As the co-owner of a property, you’re responsible for protecting your dwelling (personal possessions and home improvements) and civil liability. Though insurance isn’t a legal requirement, your declaration of co-ownership may require you to take out a home insurance policy. Either way, it’s in your interests to protect your personal property and liability.
The co-owners’ association is required by law to have an insurance policy covering the value of the building.
Divided co-ownership or condominium
When purchasing a divided co-ownership or condominium, you are owner of your apartment and of a part of the areas shared by all the other owners of the building, such as the corridors, roof, basement, elevators, heating room, swimming pool, parking and garden. It is the most popular form of co-ownership in Quebec.
Co-owners are not owners of their exclusive part of their residence, rather they are owners of a part of the entire complex. They must therefore get a homeowner policy with a distinct amount for the personal property of each owner, when there are only a few, or a tenant insurance policy when the building includes many owners.
It is made up of members who have bought a share. It gives you the right to inhabit a residential unit. You must therefore get a tenant insurance policy.
The Board of Directors or the association of co-owners must purchase a general insurance policy covering the entire building. This policy covers all common areas, and the premium is usually grouped with the maintenance and contingency fees of the building. You must also consider the purchase of an insurance policy for your possessions and your personal civil liability. Check the following sections to learn more about the types of coverage offered by a Condominium Unit Owner policy.
- Types of coverage
- Additional coverage
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