TO KNOW TO BE WELL INSURED<\/span><\/h4>\n

Whether as a financial strategy or to meet a specific need, many co-owners choose to rent out their condo rather than sell it. But this seemingly simple decision can have a major impact on your home insurance and your legal obligations as a co-owner. <\/p>\n

1. CHECK YOUR DECLARATION OF CO-OWNERSHIP<\/span><\/h5>\n

First of all, carefully review your condominium charter. It may contain restrictions on renting out your unit. For example: <\/p>\n

    \n
  • Maximum number of units that can be rented<\/span>
    \n<\/span><\/li>\n
  • Minimum lease terms<\/span>
    \n<\/span><\/li>\n
  • Obligations of the tenant to register with the syndicate<\/span>\n

    <\/span><\/li>\n<\/ul>\n

    Even if there are no restrictions, you must notify the syndicat de copropri\u00e9t\u00e9 if you rent out your condo. The syndicate must keep a register of occupants and monitor the building’s rental rate. <\/p><\/blockquote>\n

    2. WHY DOES YOUR INSURER WANT TO KNOW IF YOU RENT?<\/span><\/h5>\n

    When you take out or renew your condominium insurance, the insurer always asks the following question:<\/p>\n

    “How many units are leased to third parties in the building?”<\/p>\n

    Why is this? Because the level of tenant occupancy influences the perceived level of risk. Unlike an owner, a tenant doesn’t always have the same concern for maintenance. This can increase the likelihood of a claim. <\/p>\n

    Thus, a condo occupied by a tenant may be viewed differently by insurers.<\/p>\n

    3. WHAT IS THE IMPACT ON YOUR INSURANCE?<\/span><\/h5>\n
      \n
    • If <\/span>20% to 25% of units<\/b> are leased, most insurers will not change the premium.<\/span>
      \n<\/span><\/li>\n
    • Above this threshold, some <\/span>revise their rates upwards<\/b>considering the property to be a <\/span>income property<\/b>.<\/span>
      \n<\/span><\/li>\n
    • Your <\/span>home insurance broker<\/b> needs to know the exact situation of your building to offer you adequate protection.<\/span>\n

      <\/span><\/li>\n<\/ul>\n

      4. CHOOSE YOUR TENANT WITH CARE<\/span><\/h5>\n

      Even if you choose a tenant in good faith, the fact remains that you lose a certain amount of control over the maintenance and precautions taken in your condo. This represents an additional risk factor for your insurer. <\/p>\n

      IN SUMMARY<\/span><\/h5>\n

      Renting out your condo is a legitimate decision, but one that shouldn’t be taken lightly. To avoid any surprises : <\/span><\/p>\n

        \n
      • Check your <\/span>declaration of co-ownership<\/b>
        \n<\/b><\/li>\n
      • Inform your <\/span>union<\/b>
        \n<\/b><\/li>\n
      • Inform your <\/span>insurer or broker<\/b>
        \n<\/b><\/li>\n
      • Select your tenant with care<\/span><\/li>\n<\/ul>\n

        Above all, make sure your condo insurance covers this new reality.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

        Whether as a financial strategy or to meet a specific need, many co-owners choose to rent out their condo rather than sell it. But this seemingly simple decision can have a major impact on your home insurance and your legal obligations as a co-owner. <\/p>\n","protected":false},"author":3,"featured_media":2382,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"","_seopress_titles_title":"Renting out your condo: the impact on your home insurance","_seopress_titles_desc":"Renting out your condo can affect your home and condominium insurance. Find out about your obligations and the importance of notifying your broker. ","_seopress_robots_index":"","footnotes":""},"categories":[1],"tags":[],"class_list":["post-2383","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-insurance"],"_links":{"self":[{"href":"https:\/\/www.langelierassurances.com\/en\/wp-json\/wp\/v2\/posts\/2383","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.langelierassurances.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.langelierassurances.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.langelierassurances.com\/en\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.langelierassurances.com\/en\/wp-json\/wp\/v2\/comments?post=2383"}],"version-history":[{"count":0,"href":"https:\/\/www.langelierassurances.com\/en\/wp-json\/wp\/v2\/posts\/2383\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.langelierassurances.com\/en\/wp-json\/wp\/v2\/media\/2382"}],"wp:attachment":[{"href":"https:\/\/www.langelierassurances.com\/en\/wp-json\/wp\/v2\/media?parent=2383"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.langelierassurances.com\/en\/wp-json\/wp\/v2\/categories?post=2383"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.langelierassurances.com\/en\/wp-json\/wp\/v2\/tags?post=2383"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}