Since the adoption of Bill 141, Quebec co-owners must hold a minimum civil liability insurance. In addition, your condo declaration may require additional coverage specific to your building.

The condo association’s insurance covers the building envelope: roof, foundations, exterior walls and common areas. It does not cover the interior of your unit (floors, cabinets, appliances, personal belongings), nor your personal civil liability. You need your own policy for these items.

The improvements and renovations you have made (renovated kitchen, hardwood floors, modernized bathroom) must be declared to your insurer to be adequately covered under the “tenant improvements” heading. The basic coverage only protects the original finishes provided by the condo association.

If a loss originating in your unit (e.g. water damage, fire) causes damage to the common areas or other units, the condo association can claim from you the amount of its own deductible, which can reach $25,000 to $100,000 depending on the building. Your personal condo insurance generally includes coverage for this deductible.

On average, between $350 and $900 per year depending on the value of your personal belongings, the value of your tenant improvements, the amount of the condo association deductible to cover, and your geographic location. It is generally less expensive than home insurance because you are not insuring the building.

If you are an owner-occupant, your condo insurance covers your civil liability for accidental damage caused to others. If you rent your condo to a tenant, the tenant’s insurance applies for their liability. Most insurers suggest it is prudent to require your tenant to hold their own tenant home insurance.

Storage spaces and parking spots that are part of your private unit are generally covered by your condo insurance. Check your condo declaration to confirm whether these spaces are exclusive or common with restricted use, as this can affect the coverage.

Draw up a list of all improvements made since purchase: cost of materials and labour for floors, kitchen, bathroom, etc. Keep your invoices. Your broker can help you establish the appropriate insurance amount to cover the replacement cost of these improvements.

Yes. Bundling your condo insurance with your auto insurance with the same insurer generally lets you get a discount of 5% to 15%. It’s one of the easiest ways to reduce your annual premiums.

Condo insurance is intended for owners of a condo unit.tenant insurance is aimed at people who rent their home. Both protect your personal belongings and your civil liability, but condo insurance additionally includes coverage for tenant improvements and the condo association deductible.

Most condo insurance policies include a vacancy clause: if your home is unoccupied for more than 30 to 60 consecutive days (depending on the contract), certain protections may be reduced or cancelled. Notify your insurer if you plan a prolonged absence to maintain full coverage.