At a glance
How to find your way around condominium insurance
The private portion of each unit of the co-ownership must be insured by the person who occupies it and must be the subject of a contract different from the one contracted by the syndicate of the co-ownership that covers the common portions, i.e. the structure of the building, the walls, the elevators, the corridors, etc. The costs of insuring the common elements are covered by the monthly fees paid by each co-owner and which are used for the management of the building and its maintenance.
Condo insurance for individual co-owners (private portion) covers:
- The contents (movable property)
- General liability for damage caused to third parties, whether bodily injury or property damage
- Leasehold improvements (paid for by the co-owner or made by the former co-owner)
The condo syndicate’s insurance covers:
- Common areas (elevator, roof, corridors, heating system, central air conditioning, balconies, etc.)
- Private portions (walls and interior structure)
- The general civil liability of the syndicate (the directors of the co-ownership)
On another note, it is essential for those who wish to acquire a co-ownership to check the declaration of co-ownership before the purchase to obtain all the details concerning the administration of the co-ownership as well as the monthly fees paid to the syndicate of the co-ownership, these fees must be used for the maintenance of the building and the premises (swimming pool, lawn, snow removal, etc.). In addition, this document contains what is or is not allowed in condominiums, such as: whether or not animals are prohibited, whether or not they are allowed to use a barbecue stove, etc.
Condo insurance in Quebec
How much does condo insurance cost?
Different factors can influence the insurance premium of your unit, factors such as the proximity of the fire hydrant, the fire station, the type of heating, the type of construction, the number of units, the neighborhood where it is located, etc. Your insurance company needs this information to establish your condo insurance cost and it is important that you answer the questions you will be asked accurately.
Condo insurance — Estimate by profile and value
| Profile / Value of assets (content + improvements) | RCA $2 million + basic* | With extensive water damage** | With “common loss”*** |
|---|---|---|---|
| Studio / 1 bedroom – $25–35K | $18–28 | $24–36 | $26–40 |
| 2 bedrooms – $35–50K | $22–34 | $28–42 | $30–46 |
| 3 bedrooms – $50–75K | $28–42 | $34–52 | $37–57 |
| High-end unit – $75–120K | $36–58 | $44–70 | $48–78 |
| Penthouse / luxury – $120–200k | $55–85 | $65–100 | $72–115 |
Type of Condominium Insurance Coverage
The protections are similar to those of a single-family residence. The “Specified Perils” formula protects your contents against certain risks identified in the policy such as fire, lightning, vandalism and theft, etc., another part that covers your civil liability.
The second is a so-called “All risks except certain exclusions” formula that covers your content as well as your civil liability. This second condo formula, known as “All Risks Except”, will necessarily cost more, but you will get much more protection than the specified perils formula. The amount of liability insurance is normally standard at $1,000,000 but for a few more dollars, you could increase it to $2,000,000.
Shop for your condo insurance!
Talk to your certified damage insurance broker or agent, they will be able to advise you.
Que couvre l'assurance condo du syndicat vs celle du copropriétaire ?
The syndicate’s insurance covers the common areas (structure, roof, corridors) and the building’s civil liability. Your individual insurance covers your leasehold improvements, personal belongings, and personal liability. Consult CondoLegal.com to understand your obligations. Compare condo quotes.
How to choose the right condo insurance coverage?
Insurance premiums in Quebec are calculated based on several factors, including the type of housing, the use of the unit, where you live, your claims history and the value of your belongings.