The importance of your condo insurance

When you purchase a condominium, you own your unit, but you also share ownership of the building and common areas with other condominium owners. At the time of purchase, you are required to purchase homeowner’s insurance to protect you from potential damage to your unit and to protect you financially.

 

1- Home insurance for a condo vs. a house

Condo insurance is different from home insurance for homeowners. Condo owners’ insurance is designed to protect your unit and personal belongings, while home insurance for homeowners is designed to protect the entire property.

2- Home insurance, protection against damage to your unit

You need to insure your condo for several reasons. First, home insurance protects you against damage to your unit (your private insurance). If your unit suffers damage, such as fire, flood or burglary, home insurance can help cover the cost of repair or replacement.

Your insurance can also cover your personal property. Your possessions such as furniture, clothing and electronics can be expensive to replace if they are damaged or stolen. Home insurance can help cover the cost of replacing these items in the event of a loss.

Your insurance can also cover relocation costs if you are forced to leave your unit due to a disaster. If your unit is damaged and you cannot live there, home insurance can cover temporary relocation costs, such as hotel and meal expenses.

3- Home insurance, to cover liability costs

Condominium insurance must cover liability costs. If someone is injured in your unit or in the common areas, you could be held liable. Home insurance can protect you financially in the event of a lawsuit or claim.

It’s important to note that condo insurance does not always cover all types of damage. For example, if your unit suffers flood damage, the building’s home insurance may cover the cost of repairs, but your personal home insurance may not. So it’s important to understand exactly what your home insurance covers and to discuss with your insurer the options available to protect you from all types of potential damage.

4- Home insurance, an obligation for the syndicate of co-ownership

The syndicate now requires that all co-owners purchase home insurance. The directors of the syndicate of co-ownership have new obligations which include two important measures. Firstly, the syndicate must draw up a detailed description of the private portions corresponding to a standard condo unit. This measure allows co-owners to better tailor their home insurance coverage to their actual needs and simplifies the settlement of claims by clearly identifying what the syndicate’s insurance covers in relation to that of each co-owner.

Second, the unit must establish a self-insurance fund that will cover the highest deductible amount listed in the unit’s insurance policy in the event of a claim, excluding deductibles for floods or earthquakes. It should be noted that this self-insurance fund differs from the contingency fund, which is still an obligation of the syndicate and is to be used only for major repairs, such as elevator breakdowns or replacement of common areas such as roofing.

In conclusion, home insurance is essential for any condominium owner. It protects you against damage to your unit and personal property, as well as temporary relocation costs. It also covers liability costs in the event of lawsuits or claims. It is important to understand the types of damage covered by your personal and building insurance in order to properly protect yourself. The syndicate is now required to put in place measures to facilitate the adaptation of the home insurance to the needs of each co-owner and to create a self-insurance fund.

When you buy a SUMUM condo, phase 6 of VIVA Condos in Laval, it is important to make sure that your investment is protected. That’s where home insurance comes in. By purchasing home insurance for your new condo under construction, you give yourself peace of mind knowing that your personal belongings are protected in case of fire, theft or any other disaster. By choosing SUMUM, you will have access to Laval’s new downtown area as it is located just steps away from Centropolis. You’ll have access to all kinds of entertainment (sports and other), as well as many stores, restaurants, terraces and much more. To be in the center of the action, reserve your own unit now at SUMUM, phase 6 of VIVA Condos.Contact us.

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