Quebec condo insurance

Personal condo insurance covers you for the following:

• Contents — Your personal belongings.
• Dwelling improvements & betterments — An add-on to your existing coverage. If you install a new hardwood floor that increases the value of your unit, you can pick up this insurance extension so that damage to the floor would be covered under this section.
• Loss assessment — If damage occurs to the condo building (outside of any personal unit) and the condo association’s policy can’t cover it fully, yours and other owners’ personal loss assessment insurance would pick up the gap in coverage.
• Additional living expenses — Costs over and above your day to day living expenses while you’re unable to live in your home due to a claim. The most common example is the costs of living in a hotel after a fire forces you out of your condo.

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Contents, liability, and betterments.

Contents insurance covers your personal belongings against theft or damage from fire, smoke, and water.

Liability insurance covers the costs of any property damage you cause to the landlord’s building.

Betterments insurance is an add-on to your existing coverage in the event you increase the value of your condo by renovating.

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It’s a new Quebec law requiring condo associations to carry cash reserves to pay for unexpected and sudden expenses.

The law is set up to ensure that in the event of damage to a condo building, the condo board has enough cash on hand to pay its deductible. This applies to property damage outside of personal units. For example: Water damage that destroys the building’s roof.

There’s a downside to law 141 though: Condo boards now have large sums of money sitting unused and, due to inflation, decreasing in value every year.

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Like home and renters insurance, condo insurance is NOT mandatory in Quebec. But it’s likely that you’ll need it.

To get a mortgage, nearly all banks will require proof of insurance. Plus, most condo buildings will require you to have it as part of their bylaws.

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Generally, no.

Home insurance rates are based on the cost to rebuild that home, whereas condo insurance prices are determined by the value of the owner’s contents. Logically, it would be tough to imagine a condo owner possessing material belongings that are worth more than a house.

Having said that, the rate is higher on contents than it is on a home. Why? You can’t steal a home! The risk of theft raises the cost of covering belongings.

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