Co-Owner Insurance
Whether you are a co-owner of a divided or an undivided condominium, AMR insures your personal property, the improvements made to your condo and your private area, i.e. the walls, floor and ceiling of your unit.
Being a co-owner often generates a lot of questions since you are required to cooperate with other co-owners. When questions arise, AMR is here to answer them. Our independent brokers will put your worries to rest and guide you toward additional protection that will cover every risk, even those your neighbours might take!
When you are a co-owner, your condominium association’s insurance covers the building structure. However, each co-owner is responsible for insuring their private unit to protect their home, property, and shared common areas, in addition to covering their civil liability.
Types of coverage and options
Multiple coverages tailored to your situation.
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Civil liability
Civil liability protection covers you in the event of unintentional damage caused to other people or their property. It is essential coverage included in standard insurance policies, protecting you in particular in the event of civil law proceedings. It also covers all family members living under your roof and even extends beyond the walls of your home.
Your civil liability insurance amount is proof of your solvency. Don’t hesitate to ask your broker questions to ensure that your coverage amount is sufficient to protect your financial assets.
We recommend that you increase your civil liability insurance amount if you are staying outside Quebec and Canada to ensure that you have adequate protection when you are abroad.
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All risk coverage
The name says it all! All risk coverage (extended coverage) covers everything except the exclusions mentioned in your contract. In addition to civil liability, it protects you against most risks and unforeseeable incidents, especially those you don’t think about!
This package is highly recommended for optimal protection of your assets. As independent insurance brokers, we make sure to offer you maximum coverage to avoid unpleasant surprises when you file a claim.
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Leasehold improvements
You must insure any improvements made to your condo unit since its original construction. The condominium association must include a description of the standard unit in the condominium records, i.e., the planned layout of each condo before any improvements are made. With this information, it is easier to determine:
- What must be insured by the condominium association (standard unit)
- What must be insured by each co-owner (improvements)
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Common area allocation
In certain cases, your insurance covers allocations following a loss affecting the building. These are sums of money (special assessments) requested by the condominium association to:
- Pay for repairs when the damage exceeds the condominium association’s insurance coverage
- Make repairs following a loss not covered by the condominium association
To be protected, you must be insured for the disaster that led to the assessment. For example, if there was a sewer backup in the basement of the building and you don’t have this protection, you won’t be covered and will have to pay your share of the repair costs.
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Designated risk plan
This type of coverage allows you to select the risks against which you want to be protected. You will therefore only be insured for the risks mentioned in your insurance policy. Usually, the most common risks are covered: fire, theft, vandalism, damage caused by windstorms, hail, smoke, etc.
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Floater insurance
This coverage allows you to insure certain items that have a higher value, be it sentimental or monetary. You can be sure that your valuable sports equipment or your new plasma TV will be well protected!
Other option
Enhance your insurance with these add-ons to your policy that offer you even more protection, for optimal coverage that can handle any situation. These protections are not always included in standard packages, so it’s best to check and make sure they are included in your contract!
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Groundwater, sewer backup and overflowing waterways
Protect yourself in the event of flooding, groundwater infiltration, leaks, overflow, or accidental sewer backups. Some insurers limit insurance amounts or refuse to cover high-risk areas, so check with your broker!
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Above-ground water
This protection covers you in case of damage caused by water infiltration through the roof, doors, or windows above the foundation. It also covers overflow from gutters or downspouts.
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Earthquake
The risk of earthquakes is often considered minimal, yet they occur almost daily in Quebec. Despite popular belief, this protection should not be overlooked. This protection will insure your home against damage caused by earthquakes, as well as avalanches, rockslides, subsidence, and landslides.
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Storage insurance
This additional coverage ensures that you won’t get stuck with stored goods that are no longer insured after a certain period of time This way, you can be sure that you won’t have any unpleasant surprises during a move, for example.
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Umbrella insurance
This is excess insurance that you can add to your liability insurance, both for your home insurance and your auto insurance. Umbrella insurance is used to cover any “gaps” that may exist in your liability insurance policy. This additional protection is highly recommended for people who travel a lot. The coverage limit is then extended and your financial assets are protected, no matter where you are in the world.
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Legal assistance
Legal insurance allows you to benefit from financial assistance so you can quickly access legal services from the lawyer of your choice. With the goal of offering you peace of mind, this additional coverage will ensure that your fees are covered.
Answers to your questions
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Is condo insurance mandatory?
In Quebec, if you are a co-owner, you are required by law to at least have liability insurance to protect you in case of legal proceedings resulting from an accident in common areas. This insurance must be $1 million for condominiums of 12 units or fewer and $2 million for those with more units. The condo association may also require owners to carry condo insurance to protect common areas and to cover potential damage to the building’s structure. Mortgage lenders may also require condo insurance to protect their investment.
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What documents are needed to purchase condo insurance?
To purchase condo insurance, we recommend having the following documents available:
- The condominium rules
- The minutes from the most recent general meeting of co-owners
- The declaration of co-ownership
- The property management contract
- Records of previous claims
The documents you must provide can vary from insurer to insurer. Your insurance broker will be able to guide you through this process.
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What are the differences in insurance coverage for divided and undivided condominiums?
On the one hand, in a divided condominium, each co-owner owns a private unit and a share of the common areas. Each co-owner is therefore responsible for purchasing insurance and paying the premium for their own unit, and the condominium association is responsible for covering the common areas. In the event of a claim, each co-owner is compensated in accordance with the coverage they have purchased for their private portion and the condominium association is compensated for damages caused to the common areas.
On the other hand, in an undivided condominium, each co-owner holds a percentage of an entire building. The co-owners are therefore jointly responsible for insuring the building and the insurance premium is divided among them based on their undivided share. In the event of a claim, each co-owner is compensated based on their undivided share in the building.
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Can I cancel my home insurance at any time?
In Quebec, it is possible to cancel your home insurance contract at any time, subject to the specific terms of your insurance contract. Some contracts require 30 days’ notice before the desired cancellation date, while others allow the cancellation to take effect immediately.
To cancel your insurance contract, you can contact your AMR insurance broker, who will take care of the procedures with your current insurance company. You may also be required to pay a cancellation fee or penalty if it is specified in your policy.
Tips and advices
Why choose us?
When you choose AMR Assurances Multi-Risques, you’re opting for a team of insurance experts. More than just brokers, we are advisors who have your best interests at heart.
Our primary mission is to represent you with various insurers and to offer you a product that meets your needs. And because life moves fast, we negotiate to get you the best insurance contract at the best quality-price ratio to guarantee you peace of mind.
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