Our brokers will offer you personalized solutions tailored to your condo insurance needs. With our new branch located in the heart of Griffintown, our brokers have become experts in insurance that meets your needs and is adapted to your neighbourhood.
It is important for co-owners to know that their condo must absolutely be insured by two contracts: one for the private portion of each condo, and one for the co-ownership syndicate’s portion.
The co-owner’s insurance
It is the co-owner’s responsibility to insure his/her movable assets and leasehold improvements made to the unit since its construction, as well as to obtain civil liability insurance. Co-owner’s insurance also covers your liability for the common portions of your unit in case of insufficient insurance in the co-ownership syndicate’s policy.
The co-ownership syndicate’s insurance
Contrary to co-owner’s insurance, the co-ownership syndicate’s insurance is a business insurance contract that must cover the clauses of your declaration of co-ownership. This insurance usually covers:
The common portions of the building;
The portion of the building included in each unit;
The original installations in each unit; and
The civil liability of the syndicate and board members.
Available complementary protection
It’s important that your condo insurance be adapted to your needs. For a little extra, here a few complementary protections that will enable you to enhance your insurance and could even save you some trouble:
Valuable objects (e.g.: jewellery);
Advice from your Lareau broker
Properly study the declaration of co-ownership;
Determine the amounts in the contingency fund that are accessible;
Check the replacement dates for the water heaters and the washing machine fittings; and
Have a leak detection and automatic water shut-off system installed.