Have you just bought a condo and are wondering how to insure it properly? Condominium insurance has two complementary components: <\/p>\n
1. Co-owner’s insurance (private portion) <\/strong> Understanding this distinction is essential to properly protect your real estate assets.<\/p><\/blockquote>\n – Your personal property This refers to any modification to the original condition of your unit. To determine what constitutes an improvement, consult the declaration of co-ownership and the initial plans of the building, which the syndicate is required to keep and make available under article 1070 of the Civil Code of Qu\u00e9bec. <\/p>\n – Any major improvements must be declared and approved by the syndicate. – Common areas (corridors, elevators, lobbies, etc.) – Insurance covering the usual risks In the event of a claim, both policies (co-owner and syndicate) can intervene. That’s why it’s essential to check your home insurance contract and find out about the syndicate’s coverage. <\/p>\n In the event of a claim, your assets are at stake. It’s better to be well informed… and well insured! <\/p>\n","protected":false},"excerpt":{"rendered":" This refers to any modification to the original condition of your unit. To determine what constitutes an improvement, consult the declaration of co-ownership and the initial plans of the building, which the syndicate is required to keep and make available under article 1070 of the Civil Code of Qu\u00e9bec. <\/p>\n","protected":false},"author":2,"featured_media":2392,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"","_seopress_titles_title":"Condominium insurance: private vs. common portions","_seopress_titles_desc":"Condominium insurance: understand the difference between condo insurance for the co-owner and for the syndicate to protect your property.","_seopress_robots_index":"","footnotes":""},"categories":[1],"tags":[],"class_list":["post-2393","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\/2393","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\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.langelierassurances.com\/en\/wp-json\/wp\/v2\/comments?post=2393"}],"version-history":[{"count":0,"href":"https:\/\/www.langelierassurances.com\/en\/wp-json\/wp\/v2\/posts\/2393\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.langelierassurances.com\/en\/wp-json\/wp\/v2\/media\/2392"}],"wp:attachment":[{"href":"https:\/\/www.langelierassurances.com\/en\/wp-json\/wp\/v2\/media?parent=2393"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.langelierassurances.com\/en\/wp-json\/wp\/v2\/categories?post=2393"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.langelierassurances.com\/en\/wp-json\/wp\/v2\/tags?post=2393"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\n2. Insurance for the syndicat de copropri\u00e9t\u00e9 (common areas and structure)<\/strong><\/p>\n1. CO-OWNER’S INSURANCE<\/h5>\n
This insurance covers :<\/h6>\n
\n– Your civil liability
\n– Leasehold improvements made to your unit (by you or previous owners)<\/p>\nWHAT IS TENANT IMPROVEMENT?<\/h5>\n
Note that :<\/h6>\n
\n– It’s important to distinguish between an upgrade (addition) and simple maintenance (equivalent replacement).
\n– Your condo insurance must reflect these improvements to guarantee full compensation in the event of a claim.<\/p>\n2. SYNDICATE INSURANCE<\/h5>\n
Often referred to as “the shell”, this insurance covers :<\/h6>\n
\n– The structure of each private unit (walls, floors, ceilings, windows)
\n– Syndicate assets (outdoor furniture, maintenance equipment)
\n– The syndicate’s civil liability
\n– Directors’ liability<\/p>\nThe syndicate has a legal obligation to :<\/h6>\n
\n– Cover the building at 100% of its reconstruction value
\n– Use the original contractor’s plans and specifications to define the cover<\/p>\nKEY FACTS<\/h5>\n
Condominium insurance is more than just a contract: it’s a shared protection between you and your syndicate. To avoid unpleasant surprises : <\/h6>\n
– Choose the right condo insurance product
\n– Get involved in your syndicate
\n– Consult a home insurance broker to validate your coverage<\/h6>\n